1 Aug 2018
PATRICK COWLEY AND ANOTHER (The Joint and Several Trustees in Bankruptcy of the Property of the Bankrupt) v. ALL POWERFUL HOLDING LTD AND ANOTHER
- Citation
- [2018] HKCFI 1802
- Court
- Court of First Instance
- Case number
- HCB104/2017
The court granted Chabra (freezing) injunctions against APHL and APIL and limited disclosure against APIL because the Trustees established a good arguable case that the 2015 share transfer was at an undervalue and made with intent to defraud creditors, that Mr Lau retained substantive control of the trust and companies creating a real risk of dissipation, and the balance of convenience favoured preserving the assets for creditors; the trustees must give a cross-undertaking limited to HK$40,000,000, indemnified by HSBC; the corporate veil need not be pierced at this stage and lawful winding up…