Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Misfeasance (s276 companies ordinance)

Legal area

Court

1 Jun 2006

RE OCEAN TIME DEVELOPMENT LTD

Citation

RE OCEAN TIME DEVELOPMENT LTD
Court

Court of First Instance
Case number

HCCW336/2004

Court exercised discretion to allow GGI to challenge liquidators' rejections out of time; accepted audited accounts and supporting evidence were sufficient on balance of probabilities to establish GGI as creditor of Tinson for HK$41,911,916 and admitted amended proof; accepted audited accounts established GGI as creditor of Goldgood for HK$36,965,867 but rejected additional unsubstantiated HK$801,936.09; accepted audited accounts established GGI as creditor of Ocean Time for HK$875,155 but rejected additional claimed sums; struck out GGI's separate action against the liquidators because the l…
1 Jun 2006

RE OCEAN TIME DEVELOPMENT LTD AND OTHERS

Citation

RE OCEAN TIME DEVELOPMENT LTD AND OTHERS
Court

Court of First Instance
Case number

HCCW334/2004

Court exercised discretion to allow late appeals; accepted audited accounts (unchallenged on admissible evidence) as sufficient to establish GGI's creditor status for the specified sums and reversed liquidators' rejections accordingly for Tinson, Goldgood (in part) and Ocean Time (in part); held the tort/duty claim against liquidators disclosed no reasonable cause of action because alleged losses were reflective of company loss and remedy lies under s276, and struck out and dismissed that action.