4 Mar 1981
RE KOWLOON CONTAINER WAREHOUSE CO LTD
- Citation
- RE KOWLOON CONTAINER WAREHOUSE CO LTD
- Court
- Court of First Instance
- Case number
- HCMP165/1977
The court held that the equitable principle applies in the liquidation of the Hong Kong company: Oyama Shipping (though a registered shareholder and beneficial owner via nominees) must contribute or have its indebtedness to the Company accounted for before receiving distributions. The articles' lien did not compel exclusive treatment to the exclusion of equitable remedies, s.250 requires ascertainment of the actual rights and interests (including equitable considerations), and the Japanese liquidation was not to be recognized for the purpose of diminishing Hong Kong judgment debts or defeatin…