18 Feb 2014
SHINEWING SPECIALIST ADVISORY SERVICES LTD v. CHEN YUNG NGAI KENNETH (as the Liquidator of Senrich Industries Limited (in Creditors’ Voluntary Liquidation))
- Citation
- SHINEWING SPECIALIST ADVISORY SERVICES LTD v. CHEN YUNG NGAI KENNETH (as the Liquidator of Senrich Industries Limited (in Creditors’ Voluntary Liquidation))
- Court
- Court of First Instance
- Case number
- HCMP117/2014
The court exercised its discretion to order interim payments despite the absence of bank guarantees, distinguishing Group 1 and Group 2 bills: for Group 1 (bills issued by Chen pre‑departure and historically taxed down by about 9%) the court ordered HK$3,750,000 (50.56% of the Group 1 total) as an adequate buffer; for Group 2 (bills issued post‑departure and including disputed WIP) the court excluded HK$8.6m of alleged WIP and applied a 30% discount to the remainder, ordering HK$3,000,000 (15.98% of the Group 2 total) pending taxation. The court also ordered payment within 28 days from availa…