Hong Kong Case Law: Decisions & Judgments

Topic

Relief to regularise non-compliance

Legal area

Court

12 Nov 2013

LEUNG CHUN WAH v. ARRAY ELECTRONICS (CHINA) LTD

Citation

LEUNG CHUN WAH v. ARRAY ELECTRONICS (CHINA) LTD
Court

Court of First Instance
Case number

HCMP1489/2013

The court granted relief under s111/ s122 because on the evidence the affected shareholders were aware and not prejudiced, the defaults were on the facts inadvertent or excusable (including auditor and secretarial timing issues), and credible arrangements exist to ensure future compliance, thereby justifying regularisation to facilitate the proposed listing.
12 Nov 2013

LEUNG CHUN WAH v. JOY PORT LTD

Citation

LEUNG CHUN WAH v. JOY PORT LTD
Court

Court of First Instance
Case number

HCMP1498/2013

The court exercised its discretion to grant relief under sections 111 and 122 for the respondent companies because the breaches were, on the evidence, inadvertent or isolated, affected shareholders were demonstrably aware or unlikely to have been prejudiced, and adequate arrangements were in place to secure future compliance; accordingly the statutory relief to regularise non-compliance was appropriate for all Group I, II and III applications.
12 Nov 2013

KWOK CHAN CHEUNG v. LEC ELECTRONIC COMPONENTS LTD

Citation

KWOK CHAN CHEUNG v. LEC ELECTRONIC COMPONENTS LTD
Court

Court of First Instance
Case number

HCMP1495/2013

The court granted relief under sections 111 and/or 122 for the respondent companies because on the evidence the contraventions were, on the whole, inadvertent or excusable (notably the 2007 accounts issue caused by auditor timing), affected shareholders were aware and not prejudiced, and robust measures were in place to ensure future compliance; in those circumstances the statutory discretion to regularise non-compliance should be exercised to remove impediments to the proposed Hong Kong listing.
12 Nov 2013

LEUNG CHUN WAH v. FULL LINK INVESTMENT LTD

Citation

LEUNG CHUN WAH v. FULL LINK INVESTMENT LTD
Court

Court of First Instance
Case number

HCMP1494/2013

The court exercised its discretion to grant relief under sections 111 and 122 for the Group I, II and III respondent companies because, on the evidence, the contraventions were in the main inadvertent (notably the 2007 defaults due to auditors' delayed sign-off), affected shareholders were aware of the companies' financial positions and suffered no prejudice, adequate measures to secure future compliance were in place, and no countervailing factors justified refusing relief in the context of facilitating a legitimate listing process.

Hong Kong Case Law

LEUNG CHUN WAH v. ARRAY ELECTRONICS (CHINA) LTD

LEUNG CHUN WAH v. JOY PORT LTD

KWOK CHAN CHEUNG v. LEC ELECTRONIC COMPONENTS LTD

LEUNG CHUN WAH v. FULL LINK INVESTMENT LTD