Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Remuneration of officeholders

  • 20 Aug 2003

    RE BOLDWIN CONSTRUCTION CO LTD

    Citation
    RE BOLDWIN CONSTRUCTION CO LTD
    Court
    Court of First Instance
    Case number
    HCCW340/2002

    The court held that provisional liquidators, under the express powers in the Appointment Order (paras 2(9) and 2(10)), may exercise shareholders' rights in BF to (a) fix their remuneration on a Panel A time-cost basis to be paid from BF's assets and (b) obtain an indemnity from BF, provided the indemnity is limited to actions in relation to BF and the resolutions cease to apply if a petition to wind up BF is presented; the Shareholders' Resolutions of 6 November 2002 fall within the provisional liquidators' powers; the provisional liquidators are also authorized to present a petition to wind…

  • 20 Aug 2003

    RE BMAINTAIN PROFITS LTD

    Citation
    RE BMAINTAIN PROFITS LTD
    Court
    Court of First Instance
    Case number
    HCCW345/2002

    The court held that provisional liquidators' remuneration should be charged on a Panel A time-cost basis and paid out of the parent companies' assets; further, acting within the express powers in the Appointment Order, the provisional liquidators may, as shareholders of BF, pass resolutions for BF to indemnify them and to have BF pay their remuneration and counsel costs provided (i) the indemnity only covers actions in relation to BF and (ii) the resolutions cease to apply if a petition to wind up BF is presented; the shareholders' resolutions of 6 November 2002 fall within the provisional li…

  • 11 Jan 1999

    IN RE GOODWAY LTD.

    Citation
    IN RE GOODWAY LTD.
    Court
    Court of First Instance
    Case number
    HCCW162/1998

    Because the proposed liquidators accepted indemnity terms (notably a clause requiring the guarantor's prior approval for drawing remuneration and a clause effectively requiring prior approval for exercise of powers) that created a real risk and appearance of loss of independence and control by a single major creditor, the court refused their appointment and ordered the Official Receiver to continue as liquidator; a Committee of Inspection was appointed; costs were ordered nisi against Pirelli Cables Ltd.