13 Nov 2020
The defendant failed to produce credible evidence of an arguable defence; the oral agreement was a late, unsupported assertion inconsistent with the SPA and contemporaneous WeChat messages and therefore incapable of being believed; accordingly summary judgment on liability was appropriate.
29 Nov 2018
The court refused summary judgment because material and contested factual issues existed concerning the existence, terms and effect of the alleged oral Collateral Repayment Agreement, the asserted fiduciary duties and the circumstances of the assignment of the Second Mortgage and debts; those disputes must be resolved at trial rather than on summary judgment.
22 May 2015
The court found there was no available market for the 1.5 million consolidated shares at all relevant times and the plaintiffs had no duty to mitigate while pursuing and until the discharge of specific performance (Consent Orders 28 Nov 2014); damages were therefore assessed in lieu of specific performance as the contract price (US$0.55 per pre-consolidated share) less a nominal residual value of US$1,000 per plaintiff's shareholding, yielding awards of US$2,199,000 to P1, US$879,000 to P2 and US$219,000 to P3; interest at judgment rate from 17 October 2012 and costs nisi with taxation and ap…
12 Nov 2009
The Share Sale Agreement unambiguously constituted the entire agreement between the parties as to the purchase of World Trade Systems shares, time was of the essence, the condition precedent had not been satisfied by the extended completion date, the consulting agreement between different parties could not vary those clear contractual terms, there was no pleaded or particularised estoppel or waiver, and monies paid into escrow must be returned when the deal fails; therefore summary judgment for the plaintiff was appropriate and the escrowed funds must be returned.
29 May 2009
The court granted a permanent stay under s.209 and released the liquidators under s.205 because the liquidators' investigations revealed no outstanding issues, all shareholders consented to the proposed share sale which would render the company solvent, the Official Receiver took a neutral stance, delay was justified by investigations, and a stay would not be detrimental to the public interest.
3 Dec 2008
The court held that the purchaser Ms Lee could claim indemnity as agent for MHAL under the express indemnity clauses; specific warranties were construed against the plaintiffs and several breaches were established where proved on the balance of probabilities (failure to deliver land/building certificates, failure to provide certain after-sale service costs, statutory employee payments on termination, shortage of tax-free raw materials, shortfall in raw-material stock, and excessive accounts payable). The court rejected unpleaded defences (common mistake, implied terms) and insufficiently evid…
29 Mar 2001
Defendant's failure to complete the underlying acquisition and hence the Share Sale Agreement amounted to a total failure/repudiation entitling Plaintiff to restitution of the deposit; accordingly judgment was entered for the Plaintiff for $152,500,000 with interest at 11.75% from 12 August 1998 until judgment and thereafter at the judgment rate, and costs to be taxed and paid by the Defendant.
20 Jul 1999
Contemporaneous documents and correspondence established the RMB 11,000,000 deposit had been paid and acknowledged by the defendants; the August Agreement was sufficiently certain and required return of the deposit with interest if completion did not occur within two months; the defendants' contrary account was an incredible, late fabrication and did not present a real prospect of success, so summary judgment for return of the deposit with interest was warranted.
31 Dec 1997
The court made factual findings that investors were on notice of a substantial broker/commission payment, that Wellward was established at the 1st Defendant's direction and held for his purposes, and that the 1st Defendant failed to prove he used alternative traced funds to justify the payments; concurrently the court found key parts of Pang's case (notably misrepresentation as alleged) unproven and his evidence unreliable; having made these findings the judge declined to enter final orders immediately and left parties to draft orders and to restore the matter for further directions.