Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Valuation of claims

  • 1 Dec 2005

    RE KEE FUNG SING INTERNATIONAL FINANCE COMPANY LIMITED (in Liquidaton)

    Citation
    RE KEE FUNG SING INTERNATIONAL FINANCE COMPANY LIMITED (in Liquidaton)
    Court
    Court of First Instance
    Case number
    HCCW365/1998

    Directions granted: net claims are to be assessed by deducting shares returned from original holdings and valuing the remainder at the closing price on the date of the winding-up orders (7 July 1998); proofs in respect of margin accounts maintained in the name of KFS must be submitted by KFS on behalf of itself and its clients; specified unclaimed proceeds are to be paid into court with advertisement and a three‑month claim period then transferred to general revenue; the liquidators may apply specified unallocatable proceeds (HKD 506,920) to meet the shortfall in fees and costs; costs of the…

  • 1 Dec 2005

    RE CHARK FUNG SECURITIES CO LTD

    Citation
    RE CHARK FUNG SECURITIES CO LTD
    Court
    Court of First Instance
    Case number
    HCCW362/1998

    The court directed that returned shares be accounted for on a proprietary basis by deducting the number of shares returned from the client's original holding and valuing the net claim by reference to the closing price as at the date of the winding-up orders (7 July 1998); proofs in respect of margin accounts maintained in KFS' name must be submitted by KFS on behalf of itself and its clients; unclaimed proceeds are to be paid into court under Trustee Ordinance s62, advertised once in English and Chinese and held for three months before transfer to general revenue; and the liquidators may appl…

  • 25 Jul 2000

    UDL HOLDINGS LTD. v. NISHIMATSU CONSTRUCTION CO. LTD.

    Citation
    UDL HOLDINGS LTD. v. NISHIMATSU CONSTRUCTION CO. LTD.
    Court
    Court of Appeal
    Case number
    CACV164/2000

    Applications for stay were refused because the companies judge correctly exercised discretion on creditor class composition and preserved preferential rights; appellants failed to show a real prospect of irreparable harm or that the appeal would be rendered nugatory if the Schemes proceeded; granting a stay or restraining payment would risk destroying substantial going-concern value and would improperly vary effective Schemes sanctioned by creditors under s166; no sufficient basis existed to disturb the sanction on interlocutory application.