Mr. Robert Chan, instructed by Alvan Liu & Partners, represented Shih-Hua Investment Co Limited and Mr. Charles Sussex SC leading Mr. Toby Brown, instructed by Lau, Horton & Wise LLP, represented the liquidators of Everglory Energy Limited.
The liquidators succeeded at first instance before Master, obtaining summary judgment in respect of their claim for unpaid share capital in the sum of US$2,973,187.36 and conditional leave to defend was ordered in respect of the liquidators’ claim for the repayment of a US$3,000,000 loan.
On appeal to Deputy High Court Judge Le Pichon, Shih-Hua was granted unconditional leave to defend both claims.
A question remained open as to whether Section 170 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap. 32 could assist the liquidators’ share capital claim.
The liquidators’ other application for judgment on admissions was not pursued at the hearing of the appeal. Notably, the Judge noted that the defendant’s written submissions ‘put up a strong case’.
The Judge’s Decision can be found here.
The Judge’s subsequent decision on costs can be found here.