Bank of China (Hong Kong) Branch v. Fu Ming Kong Michael and Another

HCA 7769/2000 &
HCMP 3909/2000

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO. 7769 OF 2000

and

MISCELLANEOUS PROCEEDINGS NO. 3909 OF 2000

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BETWEEN

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(Consolidated pursuant to the Order of Master Wong dated 28^th September 2001)

Before: Hon Chung J in Chambers

Date of Hearing: 17 August 2005

Date of Decision: 17 August 2005

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D E C I S I O N

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1.This is the Defendants’ application for stay of execution of the judgment dated 8 July 2005 pending an appeal against the said judgment to the Court of Appeal.  The said judgment was entered against the Defendants after a 13-day trial in respect of their indebtedness in the region of HK$14 million (and another sum of about $8.8 million by way of interest).

2.In support of this application, the Defendants have filed an affirmation of the 1^st Defendant dated 4 August 2005.  In short, 3 grounds are put forward:

(a)	the Defendants’ appeal is meritorious and will most likely succeed;
(b)	the property mortgaged to the Plaintiff has a market value of well over $15 million.  There is also a rising property market.  The Plaintiff is said to be not prejudiced by a delay in the sale of the property.  On the other hand, if the property is sold by way of a forced sale, it is unlikely a reasonable price can be obtained;
(c)	it is unlikely the Defendants can find a similar alternative property in the same building or in the vicinity if the property is sold.

3.The Plaintiff has helpfully provided a comprehensive skeleton submission to oppose this application.  I entirely agree with it and will not repeat the points made therein.

4.Accordingly, I conclude that the grounds relied upon by the Defendants are inadequate to justify this application.  It is therefore dismissed.

Ms Mabel Kwan of Messrs Gallant Y T Ho & Co, for the Plaintiff

Mr John Ku of Messrs John Ku & Co, for the Defendants