How deep do you bury the golden egg? Court of Appeal declines jurisdiction to wind up Yung Kee Holdings
The Court of Appeal has declined jurisdiction to wind up Yung Kee Holdings (the ‘Company’), a company incorporated in the British Virgin Islands (BVI), upholding the decision of Harris J at first instance that the Company did not have ‘sufficient connection’ with Hong Kong.
The Company was established to act as an investment holding company and its sole asset is the shares in another BVI company. It was only through its various subsidiaries that the well-known Yung Kee Restaurant and other businesses in the Yung Kee Building were operated.
The business of the subsidiaries was disregarded on the principles of separate legal personality. The fact that various administrative decisions of the Company were made in Hong Kong did not establish a sufficient connection to Hong Kong, not least because the administrative decisions related to the very acts that were complained of by the petitioner as being unfairly prejudicial to his interests…
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