In a recent novel decision, Re Everglory Energy Limited HCCW198/2016, 19 January 2017, the Hong Kong High Court’s Anthony Chan J. held that there was jurisdiction which he exercised in his discretion, to reconstitute the board of directors of a company as interim relief before trial of a petition for relief against unfair prejudice, alternatively just and equitable winding up.
The Court granted the Petitioner’s application for such interim relief to reconstitute the board of directors by appointing 2 independent professional accountants to replace the existing 2 directors pending trial, as an alternative to appointing provisional liquidators. The Court held that the interim relief was just and appropriate in all the circumstances. An appeal against this interim reconstitution order by the 1st and 2nd Respondents was subsequently withdrawn and dismissed by the Court of Appeal.
Please click here to read the full judgment which will be reported shortly in Hong Kong Cases.