UBS AG V. CHINA METAL RECYCLING (HOLDINGS) LIMITED (IN LIQUIDATION) AND ANOTHER

[2023] HKCFA 29 Court of Final Appeal 5 September 2023 • FAMV251/2023 • 15 min read

7 cases cited (0 HK, 7 foreign)

Outcome

Application dismissed

We accordingly dismissed the application with costs on the basis that none of the points sought to be raised is reasonably arguable.

Source: [2023] HKCFA 29, Court of Final Appeal, decided 5 September 2023. Read directly from the judgment.

Judges (3)

Bokhary Coram Lam Coram Ribeiro Coram

Counsel (5)

Herbert Smith Freehills Firm Charles Sussex Counsel Plaintiff Elizabeth Cheung Counsel Defendant Jat Sew-Tong Counsel Defendant Kevin Kee Counsel Plaintiff

Parties (4)

China Metal Recycling (Holdings) Limited Plaintiff Cosimo Borrelli and Chi Lai Man Jocelyn Plaintiff Ubs Europe Se (Formerly Defendant Ubs Ag Defendant

Summary

UBS AG applied for leave to appeal in proceedings brought by the liquidators of China Metal Recycling (Holdings) Limited alleging that UBS facilitated a fraudulent IPO. The key issues involved the proper approach to service of proceedings out of the jurisdiction and the scope of Barrell orders. The application for leave to appeal was refused.

Statutes Cited

Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

Limitation Ordinance (Cap 347)

Rules of the High Court (Cap 4A)

Cases Cited (7)

UK (3)

[2020] EWHC 3480 [2020] EWHC 875 [2022] EWHC 762

HK (4)

[2020] 1 HKLRD 342 [2021] HKCFI 3042 [2022] HKCFI 2215 [2023] HKCA 738

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Judgment

Read the full judgment on the official Hong Kong Courts portal.

Source: HKLII ([2023] HKCFA 29)