THE HONGKONG DAILY PRESS,
MONDAY, FEBRUARY
1926
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SOLE, JAGENTS:"
MITSUI BUSSAN KAISHA! LTDA
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*goz
CHINA MERCHANTS BANK.
LIQUIDATORS" "DISPUTE. INTERESTING DECISION AT
SINGAPORE.
In deciding that a sum of $10,804, which had been paid into Court by the Lee Wah Bank as being due on account of transac tions between the Bank and the Saigon branch of the Chinese Merchants. Bank, Limited, a bank incorporated in Hong kong, which suspended payment in 1924, should be paid to the Hongkong liquida tor and not to the Saigon, liquidator of the Chinese Merchants Bank the Chief Justice, Sir William Murison, delivered an interesting judgment on the 12th inst.
It is argued first for the Hongkong liquidator, the Chief Justice stated in the course of his judgment, that by appear ance in Court, here against the Saigon liquidator the former has revoked the authority of the latter to receive the money. It seems to me, however, that the liquidator in each case is the officer of the Court, and that whatever powers they have are derived from the statutory provisions of their respective countries. To say that the Hongkong liquidator can revoke any authority of the liquidator appointed by a Court in another country is to say that the Courts ad one country can dictase to the Courts of another, which is an untenable proposition. It is no doubt true that the liquidator in each case is the agent of the Company-or Father is agent for the persons interested in the assets of the defunct Compacy, But that can concern only the domesti economy of the particular Company; it. cannot confer a power to dictate to the liquidator of the Company in another country.. le my opinion therefore this Court is free to direct that the money shall be paid to either liquidator.
The general principle in cases of this kind is clear enough. It is laid down thus:Where there is a fiquidation of one concern the general principle is--as- certain what is the domicile of the.com- pany in liquidation let the Court of the country of domicile act as the principal Court to govern the liquidation: and let the other Courts act as ancillary, as far as they can, to the principal liquidation." The domicile of a trading company is fixed by the situation of its principal place of business and there is no doubt at all that in this case the domicile of the liquidating company is Hongkong.
The next question is whether there is anything to displace, this general rule. On that point it is argued that the sum in Court represents the balance of account in respect of transactions between Singa pore and the Saigon branch and that fr the reason the payment should be to the Saigon liquidator. I am not sure how far it is the business of this Court to go into the question of comparative convenience or of equity as between the Hongkong and the Saigon creditors. From afidavita stating the local law in Hongkong end Saigon it seems to be the case that to whichever liquidator the money goes the creditors of the other country can prove with the local creditors, which reduces the matter to a question of convenience and possible expense. There seems to be no authority on the point. The balance of convenience seems clearly, in this case to be in favour of the Saigon side of the question: but, while the matter is easy in this case, I can imagine that in a com.. plicated case this Court might find itself in very great diferities and I have come to the conclusion that I am not justified. in saying that in cases of this kind-the Court will weigh the relative claims" of different classes of foreign creditors n regard to convenience or expense before deciding the destination of a fund of this kind. This Court in very special cases might do so; for, se I have said, I be lieve either liquidator could give a good receipt for the money, but I do not think the circumstances in this case justify the in departing from the general rule,
The order I make is that the fund in Court be paid to the liquidator of the country of domicile of the Company-that is to the Hongkong liquidator. The costs of both parties to this issue will be paid out of the fund.
tej
nole.
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SHANGHAI HONGKONG
[64"
THE HONGKONG & WHAMPOA DOCK CO.LTD
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Optional Carge will be forwarded of unless Intimation is received from the Cantigas before 9.00 am, TO-DAY, requesting it to be landed høre, de
Bill of Lading will be countersigned by the Undersigned. Goods remaining malaimed after Tuesday, the 23rd instant, at Neon, will be
abject to Bent and Landing Charges.
All Claims must be sent in to me on or before
the 26th instant, Friday
or they will not be rognized.
damaged Packages will be examined on Tesday, the 23rd instant at 10 am, by
لله
Mears, Goddard & Douglas,
[It appeared from the statement of Counsel in the course of the hearing that one account, covering all transactions, was held between the Chinese Merchants Bank and the Lee Wah Bank In Decem ber, 1921, the manager of the, Saigon. branch caked for a separate account for his branch and in May, 1922, he pointed out that certain Hongkong items had been wrongly included in the account. To make a correction, a second account for No Fire Lamarance has been effected.
X. BODENFUSED, dealings with the Hongkong head office..
Agent was opened, both accounts being con Hongkong, 17th February, 1926. tinued. The Chinese Merchants' Bank suspended payment in 1924, and the Lee Wah Bank exercised its right to set off the Hongkong debit of 899,105.94 against the "money they owed to the Saigon branch.
The sum paid into Court represented the Saigon credit, leas the Hongkong dobit:
by
Mr. Carver produced a cable, sent the solicitors of the Lee Wah Bank to the Hongkong liquidator, asking if they had any objections to the bank paying. the credit of the Saigon branch after the debit of the Hongkong bank had been deducted. They received a reply that no- assets were to be released without the instructions of the Hongkong liquidator The liquidator further stated that the Saigon branch owed Hongkong $120,000.
Proceeding, Mr. Carver read a judg ment in the Court at Saigon, which he claimed, showed that according to French
[3206
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