Business and Company Law Presentation Win Wave Industrial Ltd v Gosbon Industries Ltd
Group Members
Lundi Chan Irene Lee Patricio Lau Bonnie Wong Dan Baker Ray Ng
Plaintiff and Defendants
Lam
• Shareholder and director of Win Wave
Lau
• Shareholder and director of Gosbon
Chung and Lai
• Estate agents involved
Other Persons Involved
• Lee
– Friend of Lam
• Connie Wong and Dennis Wong
– Centaline estate agents
• Hui
– Centaline CIS estate agent, also superior of Chung
The Property
• • • • • • • Used to be bowling center Whole 1st floor of low commercial block 24,000 sq. feet Bowling center ended Owner became Gosbon in March 2004 Offered for sale at HK$18,000,000 Centaline CIS
Background
26 August 2005 • Lee viewed property which had undergone some renovation • Lee noticed strange interior layout
– No partitions or pillars and two levels
• Chung revealed that property used to be bowling centre but has been changed to commercial 28 August 2005 • Lee, brought along Lam and viewed property 2nd time • Chung produced documents to Lam and Lee
Background
Documents produced: 1. Letter from Messrs Chan & Wong, Architects (the Architects) on behalf of Gosbon to District Lands Office (DLO)
– – Application to change master plan of estate View to change property from bowling alley to general commercial use
2. Typical layout plan and master plan related to application 3. Letter from DLO to the Architects
– No objection to the conversion
4. Land search record dated 25 August 2005
Background
30 August 2005 • Lam signed provisional agreement for and on behalf of Win Wave • Purchase property at HK$17,000,000 • Initial deposit of HK$500,000 in cheque 31 August 2005 • Lam learned that vendor agreed to conclude deal • Lau signed for and on behalf of Gosbon • Dennis Wong signed for and on behalf of Centaline • Dated 30 August 2005
Provisional Agreement
• Purchase price HK$17,000,000
– HK$500,000 payable upon...