HONG KONG COURT DISMISSES APPLICATION FOR FURTHER STAY OF ENFORCEMENT

After reluctantly issuing an initial stay of enforcement in July 2018, the Hong Kong Court of First Instance recently dismissed an application by China Zenith Chemical Group Ltd (CZ) to further delay the enforcement of an arbitral award in favour of Baosteel Engineering & Technology Group Co Ltd (BS).

Baosteel Engineering & Technology Group Co Ltd v China Zenith Chemical Group Ltd [2019] HKFCI 68

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HONG KONG COURT “RELUCTANTLY” ISSUES TEMPORARY STAY OF ENFORCEMENT

In Baosteel Engineering & Technology Group Co. Ltd. v. China Zenith Chemical Group Ltd. [HCCT 7/2018], the Hong Kong Court of First Instance granted a temporary stay of enforcement of an arbitral award. In order to ensure that the award creditor’s interests were not prejudiced, the operation of the stay was made conditional¬†on the award debtor paying security.

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