Edward Alder, instructed by Tanner De Witt, has won a rare costs appeal against ICBC, a major PRC bank, reported at Industrial & Commercial Bank of China (Asia) Ltd v Tse Ching [2022] 5 HKLRD 284.

ICBC commenced an action for possession of mortgaged property and payment under a guarantee against Ms Tse, said to be guarantor of her company’s alleged liabilities arising out of trade finance and, more controversially, trading in ‘accumulators’.

Ms Tse raised defences asserting mis-selling and failure to warn during the guarantee taking process, as well as improper subsequent valuation and sale of the property.

Ms Tse applied to convert the proceedings to a writ action, given the much disputed facts. The bank refused to consent. The Judge ordered conversion, but ordered that costs be “in the cause”. Ms Tse appealed to the Court of Appeal, who agreed with her that the bank’s resistance to such proper case management had been unreasonable and Ms Tse should have her costs.