FIRST PACIFIC FINANCE LTD v. READY GAIN LTD AND ANOTHER

FIRST PACIFIC FINANCE LTD v. READY GAIN LTD AND ANOTHER

The defendants failed to demonstrate any arguable or triable issue: the statement of claim was sufficiently particularised, the affirmation was not defective, the contract unambiguously provided interest at prime plus 2% (supported by signatures and payments), supplemental agreements were binding and supported by consideration, and there was no equitable duty on the plaintiff to sell the pledged shares; therefore summary judgment stands and the appeal is dismissed.

Citation
FIRST PACIFIC FINANCE LTD v. READY GAIN LTD AND ANOTHER
Parties
Plaintiff: First Pacific Finance Limited; 1st Defendant: Ready Gain Limited; 2nd Defendant: Chong Shui Kit
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 March 1985
Case Number
HCA7325/1984
Procedural Posture
Civil Appeal From Summary Judgment (contract/security) / Appeal Hearing (judgment Delivered)
Outcome
Appeal dismissed; summary judgment for plaintiff affirmed
Legal Topics
Summary Judgment, Rectification, Personal Guarantee, Debenture and Floating Charge, Power of Sale, Interest Calculation, Pleading Requirements, Affirmation/affidavit Validity, Counterclaim
Source Language
EN
Contract Civil Procedure Equity Security Interests (charges/debentures) Summary Judgment Rectification Personal Guarantee Debenture and Floating Charge +5 more

Case Brief

Summary, issues, holding and outcome

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Parties

First Pacific Finance Limited

Plaintiff

Ready Gain Limited

1st Defendant

Chong Shui Kit

2nd Defendant

Procedural Posture

Civil Appeal From Summary Judgment (contract/security) / Appeal Hearing (judgment Delivered)

Legal Issues

  1. 1 Whether the defendants raised a triable issue to resist summary judgment under Order 14
  2. 2 Whether the statement of claim and particulars (including interest calculations) were deficient
  3. 3 Whether the statutory affirmation was defective for want of personal knowledge

Ratio Decidendi

The defendants failed to demonstrate any arguable or triable issue: the statement of claim was sufficiently particularised, the affirmation was not defective, the contract unambiguously provided interest at prime plus 2% (supported by signatures and payments), supplemental agreements were binding and supported by consideration, and there was no equitable duty on the plaintiff to sell the pledged shares; therefore summary judgment stands and the appeal is dismissed.

Court Disposition

Appeal dismissed; summary judgment for plaintiff affirmed

Orders

  • Summary judgment for plaintiff affirmed in favour of First Pacific Finance Limited for HKD 4704070.10 with interest and costs
  • Appeal dismissed with costs to the plaintiff