MAXCOLM FINANCE LTD v. LI MAN NGAN AND ANOTHER

MAXCOLM FINANCE LTD v. LI MAN NGAN AND ANOTHER

The plaintiff validly advanced funds secured by a registered mortgage and the 1st Defendant defaulted; the loan and mortgage complied with the Money Lenders Ordinance; no defence was advanced; consequently the plaintiff is entitled to a money judgment for the outstanding indebtedness, to possession of the property under the mortgage, and to an order for sale under the Partition Ordinance because physical division is impracticable. Costs on a solicitor-and-own-client basis are awarded pursuant to the contractual indemnity and the court's assessment.

Citation
[2023] HKDC 387
Parties
Plaintiff: MAXCOLM FINANCE LIMITED; 1st Defendant: LI MAN NGAN; 2nd Defendant: NG SAU YU
Court
District Court
Jurisdiction
Hong Kong
Judgment Date
22 March 2023
Case Number
DCMP4769/2022
Procedural Posture
Miscellaneous Proceedings (mortgage/partition) / Application by Originating Summons; Judgment Delivered
Outcome
Judgment for Plaintiff: money judgment, possession of property and order for sale granted; costs awarded.
Legal Topics
Money Judgment, Possession, Order for Sale, Compliance With Money Lenders Ordinance, Costs (solicitor and Own Client)
Source Language
EN
Mortgage Law Property Law Moneylenders Regulation Civil Procedure Money Judgment Possession Order for Sale Compliance With Money Lenders Ordinance +1 more

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Parties

MAXCOLM FINANCE LIMITED

Plaintiff

LI MAN NGAN

1st Defendant

NG SAU YU

2nd Defendant

Procedural Posture

Miscellaneous Proceedings (mortgage/partition) / Application by Originating Summons; Judgment Delivered

Legal Issues

  1. 1 Whether plaintiff is entitled to money judgment for outstanding loan
  2. 2 Whether plaintiff is entitled to possession of the mortgaged property
  3. 3 Whether plaintiff is entitled to an order for sale under the Partition Ordinance

Ratio Decidendi

The plaintiff validly advanced funds secured by a registered mortgage and the 1st Defendant defaulted; the loan and mortgage complied with the Money Lenders Ordinance; no defence was advanced; consequently the plaintiff is entitled to a money judgment for the outstanding indebtedness, to possession of the property under the mortgage, and to an order for sale under the Partition Ordinance because physical division is impracticable. Costs on a solicitor-and-own-client basis are awarded pursuant to the contractual indemnity and the court's assessment.

Court Disposition

Judgment for Plaintiff: money judgment, possession of property and order for sale granted; costs awarded.

Orders

  • Money judgment for the Plaintiff in the sum of HK$2,425,973.94 (being the total outstanding under the loan)
  • Interest at the contractual rate of 20.40% p.a. as provided in the Loan Agreement (pre- and post-judgment)