STANDARD CHARTERED BANK v. GRAND UNIVERSE HOLDINGS LTD.

STANDARD CHARTERED BANK v. GRAND UNIVERSE HOLDINGS LTD.

The court entered judgment for the plaintiff because the defendant had accepted the bill, failed to pay after presentation and protest, produced no substantive defence and failed to participate in proceedings, establishing primary liability; the court awarded interest from the date of protest at 8% p.a. to judgment...

Source-derived case information.

Citation
STANDARD CHARTERED BANK v. GRAND UNIVERSE HOLDINGS LTD.
Parties
Plaintiff: Standard Chartered Bank; Defendant: Grand Universe Holdings Ltd
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 March 2000
Case Number
HCCL109/1999
Procedural Posture
Commercial Action (bill of Exchange) / Order 14 Summons — Summary Judgment Hearing
Outcome
Judgment for plaintiff
Legal Topics
Summary Judgment, Default Judgment, Interest, Costs, Service and Representation
Source Language
en
Commercial Law Bills of Exchange Contract Civil Procedure Summary Judgment Default Judgment Interest Costs +1 more

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Parties

Standard Chartered Bank

Plaintiff

Grand Universe Holdings Ltd

Defendant

Procedural Posture

Commercial Action (bill of Exchange) / Order 14 Summons — Summary Judgment Hearing

Legal Issues

  1. 1 Whether the defendant is liable on the accepted bill of exchange for US$617,100
  2. 2 Whether the defendant has a bona fide defence sufficient to resist summary judgment
  3. 3 Appropriate date and rate for interest where no contractual rate specified

Ratio Decidendi

The court entered judgment for the plaintiff because the defendant had accepted the bill, failed to pay after presentation and protest, produced no substantive defence and failed to participate in proceedings, establishing primary liability; the court awarded interest from the date of protest at 8% p.a. to judgment and costs to the plaintiff.

Court Disposition

Judgment for plaintiff

Orders

  • Judgment entered for the plaintiff against the defendant in the sum of US$617,100.00
  • Interest at 8% per annum from 31 March 1999 to 10 March 2000 and thereafter at the judgment rate until payment