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The Court of Appeal allowed a variation of its earlier adjournment order so the debtor could offer a charge over the yacht Sea Tiger as security for HK$12.9 million, and ordered costs against him.
The Court of First Instance made a bankruptcy order against Tong Nai Kan, holding that no bona fide dispute was shown and that res judicata and the Turner principle barred renewed arguments.
The court reviewed a bankruptcy order after a debtor’s cheque was accepted, then stopped. It held the later stoppage was a material change, but adjourned to allow payment before final relief.
The court granted summary judgment on loan claims and struck out counterclaims and related declaration actions, holding the alleged oral variations were contradicted by the written documents.
Leave to appeal was refused in this matrimonial matter concerning interim maintenance and legal costs funding. The court found no real prospect of success or other reason to hear the appeal.
The Court of First Instance held that the loan and collateral documents created a secured loan, so the plaintiff retained an equity of redemption and anti-redemption clauses were void.
On a child maintenance variation application, the court discharged a fixed housing undertaking, increased periodic payments to HK$53,000 monthly, and ordered a HK$648,000 lump sum.
Court found the respondent's evidence about continued unemployment and his domestic financial situation not credible and treated his earning capacity as at least HK$35,000 per month; there was a material change in circumstances (including increased rent income from the 3G unit, children's needs and overseas schooling plans) warranting variation. The court increased child maintenance (with specified transitional periods), ordered payment of medical and orthodontic fees, required the respondent to share school fees (subject to a cap for the son's fees), and imposed a security over the responden…
Source excerpt
The High Court granted summary judgment on a HK$10 million loan, rejecting claims that it formed part of an oral master agreement, set-off, or illegality defence.
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