11 Apr 2025
RE FAMEWAY FINANCE LTD
- Citation
- [2025] HKCFI 1477
- Court
- Court of First Instance
- Case number
- HCCW620/2024
The Facility Agreement and related security documents contained express contractual allocations of risk (representations and default clauses) that placed the risk of invalidity of the Fameway Loan Agreement and Fameway Mortgage on the Company; no common mistake was established; the Fameway Sub-mortgage provided no reasonable security given the legal uncertainty and likely nil/realisable value; accordingly the petitioning secured creditor was not required to wait and a usual winding-up order was appropriate at the first hearing.