29 May 2014
UNIVERSAL WORLDWIDE TRANSPORTATION LTD v. CARIBBEAN (LATIN AMERICA) CARGO SERVICES LTD AND OTHERS
- Citation
- UNIVERSAL WORLDWIDE TRANSPORTATION LTD v. CARIBBEAN (LATIN AMERICA) CARGO SERVICES LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA917/2011
The court found on the balance of probabilities that an oral agreement and the parties' conduct (return of originals and a back‑dated receipt) evidenced an intention to discharge the Loan Agreement and Guarantees by treating the US$500,000 as part payment of the deposit under the agency Agreement; however the agency Agreement was incomplete and therefore invalid in respect of remuneration, so restitution principles require repayment by the principal company (D1) but the personal guarantees had been discharged by the valid transfer/conduct and accordingly D2‑D5 were not personally liable.