18 Aug 2015
PENTA INVESTMENT ADVISERS LTD v. ALLIED WELI DEVELOPMENT LTD (formerly known as HENNABUN CAPITAL GROUP LTD)
- Citation
- PENTA INVESTMENT ADVISERS LTD v. ALLIED WELI DEVELOPMENT LTD (formerly known as HENNABUN CAPITAL GROUP LTD)
- Court
- Court of Appeal
- Case number
- CACV222/2014
The Court held the Deed was binding on the defendant: Ms Liao executed the Deed in her capacity as permanent managing director and had actual authority under Article 71C to bind the company; the common seal was affixed with company authority and, alternatively, the Deed was binding under Article 85(2) and the common seal principle; the Deed conferred a commercial benefit to the company through its subsidiary and the defendant repudiated contractual disposal obligations, causing recoverable loss measured by the Guarantee Amount of HK$210,366,448.