30 Nov 2011
TELE ART INC. (IN LIQUIDATION) v. BANK OF CHINA (HONG KONG) LTD
- Citation
- TELE ART INC. (IN LIQUIDATION) v. BANK OF CHINA (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCA2443/2008
The share charge, read as a whole and particularly clause 2.1(j) (together with clauses 11.6, 31.1 and others), entitled the bank to deduct from the sale proceeds the costs and expenses incurred in the listed proceedings because such costs were incurred "in consequence of" the share charge; where assessment is required such costs are to be taxed on a full indemnity basis; prior party-and-party costs orders did not extinguish the contractual right to indemnity in the absence of specific adjudication; and the bank may set aside a reasonable provision for anticipated future costs limited to what…