18 Mar 2015
LEI SHING HONG CREDIT LTD v. WORLD EAST ENGINEERING LTD AND OTHERS
- Citation
- LEI SHING HONG CREDIT LTD v. WORLD EAST ENGINEERING LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP396/2014
The court held the mortgage was valid and enforceable: Wan's allegations of fraud and non est factum were unsubstantiated and contradicted by company records; Wan had no tenancy or unwritten equitable interest affecting the mortgage; shareholders have no proprietary interest in company property; the court exercised its discretion under MLO s22(2) to allow enforcement of the 4% monthly penalty interest; ordered payment of outstanding indebtedness with interest and delivery of vacant possession within 28 days; costs to plaintiff on the usual basis.