31 Mar 2004
CDC FINANCE & LEASING CORPORATION AND ANOTHER v. THE OWNERS AND/OR DEMISE CHARTERERS OF THE VESSEL M V "MANDARIN CONTAINER"
- Citation
- CDC FINANCE & LEASING CORPORATION AND ANOTHER v. THE OWNERS AND/OR DEMISE CHARTERERS OF THE VESSEL M V "MANDARIN CONTAINER"
- Court
- Court of First Instance
- Case number
- HCAJ210/2003
Taiwanese law is relevant to CDC's corporate capacity; Article 15 is properly characterised as an ultra vires/capacity provision but Taiwanese authorities and reasoning favour treating Article 15 as a banning/prohibitory provision that does not automatically render loan agreements void; accordingly CDC's lending was not avoided by Taiwanese law, the Facility Agreement remained valid, the Mortgages were operative and there was no basis to set aside the in rem writs.