16 Aug 2012
SUN HING HONG TRAVEL AGENCY CO LTD v. WESTMINSTER TRAVEL LTD
- Citation
- SUN HING HONG TRAVEL AGENCY CO LTD v. WESTMINSTER TRAVEL LTD
- Court
- Court of First Instance
- Case number
- HCA680/2010
The court found on the evidence that an oral Security Agreement existed and therefore the full agreed refunds of HK$10,105,054.30 were held by WTL as security and payable to SHH (subject to set-off). The court found WTL had not validly exercised its contractual right under Clause 4 to demand overdue interest; promissory estoppel and waiver failed because no pre-existing right to be waived existed prior to the 1st Credit Agreement, but a collateral warranty and estoppel by convention arising from the 1st Undertaking prevented WTL from charging overdue interest; as a result WTL's counterclaim f…