10 May 2024
KUNZHI LTD (IN LIQUIDATION IN THE BRITISH VIRGIN ISLANDS) v. PEKING UNIVERSITY FOUNDER GROUP COMPANY LTD
- Citation
- [2024] HKCA 445
- Court
- Court of Appeal
- Case number
- CACV186/2023
The Court of Appeal allowed the appeals in relation to the three actions, holding that (i) the Keepwell Deeds created substantive obligations which were breached by PUFG in relation to the plaintiffs at the relevant dates; (ii) clause 2.2 is an evidential defence (relief if best efforts shown and approvals impossible) rather than an absolute condition precedent extinguishing liability automatically; (iii) PUFG failed to prove it used best efforts or that all legitimate modes of performance would have required PRC approvals post‑reorganisation; (iv) the Administrator is not an 'Approval Author…