10 Oct 1984
WHITEHALL FINANCE LTD v. WIN & FAIR SECURITIES CO LTD
- Citation
- WHITEHALL FINANCE LTD v. WIN & FAIR SECURITIES CO LTD
- Court
- Court of First Instance
- Case number
- HCA39/1984
The contract between the parties was not one that the statute intended to prohibit; even if advances at a later date exceeded the 25% limit under s22, that illegality related to performance rather than the creation of an unlawful contract and did not defeat the plaintiff's entitlement to recover the debt. The court also held the correct measure of paid-up capital and reserves included the revaluation-based capital reserve and that a mortgage over an asset does not reduce capital. Section 24C(2) did not alter that conclusion.