26 Jun 1998
MEGALINK HOLDINGS LTD. v. WHOLE FORTUNE CO. LTD. and Others
- Citation
- MEGALINK HOLDINGS LTD. v. WHOLE FORTUNE CO. LTD. and Others
- Court
- Court of First Instance
- Case number
- HCMP4482/1997
The Court held that the 2nd Claimant acquired a substantial beneficial (equitable) interest under the registered Agreement for Sale and Purchase executed before the Charging Order; that equitable interest ranked prior to the 1st Claimant's subsequently registered Charging Order; there was insufficient evidence that the transaction was a sham or loan; accordingly the 2nd Claimant was entitled to the surplus proceeds of sale ($317,673.97).