13 Jan 2009
LERIC INTERNATIONAL LTD (In Liquidation) v. EASYRICH INTERNATIONAL HOLDINGS LTD AND ANOTHER
- Citation
- LERIC INTERNATIONAL LTD (In Liquidation) v. EASYRICH INTERNATIONAL HOLDINGS LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCCW450/2006
The court refused to set aside the 2nd Mortgage as an unfair preference because there was no evidence of a subjective desire to prefer Yee Fu; the court granted validation under section 182 of the Provisional Sale and Purchase Agreement and the Assignment (and the $668,300 payment) because the sale price was close to market, proceeds discharged secured creditors (so unsecured creditors were not prejudiced), reasonable commercial steps and concessions were shown, and the statutory discretion favored validation in the circumstances.