Hong Kong Case Law: Decisions & Judgments

Topic

Facility letters and review date

Legal area

Court

15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4307/1983

The Facility Letters, construed in their commercial context and contra proferentem, reserved to the lenders a discretion to reduce or withdraw facilities and to call loans on demand after the review dates; no triable issues arose from the express terms or the proposed implied terms or from the plea of election, but triable issues did arise concerning loans made to purchase Paliburg shares and concerning consideration supporting certain guarantees; accordingly summary judgment was entered for plaintiffs for principal sums in specified actions where no triable issue existed and unconditional le…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4308/1983

Facility Letters construed to permit the lenders at their sole discretion to reduce or withdraw facilities and to call loans after the review dates (loans effectively became repayable on demand after review); no implied term prevented the plaintiffs calling the loans or required notice; the earlier tort pleadings did not constitute an election to repudiate the loan contracts; triable issues existed concerning the Paliburg share transactions and consideration for guarantees; summary judgment was therefore appropriate for principal sums in numerous actions while unconditional leave to defend wa…

Hong Kong Case Law

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS