28 Dec 2020
CHINACAST EDUCATION CORPORATION AND OTHERS v. CHAN TZE NGON AND OTHERS
- Citation
- [2020] HKCFI 3121
- Court
- Court of First Instance
- Case number
- HCA1062/2012
No Quistclose trust arose: the HK$3,000,000 was advanced as loans to the company, the funds were mixed in the company's bank account, the Acknowledgement was signed by the company not the funders and contained no express trust term, and there was insufficient evidence that property did not pass to the company; accordingly the fund is treated as money standing to the credit of the plaintiffs/action and the court ordered payment out to the 3rd Defendant to the extent of the Indebtedness with any balance to the Plaintiffs.