10 Dec 2021
MAGNATE PRECIOUS METALS LTD v. BIYONGXIN TRADING CO., LTD AND OTHERS
- Citation
- [2021] HKCFI 3698
- Court
- Court of First Instance
- Case number
- HCMP280/2021
The court held that the Plaintiff affirmed the Subscription Agreement by accepting the US$5 million and issuing the Note Certificate, and therefore could not retain the subscription monies and avoid paying interest by relying on an implied KYC-based term; accordingly the 1st Defendant's debt was not disputed on bona fide and substantial grounds and the 1st Defendant was entitled to present a winding-up petition (deferred by 7 days); costs of HK$300,000 awarded to the 1st Defendant.