18 Jan 2018
FWD LIFE INSURANCE CO (BERMUDA) LTD v. CHENG WING YIU DUMAS also known as CHENG WING YIU FREDDIE AND ANOTHER
- Citation
- [2018] HKCFI 91
- Court
- Court of First Instance
- Case number
- HCMP2365/2014
On construction of the PFL01 Letter clauses 7, 8 and 9, the court concluded that set-off of the LSB was not automatic; clause 8 conferred a right to set off but not an obligation, while clause 9 operated in substance as a security (assignment for the purpose of securing the PFL01 Loan) limiting the plaintiff to apply the LSB to the PFL01 Loan only. The LSB Rules were not inconsistent with that construction; any balance after applying the LSB to the PFL01 Loan could be dealt with under the LSB Rules. Accordingly the defendants' computation of the judgment debt was accepted and interest to run…