18 May 2012
KOWLOON DEVELOPMENT FINANCE LTD v. PENDEX INDUSTRIES LTD LTD
- Citation
- KOWLOON DEVELOPMENT FINANCE LTD v. PENDEX INDUSTRIES LTD LTD
- Court
- Court of Appeal
- Case number
- CACV156/2011
On the accepted evidence (witness testimony and contemporaneous action sheets) the parties had a common continuing intention that payment schedules in the 2004 and 2005 consent orders did not discharge the underlying loan and that instalments would be subject to annual review; the 2005 order mistakenly had the effect of precluding recovery of the balance and thus warranted equitable rectification to add terms preserving the lender’s right to recover; indemnity costs were properly awarded in accordance with the contractual provision and because the defendants improperly resisted rectification.