Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Priority of secured charges

Legal area

Court

1 Jun 2023

RE CHINA PROPERTIES GROUP LTD

Citation

[2023] HKCFI 1500
Court

Court of First Instance
Case number

HCCW67/2022

The petition was granted because the company failed to show a reasonable prospect of repayment within a reasonable time (auction produced no bid and projected sale proceeds were insufficient given higher priority secured debts and receivership), and the alleged cross-claim lacked mutuality and had been previously rejected by the Mainland court; consequently there was no bona fide dispute to defeat the petition.
9 Dec 2009

DAH SING BANK, LTD v. CHAN FUNG NGA AND OTHERS

Citation

DAH SING BANK, LTD v. CHAN FUNG NGA AND OTHERS
Court

Court of First Instance
Case number

HCMP482/2009

The demand for collection agency fees in the solicitor's demand letter did not form part of the contractual terms of the 1st and 2nd Agreements; there was no evidence the 2nd Agreement required payment in arrears; therefore, excluding the collection fees the effective rates did not exceed 60% p.a. under s.24(2) MLO, and the 1st Claimant, as secured second chargee, is entitled to be paid from the Surplus Amount subject to agreed calculations and production of the money lender licence.