25 Apr 2016
YIFUNG DEVELOPMENTS LTD v. LIU CHI KEUNG RICKY AND OTHERS
- Citation
- YIFUNG DEVELOPMENTS LTD v. LIU CHI KEUNG RICKY AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA1341/2014
The court held that Ricky Liu had locus to challenge authority; Reg 13.1(t) is mandatory and requires prior specific written consent of a Lender Director for commencement of material litigation, it applies irrespective of whether a Lender Director is in place and irrespective of an event of default; no implied term limiting Reg 13.1(t) to periods with an appointed Lender Director was implied; pre-signed irrevocable powers of attorney remained valid and MSC/the Receivers could exercise voting powers; of the ratifications only the board resolution of 31 July 2015 complied with Reg 13.1(t) and c…