Hong Kong Case Law: Decisions & Judgments

Topic

Redemption of notes

Legal area

Court

5 May 2020

HUANG QINGZHAN v. CHINA DING YI FENG HOLDINGS LTD

Citation

[2020] HKCFI 689
Court

Court of First Instance
Case number

HCMP1102/2019

The Company failed to identify reasonable grounds of appeal and, alternatively, even if such grounds existed the Court would refuse a stay because the Company did not demonstrate good reasons to override the successful plaintiff's entitlement to immediate payment and did not address the prejudice to the plaintiff; accordingly the summons for stay of execution was dismissed and costs were ordered nisi.
19 Mar 2020

HUANG QINGZHAN v. CHINA DING YI FENG HOLDINGS LTD

Citation

[2020] HKCFI 484
Court

Court of First Instance
Case number

HCMP1102/2019

The court held that the issuer failed to pay the first interest on 31 March 2016 in the manner required (transfer to registered account or mailed cheque to registered address), the default continued beyond the 5‑day cure period and thus constituted a payment default under Condition 8(i) entitling the noteholder to require early redemption (notice served 16 August 2016); conversely, the 2019 suspension did not breach Clause 2.2 because that warranty was given as at agreement/completion and did not survive beyond Completion, so suspension was not an event of default under Condition 8(iii).
19 Mar 2020

CHINA DING YI FENG HOLDINGS LTD v. HUANG QINGZHAN

Citation

[2020] HKCFI 484
Court

Court of First Instance
Case number

HCMP719/2019

The court held that the Company failed to pay the first Interest Payment on 31 March 2016 in the manner required by Conditions 4 and 5, that the default continued beyond the 5‑day cure period so a payment default under Condition 8(i) occurred and Huang was entitled to require early redemption (notice effective 16 August 2016; sums due 1 September 2016). Conversely, Clause 2.2 was a warranty given as at the subscription/completion period and did not survive beyond the Completion Date, so the 2019 SFC suspension did not breach Clause 2.2 and did not give rise to an event of default under Condit…

Hong Kong Case Law

HUANG QINGZHAN v. CHINA DING YI FENG HOLDINGS LTD

HUANG QINGZHAN v. CHINA DING YI FENG HOLDINGS LTD

CHINA DING YI FENG HOLDINGS LTD v. HUANG QINGZHAN