9 Jul 1987
RE THAI MERCANTILE DEVELOPMENT FINANCE LTD.
- Citation
- RE THAI MERCANTILE DEVELOPMENT FINANCE LTD.
- Court
- Court of First Instance
- Case number
- HCCW215/1986
On construction of the agreement and applying the substance‑over‑form principle, the transaction operated as a loan secured by a charge on the company's book debts (ancillary promissory note) and, being unregistered, was void against the Official Receiver under s80; accordingly C.M.A.L. had no entitlement to recovery or re‑delivery of the promissory note.