27 Jun 2003
PEACE TOWN FINANCE LTD v. CHEUNG CHING YING MAGGIE
- Citation
- PEACE TOWN FINANCE LTD v. CHEUNG CHING YING MAGGIE
- Court
- Court of First Instance
- Case number
- HCA889/2002
The Guarantee was unenforceable and set aside because the lender failed to comply with statutory requirements (defective/undelivered memoranda under s.18 and failure under s.20) and the court declined to exercise its narrow discretion under s.18(3) in the lender's favour given the close operational relationship and casual practices; furthermore the defendant was induced to sign by a representation that a co-shareholder would give a personal guarantee.