Hong Kong Case Law: Decisions & Judgments

Topic

Review date clause

Legal area

Court

15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA6515/1983

The Facility Letters were construed as commercial loans which the lenders reserved the right to withdraw or call (the review date did not create an absolute bar to demand); implied terms shielding borrowers from demand or making repayment contingent on commercial success were not to be implied; no irrevocable election to repudiate was demonstrated by the earlier fraud proceedings; however triable issues existed concerning loans made for acquisition of Paliburg shares and as to consideration for certain guarantees, requiring trials or unconditional leave to defend in those actions; summary jud…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4316/1983

The Facility Letters, construed commercially and contra proferentem, reserved to the lenders the right to reduce or withdraw facilities and to call loans (they became callable/overdrafts after review dates); the implied terms contended by defendants were inconsistent with the express terms and not necessary for business efficacy; the earlier fraud action did not constitute an election to repudiate the loan contracts; triable issues exist concerning loans made for Paliburg share purchases and consideration for guarantees, therefore summary judgment was refused in those matters; where no triabl…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4487/1983

Facility Letters were construed to give the bank a continuing discretion to reduce or withdraw facilities and to call loans (they could become overdrafts payable on demand); no implied term prevented the bank calling loans without further notice nor that repayment depended on project success; the earlier tort pleadings did not amount to an election repudiating the loan contracts; triable issues existed in relation to loans connected to the Paliburg share transactions and as to consideration for guarantees in several actions; where no triable issue arose the court granted summary judgment for…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4310/1983

Facility Letters were construed to allow the bank at its sole discretion to reduce or withdraw facilities on review and to call in loans; no triable issue arose from express terms or implied terms preventing call-in; no election arose from the earlier tort pleadings; triable issues existed concerning loans for purchase of Paliburg shares and as to consideration for certain guarantees; accordingly summary judgment was entered for plaintiffs for principal sums in specified actions and unconditional leave to defend was granted in specified other actions.
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4309/1983

Facility Letters were construed as granting loans subject to a lender's reserved right to reduce or withdraw and to call loans after the review date; the express terms and surrounding circumstances did not give rise to implied terms preventing demand or requiring notice; plaintiffs had not elected to repudiate loans by issuing the earlier fraud proceedings; triable issues exist only in relation to loans connected to the Paliburg share transactions and as to consideration for several guarantees; where no triable issue exists summary judgment for principal sums should be entered and leave to de…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA6768/1983

On construction and implication from the facility letters and surrounding circumstances the loans were not in every case prematurely demanded; however triable issues existed concerning loans used to purchase Paliburg shares and concerning consideration for several guarantees; where no triable issue existed the plaintiffs were entitled to summary judgment for principal sums claimed; unconditional leave to defend was granted only in actions where triable issues were identified.
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4399/1983

Facility Letters construed to permit the lenders to reduce or withdraw facilities and to call loans after the review dates (effectively turning unpaid term loans into demand obligations); the defendants failed to raise triable issues based on express or implied terms or election except in limited categories (loans for Paliburg share purchases and existence of consideration for certain guarantees) where issues of fact exist and unconditional leave to defend was ordered; where no triable issue existed summary judgment was entered for principal sums and certain default judgments were set aside o…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4321/1983

The Facility Letters were construed to permit the bank to call in or reduce facilities (loans were effectively callable on demand after review dates); no implied term prevented recall or required notice; the earlier fraud action did not constitute an irrevocable election to repudiate the loan contracts; triable issues existed as to certain alleged Paliburg share-purchase agreements and as to consideration for several guarantees; accordingly summary judgment granted for principal sums in a number of actions while unconditional leave to defend was ordered where triable issues were identified an…
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4305/1983

The Facility Letters, construed commercially, permitted the lenders to reduce or withdraw facilities and to call loans after review dates; no implied term prevented call-in without notice; the plaintiffs' earlier fraud action did not amount to an irrevocable election to repudiate the loans; however triable issues exist as to loans advanced for purchase of Paliburg shares and as to consideration for guarantees, therefore summary judgment is appropriate in those actions where no triable issue arises and unconditional leave to defend must be given where triable issues exist.
15 Sept 1983

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

Citation

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
Court

Court of First Instance
Case number

HCA4319/1983

On construction the Facility Letters created loans subject to the lenders' reserved right at the review date to reduce or withdraw the facility so loans became repayable on demand after review; no implied contractual term prevented such demands or required notice; the plaintiffs' earlier tort pleadings did not amount to an election repudiating the loans; triable issues existed only in relation to loans alleged to be for Paliburg share purchases and to consideration for certain guarantees, and accordingly summary judgment was entered for plaintiffs in specified actions while unconditional leav…