9 Mar 2001
CORNHILL DEVEOPMENT LTD. v. THE NEW CHINA HONG KONG FINANCE LTD.
- Citation
- CORNHILL DEVEOPMENT LTD. v. THE NEW CHINA HONG KONG FINANCE LTD.
- Court
- Court of First Instance
- Case number
- HCMP5078/2000
On the balance of probabilities the court found the plaintiff to be the lender and the defendant the borrower on the terms asserted; the loan was not an exempted loan because no registrable security vested in the defendant, but the court exercised its discretion to validate the agreement because the parties were sophisticated commercial entities, the defendant caused the non-compliance by failing to conclude the agreed documentation and security, the defendant received and on-lent the funds and equity did not favour allowing the defendant to rely on its own default; accordingly the agreement…