Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Usurious interest

Legal area

Court

18 Jan 2023

OUTSTANDING MANAGEMENT CONSULTATION LTD v. GOLD TOPMONT LTD AND ANOTHER

Citation

[2023] HKCFI 155
Court

Court of First Instance
Case number

HCA321/2022

The 1st Defendant failed to discharge the burden of proving the Plaintiff was a moneylender or that the Facility Agreement was caught by ss7,22 or 23 MLO; contemporaneous documentation overwhelmingly supports the Plaintiff's account ofLoans, repayments allocation and guarantees and contradicts the 1st Defendant's wine‑purchase and extension narratives; allegations of illegality were speculative and unsupported; there was no credible evidence of a binding verbal extension to defer enforcement. Consequently there was no real prospect of success on the defences and summary judgment was appropria…
11 Jan 2016

MORALES ELISA GALLETO v. CORRIENTE NENETE MANEJERO

Citation

MORALES ELISA GALLETO v. CORRIENTE NENETE MANEJERO
Court

Court of First Instance
Case number

HCSA38/2015

Because the interest charged on the indebtedness produced an effective rate well above the statutory ceiling of 60% per annum under s24 of the Money Lenders Ordinance, the principal sum of HK$12,130 and the interest of HK$14,400 were irrecoverable; the adjudicator erred in attempting to recalculate interest at 60% and in awarding a sum on that basis; the only lawful claim (HK$2,750) had been repaid and could not be appropriated to the illegal debt, so the claimant's claim was dismissed and the adjudicator's award set aside.