7 Jun 1996
CHAIROD MAHADUMRONGKUL AND ANOTHER v. BANK OF CREDIT & COMMERCE (HONG KONG) LTD
- Citation
- CHAIROD MAHADUMRONGKUL AND ANOTHER v. BANK OF CREDIT & COMMERCE (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCMP462/1995
The Agreement Letter, on its true construction, created a trust character over Deposit A and Deposit B for specified purposes (application to principal/base rate interest and margin respectively if unpaid within 10 days), and upon presentation/commencement of the winding up petition the defendant was bound to apply and/or set off those deposits to satisfy the corresponding liabilities of the Thai borrowers with effect from 17 July 1991; consequently the deposits (or balances) did not form part of the assets available to the general body of creditors and an account must be taken to determine p…