Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Acceleration of debt

Legal area

Court

30 Nov 2020

RE HONGKONG CORFU INDUSTRY LTD

Citation

[2020] HKCFI 3039
Court

Court of First Instance
Case number

HCCW236/2020

The Company failed to adduce sufficiently precise evidence of a bona fide dispute on substantial grounds. The Acceleration Notice validly accelerated the EUR debt following an event of default; service of the notice complied with the communication clauses; the petitioner acquired enforceable rights under the USD facility by court‑approved merger; any "without prejudice" claim was waived. Accordingly the statutory demand established undisputed debts and a winding‑up order was appropriate.
28 Sept 1994

BANQUE WORMS v. THE MAULE (OWNERS OF THE SHIP)

Citation

BANQUE WORMS v. THE MAULE (OWNERS OF THE SHIP)
Court

Court of First Instance
Case number

HCAJ301/1994

The court held that, under the governing law, a mortgagee's general power of sale cannot be exercised merely because of an event of default other than non-payment unless the mortgage or agreement specifically confers that power or a demand has been made to accelerate payment so that a debt is due; accordingly on 24 August no cause of action existed and the writ and arrest were wrongful.