30 Jul 2004
CASIL CLEARING LTD v. CHINLUCK PROPERTIES LTD AND ANOTHER
- Citation
- CASIL CLEARING LTD v. CHINLUCK PROPERTIES LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA11008/1997
Court held Casil was contractually obliged to advance HK$330,000,000 and its failure to advance the balance constituted a repudiatory breach entitling Chinluck to treat the contract at an end; however Casil validly invoked an Event of Default (material adverse change caused by a substantial fall in land value) by 4 December 1997 and borrower defaulted by non-payment of interest from 28 December 1997, entitling Casil to call the loan; an implied term required Casil to make title documents available to permit the land exchange but Casil was entitled to retain title once valid defaults arose; Mr…