19 Jun 2012
LIEU TSENG VAN v. JIUZHOU DEVELOPMENT CO LTD
- Citation
- LIEU TSENG VAN v. JIUZHOU DEVELOPMENT CO LTD
- Court
- Court of First Instance
- Case number
- HCA1645/2009
The Framework Agreement and the parties' subsequent conduct extended the time for due diligence and the life of the Framework Agreement; the earnest money was not a forfeitable deposit but repayable on demand; JZD validly demanded repayment (27 May 2009) and, after Lieu and Chen failed to repay, an event of default arose under the share charge entitling JZD to enforce the share charge, appoint receivers and enforce the Loan Assignment; accordingly JZD wins on its counterclaim and Lieu's confidentiality damages claims fail.