Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Conversion right

  • 12 Jul 2018

    KKC CAPITAL LTD PARTNERSHIP v. AGAPE INTERNATIONAL ENTERPRISE LTD

    Citation
    [2018] HKCFI 1621
    Court
    Court of First Instance
    Case number
    HCA2240/2016

    Agape and KKC failed to exercise the contractual conversion right within the stipulated conversion period; without the conversion right the Bond is merely an unpaid debt owed by Capstone, which is not a proper subject matter for a charging order under s20A(2); the Undertaking given only related to clause 8 (early redemption) and did not preserve or extend the conversion period; therefore the charging order absolute was wrongly made and must be set aside; KKC should pursue garnishee proceedings to attach the unpaid debt if desired.

  • 15 Sept 2009

    RE KOF MEDIA CORP. LTD

    Citation
    RE KOF MEDIA CORP. LTD
    Court
    Court of First Instance
    Case number
    HCCW544/2008

    There was no bona fide dispute on substantial grounds: the US$750,000 was a loan under the Loan Agreement; the Company breached the reorganisation obligations under clause 6, constituting an event of default entitling the petitioner to accelerate repayment under clause 8.2; independently, clause 5.3(b) permitted repayment demand where conversion rights were not exercised; the petitioner's PRC expert evidence showed establishment of a JV/WOFE was legally possible and the Company produced no contrary expert evidence, therefore winding up was ordered.