30 Sept 2004
CASH SMART ENTERPRISES LTD v. BRIGHT PROSPECTS ASSOCIATES LTD & OTHERS
- Citation
- CASH SMART ENTERPRISES LTD v. BRIGHT PROSPECTS ASSOCIATES LTD & OTHERS
- Court
- Court of Appeal
- Case number
- CACV395/2003
On objective construction of the agreements the transaction was in substance an acquisition of equity in Surge (automatic conversion and related protections demonstrated an investment, not a loan); therefore the Money Lenders Ordinance defence failed and summary judgment was properly entered on the interest, costs and shortfall claims; the put option did not discharge clause 5.2 because it addressed a different risk and timeframe.