8 Dec 2023
CHEN SIMON GUOMIN v. CHAN CHOI HAR IVY AND OTHERS
- Citation
- [2023] HKCFI 3135
- Court
- Court of First Instance
- Case number
- HCA1454/2018
Defendants failed to plead and prove that the plaintiff was a money lender at the material times; accordingly the MLO provisions relied upon do not apply. Alternatively, even if the plaintiff were an unlicensed money lender, the court exercises its statutory discretion under MLO s.23 (and s.22(2) if required) to enforce the Loan Agreement and the Guarantees. Clauses 4.1/4.2 do not in any event prohibit repayment by instalments. The stated interest (excluding the 10% loan fee which plaintiff disclaims) is 36% p.a. to 30 April 2015 and is not contrary to ss.24/25, so judgment is entered for pla…
- Enforceability of loan agreements
- Unlicensed money lending
- Excessive/extortionate interest
- Court discretion under mlo s.23 and s.22(2)
- Pleadings and burden of proof