13 Jun 2013
RE NANIK DAYARAM
- Citation
- RE NANIK DAYARAM<br>
- Court
- Court of First Instance
- Case number
- HCB7651/2011
The court rejected the breach of mandate defence because the 1994 resolutions governed trade accounts and were not displaced by the 1999 mandate which applied to specified banking accounts; the company had held out Pitty Kwok as a single signatory so apparent authority/estoppel bound the company; even if transactions were ultra vires the company the guarantor remained liable; realizations and set-off notwithstanding, the debtor admitted an amount remained due and therefore a bankruptcy order was appropriate.