31 Jan 2012
WING HANG BANK LTD v. LI KWAN YIU AND ANOTHER
- Citation
- WING HANG BANK LTD v. LI KWAN YIU AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP2367/2010
Defendants failed to show any credible or bona fide triable defence; the Facility Letter and Legal Charge entitled plaintiff to recover the outstanding principal and arrears and to charge contractual interest at 0.5% pa above the PL Rate with capitalisation of unpaid interest; there was no contractual basis to apply an increased default rate of 6.5% above PL Rate; upon lender's demand the whole indebtedness became immediately payable so further instalments did not continue to accrue; part payments to 16 December 2003 constituted acknowledgement resetting limitation; summary judgment was there…