19 Dec 1995
KORRIGAN ELECTRONICS LIMITED v. THE OFFICIAL SOLICITOR appointed by the Order of Master Cheung dated the 2nd day of December 1993 to represent the estate of TAM CHUNG SHING (Deceased)
- Citation
- KORRIGAN ELECTRONICS LIMITED v. THE OFFICIAL SOLICITOR appointed by the Order of Master Cheung dated the 2nd day of December 1993 to represent the estate of TAM CHUNG SHING (Deceased)
- Court
- Court of First Instance
- Case number
- HCA6503/1993
The court held that clause 4(5) of the Loan Agreement operated when the deceased ceased to be managing director on 8 March 1993, the $7,500,000 loan had not been repaid because no dividend was declared and the proviso to clause 3(2) did not operate; the share purchase price was at par ($1 per share) on the auditor's valuation approach and was fully set off by the unpaid loan, entitling ACDL and ACLL to the 7,500,000 shares; separate claims by SECL and KEL succeeded in the stated amounts with interest; the Registrar was appointed to execute transfer forms on behalf of the deceased's estate; co…