24 Jul 2023
INDIAN OVERSEAS BANK v. SEABULK SYSTEMS INC. AND OTHERS
- Citation
- [2023] HKCA 889
- Court
- Court of Appeal
- Case number
- CACV48/2018
The court refused the stay because on a preliminary assessment the 2nd Defendant showed at best an arguable appeal, failed to provide sufficient evidence of his assets or of an imminent risk of bankruptcy that would render the appeal nugatory, the guarantees presented did not demonstrate that lenders had called or that he lacked resources, and there was no appreciable risk the Plaintiff bank could not repay if the appeal succeeded; therefore no good reason existed to stay execution.