7 Sept 2007
TREASURE SPOT FINANCE CO LTD v. LI CHIK MING AND ANOTHER
- Citation
- TREASURE SPOT FINANCE CO LTD v. LI CHIK MING AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA5387/2001
Judge found on evidence the 1st Defendant had capacity and denied undue influence; however the court accepted evidence that material interest-related items (handling fee, prepayment/early redemption charges, overdue interest) were charged though omitted from the signed memoranda, and demand documents suggested higher effective rates; plaintiff breached s18 (form/copy of memorandum and required particulars) and s22(1)(c) (allowing increase of interest on default), rendering the loan agreements illegal and unenforceable under the Money Lenders Ordinance; insufficient evidence existed to find br…