12 Nov 2021
EVER-LONG CAPITAL LTD v. FIRST STAR ENTERTAINMENT GROUP LTD AND OTHERS
- Citation
- [2021] HKCFI 3344
- Court
- Court of First Instance
- Case number
- HCA929/2020
On a plain contextual construction Clauses 6.2 and 6.3 prescribe default interest at the defined Interest Rate of 27% and Schedule VI’s 36% is an inconsistent typographical entry; therefore the Loan Agreement does not contravene s.22(1)(c) MLO. The Facility Agreements were framework sale mechanisms and on their face did not create enforceable loan obligations incorporating a separate late payment charge; the loan facility was calculated without any late payment charge, so there is no arguable common law illegality. The defendants raised no triable issues; summary judgment must stand and the a…