12 Nov 2004
MAK KANG HOI v. HO YUK WAH DAVID
- Citation
- MAK KANG HOI v. HO YUK WAH DAVID
- Court
- Court of First Instance
- Case number
- HCA14674/1999
The applicable letters created obligations contingent on a listing and were only workable if listing occurred; the court implied a term that listing occur within a reasonable time and alternatively held the contracts were frustrated by the failure of the contemplated IPO; accordingly defendant was liable to repay HK$32,000,000 and the defendant's counterclaim under s16 failed because expenses were not incurred in performance of the February agreements.