20 Apr 2022
RE CHINA HUAXIN PETROLEUM LTD (In Liquidation)
- Citation
- [2022] HKCFI 1060
- Court
- Court of First Instance
- Case number
- HCCW240/2019
The court held that, applying s15 LARCO and equitable subrogation principles, SHX's indemnity and the need to equalise contribution between co-sureties justify subrogation to the bank's mortgage rights so that SHX receives 0% and CAL and CHPL receive 46% and 54% respectively from the Trust Account; the proposed distribution is a proper exercise of the court's discretion under s199(2) Cap 32 and is sanctioned.