18 Sept 2009
CHEERBOND DEVELOPMENT LTD v. TUNG KWOK YU
- Citation
- CHEERBOND DEVELOPMENT LTD v. TUNG KWOK YU
- Court
- Court of First Instance
- Case number
- HCA320/2008
Court found on balance that the defendant paid for the acquisition and Yan was a nominee; the alleged illegal purpose to defeat creditors was never carried into effect, so the defendant could rebut the presumption of advancement and a resulting trust arose in his favour; the plaintiff had notice of the defendant's occupation and bore the contractual risk; accordingly the plaintiff's claim failed and the defendant was declared sole beneficial owner.