13 Jan 1994
SKAI IMPORT-EXPORT LIMITED v. BANK OF CREDIT & COMMERCE HONG KONG LTD. (IN LIQUIDATION)
- Citation
- SKAI IMPORT-EXPORT LIMITED v. BANK OF CREDIT & COMMERCE HONG KONG LTD. (IN LIQUIDATION)
- Court
- Court of First Instance
- Case number
- HCA2190/1993
The security documents, judged by their terms (notably clauses 9.01-9.03), did render the 1st Plaintiff a principal debtor to the extent of his deposits; however that liability was permissive and contingent because the bank retained the right to appropriate the deposits and had not done so by the date of the defendant's winding-up. Because the 1st Plaintiff's liability had not accrued or crystallised at the winding-up date, statutory liquidation set-off under s.264 Companies Ordinance (importing s.35 Bankruptcy Ordinance) did not arise.