19 May 2017
RE FORTUNE KING TRADING LTD
- Citation
- RE FORTUNE KING TRADING LTD
- Court
- Court of First Instance
- Case number
- HCCW432/2012
Although the claimant (Trustees) proved that Mr Luu provided the initial funds, the court found on the evidence (including Mr Luu's statements in the statement of affairs and in mortgage/legal charge documents, and the inference that company loan proceeds repaid Mr Luu) that those payments were loans to the Company which were repaid and therefore rebutted any presumption of resulting trust; accordingly the Company was both legal and beneficial owner and the Net Balance is company property; the Trustees failed to discharge burden of proof.