Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Repayment demand

Legal area

Court

24 Sept 2010

MAN FUNG TEXTILES AND DYEING LTD v. CHOW MING CHEUNG

Citation

MAN FUNG TEXTILES AND DYEING LTD v. CHOW MING CHEUNG
Court

Court of First Instance
Case number

HCA2015/2008

The court found on the balance of the evidence that the Defendant agreed to acquire 10% interest in FH and MF for $2.8m and that the $1,320,000 (including monthly $30,000 deductions) were capital contributions rather than loans; therefore the Defendant had no valid equitable set-off against the Plaintiffs' demands and the Plaintiffs' loan claims succeed.
15 Sept 2009

RE KOF MEDIA CORP. LTD

Citation

RE KOF MEDIA CORP. LTD
Court

Court of First Instance
Case number

HCCW544/2008

There was no bona fide dispute on substantial grounds: the US$750,000 was a loan under the Loan Agreement; the Company breached the reorganisation obligations under clause 6, constituting an event of default entitling the petitioner to accelerate repayment under clause 8.2; independently, clause 5.3(b) permitted repayment demand where conversion rights were not exercised; the petitioner's PRC expert evidence showed establishment of a JV/WOFE was legally possible and the Company produced no contrary expert evidence, therefore winding up was ordered.