11 Dec 2002
NATIONAL RESOURCES CAPITAL LTD. v. TSANG KIN MAN
- Citation
- NATIONAL RESOURCES CAPITAL LTD. v. TSANG KIN MAN
- Court
- District Court
- Case number
- DCCJ3175/2002
The Deed of Loan did not create a valid charge: the purported security over future sale proceeds was unascertainable, unregistrable, and an attempt to circumvent the Housing Ordinance; the arrangement was a sham and contrary to public policy; accordingly the Plaintiff is not a secured creditor and requires leave of the Court of First Instance, and the court refuses declaratory relief both for lack of jurisdiction (leave not obtained) and on discretionary grounds (unclean hands and absent interested parties).