15 Jun 2000
ORIX ASIA LTD. v. GRANT FORWARD INDUSTRIAL LTD.
- Citation
- ORIX ASIA LTD. v. GRANT FORWARD INDUSTRIAL LTD.
- Court
- Court of First Instance
- Case number
- HCCL79/1999
The court held the trade finance facility fell within Schedule 1 paragraph 11 and is exempt from the Money Lenders Ordinance, entitling the plaintiff to judgment for that facility; non-compliance with s20(1) gives guarantors an arguable defense under s20(4) so unconditional leave to defend was granted to the guarantors; the borrower (1st defendant) was ordered to make an immediate interim payment because the court was satisfied plaintiff would likely recover at least the principal.