5 Nov 2007
WORLDER SHIPPING LTD v. BANK OF CHINA (HONG KONG) LTD
- Citation
- WORLDER SHIPPING LTD v. BANK OF CHINA (HONG KONG) LTD
- Court
- District Court
- Case number
- DCCJ174/2006
The payments were repayments placed in a designated/suspense account to be refunded only upon fulfillment of the agreed condition (repayment/settlement of the debt); the Agreement was terminated on 24 July 2003 before any settlement, the Bank validly applied the HK$800,000 to Worlder's debt (or any technical breach was waived), and Worlder suffered no loss because the assigned debt and subsequent settlement already reflected the HK$800,000 deduction; therefore Worlder’s claim fails.