Hong Kong Case Law: Decisions & Judgments

Topic

Usury/illegal interest

Legal area

Court

29 Sept 2021

TOTALCORP (NOMINEES) LTD v. HONG KONG SAI KUNG NGONG WO RESORT DEVELOPMENT LTD

Citation

[2021] HKCA 1437
Court

Court of Appeal
Case number

CACV72/2020

The Court of Appeal allowed the appeal: it construed the inferred agreement as a new loan only for the period to which it applied and determined that the judge erred in using an incorrect principal for calculating the effective rate; properly calculated the inferred agreement did not produce an effective annual rate exceeding 60% and therefore did not contravene section 24, the Final Agreement lawfully varied the original loan and was enforceable and the plaintiff was not shown to be an unlicensed money lender given the statutory exemption; the principal to be enforced was the judge’s factual…
17 Oct 2014

CHAN PING CHE v. GAO GUNTER

Citation

CHAN PING CHE v. GAO GUNTER
Court

Court of First Instance
Case number

HCA2134/2013

Although the cheques were dishonoured and the loans were in default, summary judgment was not entered because the enforceability of the loan agreements raises substantive issues under the Money Lenders Ordinance (notably ss22 and 24 and Schedule 1) that require full trial examination. The defendant's 'roll‑over' defence was treated as a sham, but on balance the defendant was granted leave to defend provided he pays into court the principal amount of the three loans less payments already made; costs to be in the cause.
27 Sept 2012

BROAD MARK LTD v. LIN ZHEN ZHONG AND OTHERS

Citation

BROAD MARK LTD v. LIN ZHEN ZHONG AND OTHERS
Court

Court of First Instance
Case number

HCCL2/2012

The judge treated the appeal as an original application, found the master lacked jurisdiction to set aside the default judgment, and concluded the 1st defendant demonstrated a real prospect of success on multiple substantive defences (incorrect redemption calculation under the Further Supplemental Deed and that the Deed of Compromise suspended obligations), and accordingly set aside the default judgment against the 1st defendant unconditionally.

Hong Kong Case Law

TOTALCORP (NOMINEES) LTD v. HONG KONG SAI KUNG NGONG WO RESORT DEVELOPMENT LTD

CHAN PING CHE v. GAO GUNTER

BROAD MARK LTD v. LIN ZHEN ZHONG AND OTHERS