Read the full judgment text of CACV 000247/1999 on BabelCite. This Court of Appeal judgment was delivered on 18 January 2000.
1. The Respondent is a bank. It is the mortgagee of certain properties to secure loans granted to Ocean United Limited and Overseas Master Development Limited. The Appellant is the guarantor for these loans. Despite various demands, the Appellant had failed to honour the guarantee. As at 1 November 1998, the debt due and owing to the Respondent amounted to over $20m with interest continuing to accrue. The Respondent petitioned for the bankruptcy of the Appellant on 25 March 1999 relying on a sta