Read the full judgment text of HCA 001467/2006 on BabelCite. This High Court CFI judgment was delivered on 1 March 2010.
1. This is an action instituted by a banking institution (“the Bank”) against the 1 st Defendant (“Leung Yau”) for repayment of loans advanced to it under a loan agreement and against the 2 nd Defendant (“Cheung”) and 3 rd Defendant (“Lam”) as guarantors under the loan agreement. Leung Yau was a corporation, which until 9 December 2005 was held by Cheung as to 70% of its shareholding and by Lam as to the remaining 30%. Thereafter, Cheung became the sole shareholder when Lam’s shareholding was