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A recent Hong Kong case ruled that minority lenders are not entitled to take independent enforcement action (including winding-up proceedings) under APLMA or LMA standard loan documents. In the case of Charmway Hong Kong Investment Ltd & Ors v Fortunesea (Cayman) Ltd & Ors [2015] HKCU 1717, the Hong Kong Court of First Instances had to determine what enforcement rights for repayment were available to the individual Lenders under the Finance Documents (which were based…
A recent Hong Kong case reminded us of the importance of getting things right when executing documents in virtual closings, particularly in relation to deeds. In the case of Penta Investment Advisers Ltd v Allied Weli Development Ltd (formerly known as Hennabun Capital Group Ltd) – [2014] HKCU 2365, the Hong Kong Court of First Instances had to determine whether a guarantee (the Guarantee) was properly executed by or on behalf of the guarantor and…