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Hong Kong court judgment highlights pitfalls of virtual closings - October 2014

January 2015 - Finance. Legal Developments by Norton Rose Fulbright.

More articles by this firm.

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 Instance had to determine whether a guarantee (the Guarantee) was properly executed by or on behalf of the guarantor and thus binding on it. Even though the Guarantee was upheld, the case highlights some of the arguments that can be raised which may delay an otherwise simple claim for the payment of money.

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