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action agreement alleged Appeal allowed Appeal dismissed application arbitration assets authority award Bank Ltd bankruptcy basis breach cheque Chong Hing Bank circumstances claim clause Commissioner Companies Ordinance compensation considered construction contract costs Council counsel Court of Appeal creditors damages debtor decision declaration defendant's discretion District Court duty effect employee employment entitled estoppel evidence exercise fact favour futures contracts granted Hang Seng Index Held High Court Hong Kong indemnity injunction Inland Revenue Insurance interest issue judgment judicial review jurisdiction land landlord liability liquidator Lord Lord Denning Lord Diplock Lord Wilberforce Lordships matter notice obligation Official Receiver Ordinance Cap owners payment person petition petitioner plaintiff power of attorney premises principal contractor principle Privy Council proceedings purchaser question reasonable referred refused registered relevant respondent rule second defendant solicitors sought statutory tenant trial judge Tribunal vendor winding-up Wong