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The Hong Kong Court of Final Appeal has given judgment in Nuoxi Capital v Peking University Founder Group, concerning the validity and effectiveness of keepwell deeds.
Keepwell deeds are a feature of financing arrangements often used by Chinese companies to raise financing from offshore markets. In an important decision, the Court of Final Appeal has held that a breach of the obligation owed by group companies under such deeds to provide liquidity to the borrower company sounds only in nominal damages, and does not entitle the borrower to obtain substantial damages on behalf of creditors.
Tom Smith KC appeared for the Appellant, and Mark Phillips KC appeared for the Respondent.
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