[1] This was an appeal against a refusal to exercise discretion and grant a stay of execution. The learned High Court Judge did not find the circumstances presented as special warranting an exercise of discretion in the appellant's favour We unanimously found that exercise to be erroneous and we accordingly intervened to allow the appeal. These are the full reasons for our decision.

Relevant Facts

[2] The respondent granted a principal aggregate sum of USD 70 million term loan facility under the Overseas Project Financing ("facility") to a company known as Shenyang Shenyang Amusement Park Co Ltd ("borrower"). The facility was to part finance the development, construction and completion of an amusement park and a commercial complex known as "Magic Goat Paradise" in Shenyang, China ("project"). The project was being undertaken by the borrower on leasehold lands No 05208002 (TXGY (2005) No 17) (1137