According to a claim stamped by the Grand Court on May 23, 2023, RBC Royal Bank (Cayman) Limited is suing Lynne Bui, who has a Florida address, for a total of US$4,482,372.90 in connection with various loans allegedly made by RBC to companies where Bui was allegedly the sole director and where Bui allegedly acted as guarantor on the loans. RBC alleges that, in the case of each loan, Bui breached her obligations under various guarantees by failing to pay the sums demanded by RBC.
Regarding the specific sums allegedly guaranteed by Bui, the claim stated:
The Defendant, Lynne Bui, is and was at all material times:
(a) the sole director of Beach Bay Group Ltd (Beach Bay);
(b) the sole director of ACN Group Ltd (ACN); and
(c) the sole director of AIA Group Ltd (AIA).
By contract dated 24 December 2021 (First Credit Agreement) between the Plaintiff as lender, Beach Bay as borrower and the Defendant as guarantor, the Plaintiff agreed to provide a secured debt facility to Beach Bay in the principal amount of US$976,000.00 (Loan 1).
By Guarantee and Postponment of Claim dated 29 December 2021 (First Guarantee), the Defendant guaranteed, inter alia, Beach Bay’s obligations to the Plaintiff under the First Credit Agreement.
Pursuant to the First Credit Agreement, the Plaintiff made advances to Beach Bay.
The claim added:
Pursuant to the First Guarantee, the Plaintiff duly served on the Defendant a demand dated 21 April 2023 (Demand 1) by which the Plaintiff demanded immediate payment of US$925,478.75 (First Demanded Sum).
In breach of her obligations under the First Guarantee, the Defendant has failed to pay the First Demanded Sum or any part of it.
Concerning ACN, the lawsuit said:
By contract dated 30 March 2022 (Second Credit Agreement) between the Plaintiff as lender, ACN as borrower and the Defendant as guarantor, the Plaintiff agreed to provide two secured debt facilities to ACN as follows:
(a) a loan in the principal amount of US$1,554,000 (Loan 2); and
(b) a loan in the principal amount of US$1,020,000 (Loan 3).
By Guarantee and Postponment of Claim dated 29 December 2021 (Second Guarantee), the Defendant guaranteed, inter alia, ACN’s obligations to the Plaintiff under the Second Credit Agreement in respect of Loan 2.
By Guarantee and Postponment of Claim dated 18 April 2022 (Third Guarantee), the Defendant guaranteed, inter alia, ACN’s obligations to the Plaintiff under the Second Credit Agreement in respect of Loan 3.
Pursuant to the Second Credit Agreement, the Plaintiff made advances to ACN.
The claim continued:
Pursuant to the Second Guarantee and the Third Guarantee, the Plaintiff duly served on the Defendant a demand dated 21 April 2023 (Demand 2) by which the Plaintiff demanded immediate payment of US$2,593,255.07 (Second Demanded Sum).
In breach of her obligations under the Second Guartantee and the Third Guarantee, the Defendant has failed to pay the Second Demanded Sum or any part of it.
Regarding AIA, the lawsuit stated:
By contract dated 31 March 2022 (Third Credit Agreement) between the Plaintiff as lender, AIA as borrower and the Defendant as guarantor, the Plaintiff agreed to provide a secured debt facility to AIA in the principal amount of US$971,000.00 (Loan 4).
By Guarantee and Postponment of Claim dated 18 April 2022 (Fourth Guarantee), the Defendant guaranteed, inter alia, AIA’s obligations to the Plaintiff under the Third Credit Agreement.
Pursuant to the Third Credit Agreement, the Plaintiff made advances to AIA.
The claim added:
Pursuant to the Fourth Guarantee, the Plaintiff duly served on the Defendant a demand dated 21 April 2023 (Demand 3) by which the Plaintiff demanded immediate payment of US$963,639.08 (Third Demanded Sum).
In breach of her obligations under the Fourth Guarantee, the Defendant has failed to pay the Third Demanded Sum or any part of it.
In connection with all of the foregoing allegations, RBC is suing Bui for the total of the First Demanded Sum, Second Demanded Sum, and Third Demanded Sum, being US$4,482,372.90.
RBC is also asking for interest, costs, and such further or other relief as the Court shall deem fit.
