ISACCO ARONNE NEUMANN v. BANK OF CREDIT AND COMMERCE HONG KONG LTD.

ISACCO ARONNE NEUMANN v. BANK OF CREDIT AND COMMERCE HONG KONG LTD.

The notice complied with Section 4 because the creditor limited its claim to the figures stated and implicitly waived any claim to statutory interest; any omission did not cause substantial injustice under s124(1); the alleged forbearance agreement was rejected on the evidence; therefore the petition was well...

Source-derived case information.

Citation
ISACCO ARONNE NEUMANN v. BANK OF CREDIT AND COMMERCE HONG KONG LTD.
Parties
Debtor: Isacco Aronne Neumann; Creditor (petitioner): Bank of Credit and Commerce Hong Kong Ltd. (In Liquidation)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 June 1995
Case Number
HCB275/1995
Procedural Posture
Bankruptcy Petition (high Court Bankruptcy) / Hearing and Judgment (determination of Petition)
Outcome
Bankruptcy petition granted; order made against Isacco Aronne Neumann
Legal Topics
Bankruptcy Notice, Statutory Interest on Judgment, Waiver of Claim, Section 4 Bankruptcy Ordinance, Section 124(1) Irregularity, Costs
Source Language
en
Bankruptcy Civil Procedure Enforcement of Judgment Contract (guarantee) Bankruptcy Notice Statutory Interest on Judgment Waiver of Claim Section 4 Bankruptcy Ordinance +2 more

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Parties

Isacco Aronne Neumann

Debtor

Bank of Credit and Commerce Hong Kong Ltd. (In Liquidation)

Creditor (petitioner)

Procedural Posture

Bankruptcy Petition (high Court Bankruptcy) / Hearing and Judgment (determination of Petition)

Legal Issues

  1. 1 Whether the bankruptcy notice was invalid for omitting statutory interest on the judgment debt
  2. 2 Whether omission of statutory interest amounted to waiver by the creditor
  3. 3 Whether there was an enforceable agreement limiting the creditor to recover only one‑third or to forbear further proceedings in return for $5,000 monthly payments

Ratio Decidendi

The notice complied with Section 4 because the creditor limited its claim to the figures stated and implicitly waived any claim to statutory interest; any omission did not cause substantial injustice under s124(1); the alleged forbearance agreement was rejected on the evidence; therefore the petition was well founded and the bankruptcy order was made.

Court Disposition

Bankruptcy petition granted; order made against Isacco Aronne Neumann

Orders

  • Bankruptcy order made against Isacco Aronne Neumann
  • Costs of this hearing to be borne by the debtor (Isacco Aronne Neumann)