THE HONGKONG & SHANGHAI BANKING CORPORATION LTD. v. TREVOR ERNEST BOUCHER

THE HONGKONG & SHANGHAI BANKING CORPORATION LTD. v. TREVOR ERNEST BOUCHER

Adjournment was refused and a bankruptcy order made because the debtor's proposal was supported by only a minority of creditors in value, depended on speculative future orders and unproven company profitability, and thus offered no realistic prospect that an adjournment would produce a viable alternative to bankruptcy.

Citation
THE HONGKONG & SHANGHAI BANKING CORPORATION LTD. v. TREVOR ERNEST BOUCHER
Parties
Petitioner: The Hongkong & Shanghai Banking Corporation Limited; Debtor: Trevor Ernest Boucher; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
6 September 1999
Case Number
HCB821/1999
Procedural Posture
Bankruptcy Proceedings / Hearing on Petition and Adjournment Application (court of First Instance)
Outcome
Bankruptcy order made against Trevor Ernest Boucher; application for adjournment refused.
Legal Topics
Bankruptcy Order, Adjournment Application, Creditor Approval for Composition, Proposal Viability and Contingent Repayment Scheme
Source Language
EN
Insolvency Bankruptcy Civil Procedure Bankruptcy Order Adjournment Application Creditor Approval for Composition Proposal Viability and Contingent Repayment Scheme

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Parties

The Hongkong & Shanghai Banking Corporation Limited

Petitioner

Trevor Ernest Boucher

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Proceedings / Hearing on Petition and Adjournment Application (court of First Instance)

Legal Issues

  1. 1 Whether to grant an adjournment to enable the debtor to obtain creditor support for a proposed repayment scheme
  2. 2 Whether the debtor's proposal had sufficient creditor support in number and value to justify delaying the petition
  3. 3 Whether speculative future contracts and contingent company performance justified postponing the inevitable bankruptcy order

Ratio Decidendi

Adjournment was refused and a bankruptcy order made because the debtor's proposal was supported by only a minority of creditors in value, depended on speculative future orders and unproven company profitability, and thus offered no realistic prospect that an adjournment would produce a viable alternative to bankruptcy.

Court Disposition

Bankruptcy order made against Trevor Ernest Boucher; application for adjournment refused.

Orders

  • Bankruptcy order made against Trevor Ernest Boucher
  • Application for adjournment refused