RE LUNG KAM CHIU

RE LUNG KAM CHIU

Debt was admitted; the debtor's asserted sole defence (realisation of an interest in company property) was undermined by an apparent Instrument of Transfer and by the speculative nature and delay of litigation to resolve that claim, leaving no reasonable basis to resist making the bankruptcy order.

Citation
[2021] HKCFI 1007
Parties
1st Petitioner (executor of the Estate of Liang Huitao, Deceased): LIANG ZHAO HUI; 2nd Petitioner: WU WEIZU; Debtor: LUNG KAM CHIU; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
12 April 2021
Case Number
HCB4202/2020
Procedural Posture
Bankruptcy Proceedings / Hearing and Judgment (bankruptcy Order Made)
Outcome
Bankruptcy Order made against the debtor
Legal Topics
Bankruptcy Order, Debt Enforcement, Asset Disposal, Costs
Source Language
EN
Bankruptcy Insolvency Civil Procedure Bankruptcy Order Debt Enforcement Asset Disposal Costs

Case Brief

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Parties

LIANG ZHAO HUI

1st Petitioner (executor of the Estate of Liang Huitao, Deceased)

WU WEIZU

2nd Petitioner

LUNG KAM CHIU

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Proceedings / Hearing and Judgment (bankruptcy Order Made)

Legal Issues

  1. 1 Whether a bankruptcy order should be made against the debtor
  2. 2 Whether the debtor's asserted asset (shares in a company owning landed property) can realistically be realised to repay the debt
  3. 3 Whether the debtor's execution of an Instrument of Transfer defeats his claim to the asset and thus his ability to resist the bankruptcy order

Ratio Decidendi

Debt was admitted; the debtor's asserted sole defence (realisation of an interest in company property) was undermined by an apparent Instrument of Transfer and by the speculative nature and delay of litigation to resolve that claim, leaving no reasonable basis to resist making the bankruptcy order.

Court Disposition

Bankruptcy Order made against the debtor

Orders

  • Bankruptcy Order made against the Debtor LUNG KAM CHIU
  • Costs awarded against the Debtor