RE LO SHIU MUI

RE LO SHIU MUI

The court held that s30B(2)(b) is to be construed in the present tense and therefore the court may assess unsecured liabilities as at the time of the application (here liabilities to the Bank were extinguished prior to the application by accord and satisfaction so s30B(2)(b) did not bar relief), but s30B(2)(c) is...

Source-derived case information.

Citation
RE LO SHIU MUI
Parties
Petitioner: Industrial and Commercial Bank of China (Asia) Limited (formerly Union Bank of Hong Kong Limited); Bankrupt: Lo Shiu Mui; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
30 July 2009
Case Number
HCB10596/2007
Procedural Posture
Bankruptcy Proceedings (application for Early Discharge) / Application Under Section 30 B of the Bankruptcy Ordinance (hearing and Judgment)
Outcome
Application for early discharge dismissed for non-compliance with section 30B(2)(c); bankrupt to receive automatic discharge in due course
Legal Topics
Early Discharge Under Section 30 B, Failure to Disclose Beneficial Interest, Timing for Assessment of Unsecured Liabilities, Accord and Satisfaction/annulment
Source Language
en
Bankruptcy Insolvency Statutory Interpretation Company Law Early Discharge Under Section 30 B Failure to Disclose Beneficial Interest Timing for Assessment of Unsecured Liabilities Accord and Satisfaction/annulment

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Parties

Industrial and Commercial Bank of China (Asia) Limited (formerly Union Bank of Hong Kong Limited)

Petitioner

Lo Shiu Mui

Bankrupt

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Proceedings (application for Early Discharge) / Application Under Section 30 B of the Bankruptcy Ordinance (hearing and Judgment)

Legal Issues

  1. 1 Whether unsecured liabilities for s30B(2)(b) are to be assessed at time of bankruptcy order or at time of application
  2. 2 Whether failure to disclose a beneficial interest in property within statement of affairs engages s30B(2)(c) irrespective of inadvertence or intent
  3. 3 Whether court has jurisdiction to grant early discharge in these circumstances

Ratio Decidendi

The court held that s30B(2)(b) is to be construed in the present tense and therefore the court may assess unsecured liabilities as at the time of the application (here liabilities to the Bank were extinguished prior to the application by accord and satisfaction so s30B(2)(b) did not bar relief), but s30B(2)(c) is engaged because the bankrupt failed to disclose a beneficial interest in property (50% shareholding in Eversense) in her Statement of Affairs and the subsection, read naturally and in light of legislative history, disqualifies irrespective of inadvertence; accordingly the application for early discharge under s30B is dismissed.

Court Disposition

Application for early discharge dismissed for non-compliance with section 30B(2)(c); bankrupt to receive automatic discharge in due course

Orders

  • Application dismissed
  • Order nisi that the Official Receiver's costs of the application be paid out of the bankrupt's estate