RE HO YIN WING

RE HO YIN WING

The scheme as finally agreed did not waive the guarantor's obligations and clause 10 of the guarantee left the bank's rights against the guarantor intact; the debtor failed to prove a bona fide dispute of substance about the debt, therefore the court made the bankruptcy order.

Citation
RE HO YIN WING
Parties
Debtor: Ho Yin Wing; Creditor: Bank of China (Hong Kong) Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 December 2007
Case Number
HCB6918/2007
Procedural Posture
Bankruptcy Petition / Judgment (court of First Instance)
Outcome
Bankruptcy order made against Ho Yin Wing
Legal Topics
Guarantee, Scheme of Arrangement, Bona Fide Dispute, Bankruptcy Order
Source Language
EN
Insolvency Banking Contract Guarantee Scheme of Arrangement Bona Fide Dispute Bankruptcy Order

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Parties

Ho Yin Wing

Debtor

Bank of China (Hong Kong) Limited

Creditor

Official Receiver

Interested Party

Procedural Posture

Bankruptcy Petition / Judgment (court of First Instance)

Legal Issues

  1. 1 Whether guarantor's liability discharged by scheme of arrangement between creditor and principal debtor
  2. 2 Whether there is a bona fide dispute as to the amount of the debt under the guarantee
  3. 3 Whether creditor's compromise or indulgence to the principal debtor discharges the guarantor

Ratio Decidendi

The scheme as finally agreed did not waive the guarantor's obligations and clause 10 of the guarantee left the bank's rights against the guarantor intact; the debtor failed to prove a bona fide dispute of substance about the debt, therefore the court made the bankruptcy order.

Court Disposition

Bankruptcy order made against Ho Yin Wing

Orders

  • The usual bankruptcy order made with costs (10 December 2007)