RE TING TIN SANG

RE TING TIN SANG

The court has power under section 20K(2) and its inherent jurisdiction to permit the nominee to withdraw a Certificate of Default filed under the Proposal, thereby reviving the IVA, where the withdrawal is with the consent of the debtor and all creditors and the Official Receiver raises no objection.

Citation
RE TING TIN SANG
Parties
Debtor: Debtor; Nominee: Mr. Louie WU Ming-wai; Creditor: Standard Chartered Bank (Hong Kong) Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
11 July 2006
Case Number
HCBI516/2004
Procedural Posture
Application to Withdraw Certificate of Default Under Individual Voluntary Arrangement / Decision on Application to Withdraw Certificate of Default and Final Report
Outcome
Application granted
Legal Topics
Individual Voluntary Arrangement, Certificate of Default, Nominee Powers, Jurisdiction to Grant Relief, Consent of Creditors, Official Receiver Role
Source Language
EN
Insolvency Bankruptcy Contract Law Civil Procedure Individual Voluntary Arrangement Certificate of Default Nominee Powers Jurisdiction to Grant Relief +2 more

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Parties

Debtor

Debtor

Mr. Louie WU Ming-wai

Nominee

Standard Chartered Bank (Hong Kong) Limited

Creditor

Official Receiver

Official Receiver

Procedural Posture

Application to Withdraw Certificate of Default Under Individual Voluntary Arrangement / Decision on Application to Withdraw Certificate of Default and Final Report

Legal Issues

  1. 1 Whether the court has jurisdiction to allow a nominee to withdraw a Certificate of Default and thereby revive an IVA
  2. 2 Whether a Certificate of Default filed under a Proposal condition is a contractual termination that can be withdrawn with creditor consent
  3. 3 Whether the Official Receiver's consent or objection affects the court's power to grant the withdrawal

Ratio Decidendi

The court has power under section 20K(2) and its inherent jurisdiction to permit the nominee to withdraw a Certificate of Default filed under the Proposal, thereby reviving the IVA, where the withdrawal is with the consent of the debtor and all creditors and the Official Receiver raises no objection.

Court Disposition

Application granted

Orders

  • Nominee's application to withdraw the Certificate of Default and the Final Report filed on 13 February 2006 is granted and the Individual Voluntary Arrangement is revived.