RE LEE RAYMOND CHO-MIN

RE LEE RAYMOND CHO-MIN

The court found the debtors' proposal was too uncertain and qualified by contingent future events, did not constitute a proper offer that could be accepted to require dismissal, the debtors had not provided full and frank disclosure, and the petitioner's refusal fell within the range of reasonable positions of a hypothetical creditor; therefore s.6D(3) did not oblige dismissal and bankruptcy orders were appropriate.

Citation
RE LEE RAYMOND CHO-MIN
Parties
Petitioner: Winchesto Finance Company Limited; Debtor: Lee Priscilla Hwang; Debtor: Lee Raymond Cho-Min; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
4 September 2009
Case Number
HCB7453/2009
Procedural Posture
Bankruptcy Proceedings / Hearing and Judgment (court of First Instance)
Outcome
Bankruptcy orders made in respect of both petitions
Legal Topics
Section 6 D(3) Bankruptcy Ordinance, Offer to Compound, Reasonableness of Refusal, Dismissal of Petition, Full and Frank Disclosure
Source Language
EN
Bankruptcy Law Insolvency Civil Procedure Section 6 D(3) Bankruptcy Ordinance Offer to Compound Reasonableness of Refusal Dismissal of Petition Full and Frank Disclosure

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Parties

Winchesto Finance Company Limited

Petitioner

Lee Priscilla Hwang

Debtor

Lee Raymond Cho-Min

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Proceedings / Hearing and Judgment (court of First Instance)

Legal Issues

  1. 1 Whether the debtors' proposal amounted to an offer under s.6D(3)
  2. 2 Whether the petitioner's refusal of the proposal was unreasonable under s.6D(3)
  3. 3 Whether the debtors made full and frank disclosure

Ratio Decidendi

The court found the debtors' proposal was too uncertain and qualified by contingent future events, did not constitute a proper offer that could be accepted to require dismissal, the debtors had not provided full and frank disclosure, and the petitioner's refusal fell within the range of reasonable positions of a hypothetical creditor; therefore s.6D(3) did not oblige dismissal and bankruptcy orders were appropriate.

Court Disposition

Bankruptcy orders made in respect of both petitions

Orders

  • Bankruptcy orders made in respect of both debtors
  • Costs awarded to the petitioner (unspecified in reasons)