RE IP LAI FAN

RE IP LAI FAN

Application dismissed because the charged properties were not the applicant's and thus did not engage r.48(5)(c); alternatively applicant failed to produce any credible valuation evidence showing the securities equalled or exceeded her debt; the application was also delayed and the proposed appeal was belated and insufficient to justify adjournment.

Citation
RE IP LAI FAN
Parties
Applicant / Debtor: Ip Lai Fan; Respondent / Creditor: Bank of Communications
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 May 2001
Case Number
HCSD10/2000
Procedural Posture
Application to Set Aside Statutory Demand (bankruptcy) / Hearing and Decision (chambers)
Outcome
Application dismissed
Legal Topics
Statutory Demand, Set Aside, Security, Deed of Guarantee, Summary Judgment, Costs, Adjournment, Valuation Evidence
Source Language
EN
Bankruptcy Insolvency Civil Procedure Banking Guarantee Mortgage Statutory Demand Set Aside +6 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 9 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

Ip Lai Fan

Applicant / Debtor

Bank of Communications

Respondent / Creditor

Procedural Posture

Application to Set Aside Statutory Demand (bankruptcy) / Hearing and Decision (chambers)

Legal Issues

  1. 1 Whether statutory demand should be set aside because creditor holds security covering the debt
  2. 2 Whether security held by third parties can be relied on under Bankruptcy Rules r.48(5)(c)
  3. 3 Whether applicant produced sufficient valuation evidence to show security covers the debt

Ratio Decidendi

Application dismissed because the charged properties were not the applicant's and thus did not engage r.48(5)(c); alternatively applicant failed to produce any credible valuation evidence showing the securities equalled or exceeded her debt; the application was also delayed and the proposed appeal was belated and insufficient to justify adjournment.

Court Disposition

Application dismissed

Orders

  • Application dismissed.
  • Respondent may present a bankruptcy petition on or after 31 May 2001.