RE PARK CHUL SOO

RE PARK CHUL SOO

The court refused to set aside the statutory demand and exercised its discretion to adjourn the petition only on condition that the debtor pay HK$1.8 million into court by the specified deadline because the debtor had not demonstrated that the grounds of appeal were likely to succeed and no affidavits or stay had been filed.

Citation
[2018] HKCFI 2750
Parties
Petitioner: SWEE KHENG BUILDING MATERIAL CO. LIMITED; Debtor: PARK CHUL SOO; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
26 November 2018
Case Number
HCB4304/2018
Procedural Posture
Bankruptcy Petition / Hearing on Petition; Application to Set Aside Statutory Demand Refused; Adjourned Conditionally
Outcome
Application to set aside the statutory demand refused; petition adjourned conditionally on payment into court; failure to pay will allow court to proceed to pronounce bankruptcy order.
Legal Topics
Statutory Demand, Set Aside Statutory Demand, Bona Fide Dispute, Adjournment, Conditional Payment Into Court, Bankruptcy Order, Leave to File Petition
Source Language
EN
Bankruptcy Insolvency Civil Procedure Appeal Statutory Demand Set Aside Statutory Demand Bona Fide Dispute Adjournment +3 more

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Parties

SWEE KHENG BUILDING MATERIAL CO. LIMITED

Petitioner

PARK CHUL SOO

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Hearing on Petition; Application to Set Aside Statutory Demand Refused; Adjourned Conditionally

Legal Issues

  1. 1 Whether the statutory demand should be set aside
  2. 2 Whether there is a bona fide dispute on substantial grounds
  3. 3 Whether the petition should be adjourned pending an appeal and on what conditions

Ratio Decidendi

The court refused to set aside the statutory demand and exercised its discretion to adjourn the petition only on condition that the debtor pay HK$1.8 million into court by the specified deadline because the debtor had not demonstrated that the grounds of appeal were likely to succeed and no affidavits or stay had been filed.

Court Disposition

Application to set aside the statutory demand refused; petition adjourned conditionally on payment into court; failure to pay will allow court to proceed to pronounce bankruptcy order.

Orders

  • Adjourn the petition to 31 December 2018 at 9:30 am (post-judgment note: refixed to 14 January 2019).
  • Debtor to pay HK$1.8 million into court by 4:00 pm on 28 December 2018.