DBS BANK (HONG KONG) LTD v. MIU, PETER

DBS BANK (HONG KONG) LTD v. MIU, PETER

The statutory test in s6(2) and s6A was satisfied because the statutory demands had been served and the debtors failed to show any available assets or credible prospects to pay the petitioning debt; the mortgagee sale produced proceeds that were applied to the mortgagee's debt leaving no funds for the petitioner, therefore bankruptcy orders were warranted.

Citation
[2019] HKCFI 1735
Parties
Judgment Creditor: DBS Bank (Hong Kong) Limited; Judgment Debtor: Tam Yuk Ching; Judgment Debtor: Miu, Peter
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
30 July 2019
Case Number
HCB2143/2018
Procedural Posture
Bankruptcy Petition / Bankruptcy Order Made After Hearing
Outcome
Bankruptcy order made in respect of each petition with costs awarded to the judgment creditor
Legal Topics
Statutory Demand, Bankruptcy Order, Mortgagee Sale, Ability to Pay, Creditor's Petition
Source Language
EN
Bankruptcy Debt Recovery Property Law Enforcement Statutory Demand Bankruptcy Order Mortgagee Sale Ability to Pay +1 more

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Parties

DBS Bank (Hong Kong) Limited

Judgment Creditor

Tam Yuk Ching

Judgment Debtor

Miu, Peter

Judgment Debtor

Procedural Posture

Bankruptcy Petition / Bankruptcy Order Made After Hearing

Legal Issues

  1. 1 Whether the debtors appear unable to pay or have no reasonable prospect of being able to pay under s6(2) Bankruptcy Ordinance
  2. 2 Whether the mortgagee sale of the registered property provided proceeds available to satisfy the petitioning creditor
  3. 3 Whether the debtors adduced credible evidence of a prospect of paying the debt in full within a reasonable time

Ratio Decidendi

The statutory test in s6(2) and s6A was satisfied because the statutory demands had been served and the debtors failed to show any available assets or credible prospects to pay the petitioning debt; the mortgagee sale produced proceeds that were applied to the mortgagee's debt leaving no funds for the petitioner, therefore bankruptcy orders were warranted.

Court Disposition

Bankruptcy order made in respect of each petition with costs awarded to the judgment creditor

Orders

  • Bankruptcy order made in HCB 2142/2018
  • Bankruptcy order made in HCB 2143/2018