RE CHIU CHI HONG

RE CHIU CHI HONG

The debt was undisputed and the statutory demand complied with Rule 44(5) because only debtor's securities must be stated; the petitioner reasonably estimated the Hanergy shares at nil given suspension and provided no credible evidence to the contrary; the petitioner took all reasonable steps to effect service; the debtor failed to comply with proposed repayment directions and presented no bona fide substantive dispute, therefore the court was obliged to make a bankruptcy order with costs.

Citation
[2020] HKCFI 2486
Parties
Petitioner: ZhongTai International Securities Limited; Debtor: Chiu Chi Hong
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
25 September 2020
Case Number
HCB1056/2019
Procedural Posture
Bankruptcy Petition / Hearing and Judgment (bankruptcy Order Made)
Outcome
Bankruptcy order made against Debtor (Chiu Chi Hong); costs to petitioner on a party‑to‑party basis, to be taxed if not agreed.
Legal Topics
Statutory Demand, Service of Process, Valuation of Security, Bankruptcy Ordinance S.6 D(3), Bankruptcy Order
Source Language
EN
Bankruptcy Insolvency Securities Law Civil Procedure Statutory Demand Service of Process Valuation of Security Bankruptcy Ordinance S.6 D(3) +1 more

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Parties

ZhongTai International Securities Limited

Petitioner

Chiu Chi Hong

Debtor

Procedural Posture

Bankruptcy Petition / Hearing and Judgment (bankruptcy Order Made)

Legal Issues

  1. 1 Whether the statutory demand complied with Rule 44(5) regarding security disclosure
  2. 2 Whether the valuation of Hanergy shares in the statutory demand was flawed
  3. 3 Whether service of the statutory demand was adequate

Ratio Decidendi

The debt was undisputed and the statutory demand complied with Rule 44(5) because only debtor's securities must be stated; the petitioner reasonably estimated the Hanergy shares at nil given suspension and provided no credible evidence to the contrary; the petitioner took all reasonable steps to effect service; the debtor failed to comply with proposed repayment directions and presented no bona fide substantive dispute, therefore the court was obliged to make a bankruptcy order with costs.

Court Disposition

Bankruptcy order made against Debtor (Chiu Chi Hong); costs to petitioner on a party‑to‑party basis, to be taxed if not agreed.

Orders

  • Bankruptcy order made against Chiu Chi Hong dated 16 June 2020
  • Costs awarded to petitioner ZhongTai International Securities Limited on a party‑to‑party basis, to be taxed if not agreed