RE LUU, HUNG VIET DERRICK

RE LUU, HUNG VIET DERRICK

On the balance of probabilities the court found the bankrupt had materially concealed assets and failed to cooperate with trustees in the administration of the estate, establishing the trustees' grounds under section 30A; therefore the automatic discharge was suspended for four years to permit investigation and realisation of assets and to protect public interest; costs were awarded to the trustees.

Citation
RE LUU, HUNG VIET DERRICK
Parties
Petitioner: Zhang Liyuan; Bankrupt: Luu, Hung Viet Derrick; Trustees (applicants): RSM Corporate Advisory (Hong Kong) Limited (Trustees) - Stephen Wong and Osman M. Arab
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 July 2016
Case Number
HCB4776/2011
Procedural Posture
Bankruptcy Proceedings / Application for Suspension of Automatic Discharge (summons Heard Before Master J. Wong)
Outcome
Automatic discharge suspended for 4 years; costs awarded to Trustees (order nisi).
Legal Topics
Suspension of Automatic Discharge, Trustee Investigations, Failure to Cooperate, Asset Concealment, Costs
Source Language
EN
Bankruptcy Insolvency Civil Procedure Cross Border Asset Recovery Suspension of Automatic Discharge Trustee Investigations Failure to Cooperate Asset Concealment +1 more

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Parties

Zhang Liyuan

Petitioner

Luu, Hung Viet Derrick

Bankrupt

RSM Corporate Advisory (Hong Kong) Limited (Trustees) - Stephen Wong and Osman M. Arab

Trustees (applicants)

Procedural Posture

Bankruptcy Proceedings / Application for Suspension of Automatic Discharge (summons Heard Before Master J. Wong)

Legal Issues

  1. 1 Whether the automatic discharge of the bankrupt should be suspended under section 30A of the Bankruptcy Ordinance
  2. 2 Whether the bankrupt failed to cooperate with the trustees in the administration of the estate
  3. 3 Whether the bankrupt's conduct before or after bankruptcy was unsatisfactory so as to justify suspension

Ratio Decidendi

On the balance of probabilities the court found the bankrupt had materially concealed assets and failed to cooperate with trustees in the administration of the estate, establishing the trustees' grounds under section 30A; therefore the automatic discharge was suspended for four years to permit investigation and realisation of assets and to protect public interest; costs were awarded to the trustees.

Court Disposition

Automatic discharge suspended for 4 years; costs awarded to Trustees (order nisi).

Orders

  • The discharge of the Bankrupt under section 30A of the Bankruptcy Ordinance (Cap. 6) shall cease to run for a period of 4 years.
  • There is an order nisi that the Bankrupt do pay the Trustees costs of the application, including certificate for counsel for hearing on 8 July 2016 and costs reserved, to be taxed if not agreed.