RE: CHENG WIE, a Debtor and EX PARTE: PO SANG BANK LTD., a Petitioner

RE: CHENG WIE, a Debtor and EX PARTE: PO SANG BANK LTD., a Petitioner

The debtor failed to take available steps to obtain independent valuations and his explanations were not credible; therefore the court refused further adjournment and made a bankruptcy order with costs to the petitioner.

Citation
RE: CHENG WIE, a Debtor and EX PARTE: PO SANG BANK LTD., a Petitioner
Parties
Petitioner: Po Sang Bank Limited; Debtor: Cheng Wie; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
3 April 2000
Case Number
HCB3565/1999
Procedural Posture
Bankruptcy Petition / Hearing and Bankruptcy Order (3 April 2000)
Outcome
Bankruptcy order made against debtor Cheng Wie
Legal Topics
Bankruptcy Order, Adjournment, Valuation of Assets, Costs
Source Language
EN
Insolvency Bankruptcy Civil Procedure Bankruptcy Order Adjournment Valuation of Assets Costs

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Parties

Po Sang Bank Limited

Petitioner

Cheng Wie

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Hearing and Bankruptcy Order (3 April 2000)

Legal Issues

  1. 1 Whether to grant further adjournment to obtain valuations
  2. 2 Whether debtor made bona fide efforts to obtain valuation
  3. 3 Whether circumstances justify making a bankruptcy order

Ratio Decidendi

The debtor failed to take available steps to obtain independent valuations and his explanations were not credible; therefore the court refused further adjournment and made a bankruptcy order with costs to the petitioner.

Court Disposition

Bankruptcy order made against debtor Cheng Wie

Orders

  • Bankruptcy order made on 3 April 2000
  • Costs awarded to the petitioner