RE SO KAM WING BERNARD

RE SO KAM WING BERNARD

Where a debtor fails to comply with a statutory demand and the debt exceeds the statutory threshold, a bankruptcy order should be made unless the debtor has made a settlement offer which the creditor has unreasonably refused under s.6(d); in this case the creditor's refusal was reasonable because the debtor's offer...

Source-derived case information.

Citation
RE SO KAM WING BERNARD
Parties
Petitioner / Creditor: Winterthur Life; Debtor: So Kam Wing Bernard
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
11 December 2003
Case Number
HCB25933/2002
Procedural Posture
Bankruptcy Petition / Judgment (order Made)
Outcome
Bankruptcy order made against debtor So Kam Wing Bernard
Legal Topics
Bankruptcy Order, Statutory Demand, Settlement Agreement, Guarantee, Charge to Manager, Reasonableness of Refusal of Settlement
Source Language
en
Bankruptcy Insolvency Contract Bankruptcy Order Statutory Demand Settlement Agreement Guarantee Charge to Manager +1 more

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Parties

Winterthur Life

Petitioner / Creditor

So Kam Wing Bernard

Debtor

Procedural Posture

Bankruptcy Petition / Judgment (order Made)

Legal Issues

  1. 1 Whether a bankruptcy order should be made following non-compliance with a statutory demand
  2. 2 Whether the debtor made an offer of settlement that was unreasonably refused by the creditor under s.6(d) of the Bankruptcy Ordinance
  3. 3 Whether the debts claimed were admitted or disputed and their enforceability (including guarantees and contractual repayment obligations)

Ratio Decidendi

Where a debtor fails to comply with a statutory demand and the debt exceeds the statutory threshold, a bankruptcy order should be made unless the debtor has made a settlement offer which the creditor has unreasonably refused under s.6(d); in this case the creditor's refusal was reasonable because the debtor's offer lacked security, extended the repayment period substantially and provided insufficient information, therefore a bankruptcy order was warranted.

Court Disposition

Bankruptcy order made against debtor So Kam Wing Bernard

Orders

  • Bankruptcy order made against So Kam Wing Bernard dated 11 December 2003
  • Costs to be heard