RE FOO SHUK MAN PATTY

RE FOO SHUK MAN PATTY

The debtors failed to prove on the balance of probabilities the alleged settlement and set-off by surrender of properties, and a bankruptcy petition is not an 'action upon a judgment' for limitation purposes; accordingly the petitions are not time‑barred and bankruptcy orders were properly made against both debtors.

Citation
RE FOO SHUK MAN PATTY
Parties
Petitioner/creditor: Industrial and Commercial Bank of China (Asia) Limited (ICBC) (successor to Generale De Banque Belge Pour L'Etranger); Respondent/debtor: Mr Li; Respondent/debtor: Madam Foo
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 March 2012
Case Number
HCB5988/2011
Procedural Posture
Bankruptcy Petition / Hearing and Judgment Delivered
Outcome
Bankruptcy orders made against both debtors; costs order nisi in favour of ICBC
Legal Topics
Bankruptcy Orders, Statutory Demand, Settlement Agreement, Substitution of Party After Merger, Limitation on Judgment Enforcement
Source Language
EN
Insolvency Civil Procedure Contract Property Limitation Law Bankruptcy Orders Statutory Demand Settlement Agreement +2 more

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Parties

Industrial and Commercial Bank of China (Asia) Limited (ICBC) (successor to Generale De Banque Belge Pour L'Etranger)

Petitioner/creditor

Mr Li

Respondent/debtor

Madam Foo

Respondent/debtor

Procedural Posture

Bankruptcy Petition / Hearing and Judgment Delivered

Legal Issues

  1. 1 Whether debtors proved existence of alleged settlement agreement that discharged the judgment debt
  2. 2 Whether a bankruptcy petition constitutes an 'action upon a judgment' for the purposes of limitation
  3. 3 Whether ICBC validly succeeded to Belgium Bank's judgment by merger

Ratio Decidendi

The debtors failed to prove on the balance of probabilities the alleged settlement and set-off by surrender of properties, and a bankruptcy petition is not an 'action upon a judgment' for limitation purposes; accordingly the petitions are not time‑barred and bankruptcy orders were properly made against both debtors.

Court Disposition

Bankruptcy orders made against both debtors; costs order nisi in favour of ICBC

Orders

  • Make bankruptcy orders against Mr Li
  • Make bankruptcy orders against Madam Foo