RE: CHAN WOON WING and EX PARTE: LUN KEE POULTRY LTD. ("Company")

RE: CHAN WOON WING and EX PARTE: LUN KEE POULTRY LTD. ("Company")

Court granted consent under section 42 because the sale was a pre‑petition transaction entered into before presentation of the petition, on its face bona fide with no evidence of undervalue or impropriety, and consent would not prejudice trustee's rights under section 49; refusal would unduly prejudice applicant and...

Source-derived case information.

Citation
RE: CHAN WOON WING and EX PARTE: LUN KEE POULTRY LTD. ("Company")
Parties
Applicant: Chan Woon Wing; Company: Lun Kee Poultry Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 January 2000
Case Number
HCB144/2000
Procedural Posture
Bankruptcy / Consent Application Under Section 42 (decision)
Outcome
Consent granted under section 42 for completion of the sale; relief in paragraph 2 refused; costs to be in the petition.
Legal Topics
Section 42 Bankruptcy Ordinance, Section 49 Bankruptcy Ordinance, Section 51 a Bankruptcy Ordinance, Pre‑petition Dispositions, Undervalue Transactions, Court Consent to Dispositions
Source Language
en
Bankruptcy Insolvency Property Company Law Civil Procedure Section 42 Bankruptcy Ordinance Section 49 Bankruptcy Ordinance Section 51 a Bankruptcy Ordinance +3 more

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Parties

Chan Woon Wing

Applicant

Lun Kee Poultry Limited

Company

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy / Consent Application Under Section 42 (decision)

Legal Issues

  1. 1 Whether completion of a pre‑petition sale and purchase agreement is a disposition within section 42
  2. 2 Whether the court's consent under section 42 would bar subsequent section 49 relief
  3. 3 Whether it was appropriate to grant consent given the circumstances

Ratio Decidendi

Court granted consent under section 42 because the sale was a pre‑petition transaction entered into before presentation of the petition, on its face bona fide with no evidence of undervalue or impropriety, and consent would not prejudice trustee's rights under section 49; refusal would unduly prejudice applicant and purchasers.

Court Disposition

Consent granted under section 42 for completion of the sale; relief in paragraph 2 refused; costs to be in the petition.

Orders

  • Court's consent granted to completion of the sale and purchase agreement pursuant to section 42 of the Bankruptcy Ordinance.
  • No order made in relation to paragraph 2 (application as to application of proceeds of sale).