RE: KWOK CHOK YEE and EX PARTE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.

RE: KWOK CHOK YEE and EX PARTE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.

The debt owing by the guarantor under the Guarantee is a liquidated sum; the properties mortgaged by the principal debtor constitute third party security and do not render the guarantor's obligation a secured debt for purposes of section 6B; disputes as to the valuation of third party security do not defeat the status of the claimed amount as a liquidated sum; accordingly the bankruptcy petition succeeds and a bankruptcy order is appropriate.

Citation
RE: KWOK CHOK YEE and EX PARTE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.
Parties
Petitioner: The Hongkong & Shanghai Banking Corporation Limited; Debtor: Debtor
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 November 1999
Case Number
HCB670/1999
Procedural Posture
Bankruptcy Petition / Judgment
Outcome
Bankruptcy order made against the Debtor
Legal Topics
Liquidated Sum, Section 6 B Compliance, Third Party Security, Statutory Demand, Guarantor's Liability
Source Language
EN
Bankruptcy Insolvency Guarantee Law Property Law Civil Procedure Liquidated Sum Section 6 B Compliance Third Party Security +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 7 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

The Hongkong & Shanghai Banking Corporation Limited

Petitioner

Debtor

Debtor

Procedural Posture

Bankruptcy Petition / Judgment

Legal Issues

  1. 1 Whether the debt asserted against the guarantor is a secured debt for the purposes of section 6B
  2. 2 Whether the sum claimed is a liquidated sum
  3. 3 Whether third party security held by the principal debtor affects guarantor's liability

Ratio Decidendi

The debt owing by the guarantor under the Guarantee is a liquidated sum; the properties mortgaged by the principal debtor constitute third party security and do not render the guarantor's obligation a secured debt for purposes of section 6B; disputes as to the valuation of third party security do not defeat the status of the claimed amount as a liquidated sum; accordingly the bankruptcy petition succeeds and a bankruptcy order is appropriate.

Court Disposition

Bankruptcy order made against the Debtor

Orders

  • Bankruptcy order made against the Debtor