RE WU CHUN KWAN

RE WU CHUN KWAN

The court granted the interim appointment because the Petitioners demonstrated an urgent need to protect and investigate the Debtor's estate given credible evidence of asset dissipation, evasion of service and ongoing transfers; the balance of convenience favored immediate protective intervention and the jurisdiction permits appointment of interim trustees/managers with necessary powers prior to a bankruptcy order.

Citation
[2019] HKCFI 2802
Parties
Petitioner: Petitioners (judgment creditors); Debtor: Lam Frankie Chak Ming; Respondent: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 November 2019
Case Number
HCB4259/2018
Procedural Posture
Bankruptcy/interim Trustee and Special Manager Appointment / Interim Appointment Application (ex Parte Application on Notice to Official Receiver)
Outcome
Application granted for interim appointment
Legal Topics
Interim Trustee Appointment, Special Manager Appointment, Preservation of Assets, Evasion of Service, Fraudulent Conveyance, Balance of Convenience
Source Language
EN
Insolvency Bankruptcy Civil Procedure Corporate/asset Protection Fraudulent Transfer Investigation Interim Trustee Appointment Special Manager Appointment Preservation of Assets +3 more

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Parties

Petitioners (judgment creditors)

Petitioner

Lam Frankie Chak Ming

Debtor

Official Receiver

Respondent

Procedural Posture

Bankruptcy/interim Trustee and Special Manager Appointment / Interim Appointment Application (ex Parte Application on Notice to Official Receiver)

Legal Issues

  1. 1 Whether the court has jurisdiction to appoint an interim trustee and special managers prior to making a bankruptcy order
  2. 2 Whether the Petitioners established urgency and risk of dissipation of assets to justify interim appointment
  3. 3 Whether facts (evading service, alleged asset transfers, possible death of debtor) justify investigative and preservative relief

Ratio Decidendi

The court granted the interim appointment because the Petitioners demonstrated an urgent need to protect and investigate the Debtor's estate given credible evidence of asset dissipation, evasion of service and ongoing transfers; the balance of convenience favored immediate protective intervention and the jurisdiction permits appointment of interim trustees/managers with necessary powers prior to a bankruptcy order.

Court Disposition

Application granted for interim appointment

Orders

  • Interim trustee appointed over the Debtor's estate
  • Special managers appointed to manage, preserve and investigate the Debtor's assets and affairs