RE LEUNG TZE HANG DAVID

RE LEUNG TZE HANG DAVID

The Court found the alleged settlement agreements lacked the necessary certainty, particulars and corroborative evidence and were commercially unrealistic; the debtor made no credible attempt to show the statutory demand was satisfied or voided by agreement; accordingly the statutory demand was valid and a bankruptcy order was properly made against the debtor.

Citation
RE LEUNG TZE HANG DAVID
Parties
Petitioner/creditor: New Regent Finance Management Limited; Debtor: Leung Tze Hang David; Borrower/defendant: Pacific System Development Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
28 July 2004
Case Number
HCB18073/2002
Procedural Posture
Bankruptcy Petition / Hearing and Judgment (bankruptcy Order Made)
Outcome
Bankruptcy order made against Leung Tze Hang David; petition allowed
Legal Topics
Statutory Demand, Consent Judgment, Oral Settlement Agreements, Indemnity, Enforceability, Bankruptcy Order, Costs
Source Language
EN
Bankruptcy Insolvency Contract Civil Procedure Statutory Demand Consent Judgment Oral Settlement Agreements Indemnity +3 more

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Parties

New Regent Finance Management Limited

Petitioner/creditor

Leung Tze Hang David

Debtor

Pacific System Development Limited

Borrower/defendant

Procedural Posture

Bankruptcy Petition / Hearing and Judgment (bankruptcy Order Made)

Legal Issues

  1. 1 Whether alleged settlement agreements existed and were binding
  2. 2 Whether payments made by debtor satisfied or invalidated the statutory demand
  3. 3 Whether the statutory demand under s.6A(1)(a) of the Bankruptcy Ordinance was valid and justified presentation of the petition

Ratio Decidendi

The Court found the alleged settlement agreements lacked the necessary certainty, particulars and corroborative evidence and were commercially unrealistic; the debtor made no credible attempt to show the statutory demand was satisfied or voided by agreement; accordingly the statutory demand was valid and a bankruptcy order was properly made against the debtor.

Court Disposition

Bankruptcy order made against Leung Tze Hang David; petition allowed

Orders

  • Bankruptcy Order made against Leung Tze Hang David
  • Costs awarded to Petitioner New Regent Finance Management Limited