RE TUNG HUI SHYAN t/a FAIREX TRADING CO

RE TUNG HUI SHYAN t/a FAIREX TRADING CO

The petitioner proved the debt and service of the statutory demand; the debtor failed to file evidence in opposition and withdrew opposition at hearing; third‑party security and parallel proceedings were irrelevant to the debtor's personal liability, therefore a bankruptcy order was properly made against the debtor.

Citation
RE TUNG HUI SHYAN t/a FAIREX TRADING CO
Parties
Petitioner: Equitable PCI Bank, Inc. (Formerly Equitable Banking Corporation); Debtor: Tung Hui Shyan trading as Fairex Trading Company; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
31 October 2005
Case Number
HCB4599/2005
Procedural Posture
Bankruptcy Petition / Bankruptcy Order Made (judgment)
Outcome
Bankruptcy order made against the debtor
Legal Topics
Statutory Demand, Bankruptcy Petition, Restructuring Agreement, Default, Third Party Security
Source Language
EN
Bankruptcy Debt Recovery Secured Transactions Statutory Demand Bankruptcy Petition Restructuring Agreement Default Third Party Security

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Parties

Equitable PCI Bank, Inc. (Formerly Equitable Banking Corporation)

Petitioner

Tung Hui Shyan trading as Fairex Trading Company

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Bankruptcy Order Made (judgment)

Legal Issues

  1. 1 Whether the petitioning debt is due and owing
  2. 2 Whether the existence of third‑party security and parallel proceedings (HCMP No. 3493 of 2003) prevents the bankruptcy petition from proceeding
  3. 3 Whether the debtor raised a valid opposition or filed evidence in response to the court's directions

Ratio Decidendi

The petitioner proved the debt and service of the statutory demand; the debtor failed to file evidence in opposition and withdrew opposition at hearing; third‑party security and parallel proceedings were irrelevant to the debtor's personal liability, therefore a bankruptcy order was properly made against the debtor.

Court Disposition

Bankruptcy order made against the debtor

Orders

  • Bankruptcy order against Tung Hui Shyan trading as Fairex Trading Company
  • Petitioner's costs to be paid out of the debtor's estate