RE YEUNG KANG LAM

RE YEUNG KANG LAM

The statutory demand was properly served and the debtor failed to demonstrate present ability to pay or a viable, non‑contingent proposal for a voluntary arrangement; the repayment proposals were speculative and dependent on future success of an employer's project, and therefore a bankruptcy order should be made.

Citation
RE YEUNG KANG LAM
Parties
Petitioner: Welco Development Limited; Debtor: Yeung Kang Lam (formerly Yeung Wing Keung); Supporting Creditor: Phoenix Hospital Investment Management (Beijing) Co. Ltd; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
3 October 2005
Case Number
HCB5166/2005
Procedural Posture
Bankruptcy Petition / Judgment
Outcome
Bankruptcy order made against the debtor Yeung Kang Lam
Legal Topics
Statutory Demand, Bankruptcy Order, Voluntary Arrangement, Judgment Debt, Arbitration Award, Service of Documents, Repayment Proposal, Garnishee Order
Source Language
EN
Insolvency Bankruptcy Civil Procedure Enforcement Statutory Demand Bankruptcy Order Voluntary Arrangement Judgment Debt +4 more

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Parties

Welco Development Limited

Petitioner

Yeung Kang Lam (formerly Yeung Wing Keung)

Debtor

Phoenix Hospital Investment Management (Beijing) Co. Ltd

Supporting Creditor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Judgment

Legal Issues

  1. 1 Whether the statutory demand was properly served
  2. 2 Whether the debtor is unable to pay the judgment debt or has a reasonable prospect of doing so
  3. 3 Whether the debtor's repayment proposals or proposed voluntary arrangement are viable

Ratio Decidendi

The statutory demand was properly served and the debtor failed to demonstrate present ability to pay or a viable, non‑contingent proposal for a voluntary arrangement; the repayment proposals were speculative and dependent on future success of an employer's project, and therefore a bankruptcy order should be made.

Court Disposition

Bankruptcy order made against the debtor Yeung Kang Lam

Orders

  • Bankruptcy order made against the debtor
  • The petitioner\'s costs and the supporting creditor\'s costs to be paid out of the debtor\'s estate