RE HO LAI PING

RE HO LAI PING

The statutory demand was valid and the petitioning debt was a liquidated post-judgment balance; the debtor failed to establish a genuine cross-claim of sufficient quantum or any substantive challenge to the judgment debt, the sale price fell within the valuers' forced sale estimates and there was no proven breach of duty by the mortgagee, therefore a bankruptcy order was justified.

Citation
RE HO LAI PING
Parties
Petitioner: The Hong Kong and Shanghai Banking Corporation Limited; Debtor: Madam Ho Lai Ping
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
25 September 2009
Case Number
HCB4143/2009
Procedural Posture
Bankruptcy Petition / Judgment (bankruptcy Order Made)
Outcome
Bankruptcy order made against the debtor
Legal Topics
Statutory Demand, Power of Sale, Valuation, Bankruptcy Order, Cross Claim for Damages
Source Language
EN
Bankruptcy Mortgage Law Property Law Statutory Demand Power of Sale Valuation Bankruptcy Order Cross Claim for Damages

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Parties

The Hong Kong and Shanghai Banking Corporation Limited

Petitioner

Madam Ho Lai Ping

Debtor

Procedural Posture

Bankruptcy Petition / Judgment (bankruptcy Order Made)

Legal Issues

  1. 1 Whether the statutory demand and petitioning debt are valid and liquidated
  2. 2 Whether the debtor established a genuine cross-claim sufficient to defeat the statutory demand
  3. 3 Whether the mortgagee breached its duty in exercise of the power of sale by refusing an earlier sale, delaying sale, or selling at a gross undervalue

Ratio Decidendi

The statutory demand was valid and the petitioning debt was a liquidated post-judgment balance; the debtor failed to establish a genuine cross-claim of sufficient quantum or any substantive challenge to the judgment debt, the sale price fell within the valuers' forced sale estimates and there was no proven breach of duty by the mortgagee, therefore a bankruptcy order was justified.

Court Disposition

Bankruptcy order made against the debtor

Orders

  • Bankruptcy order made against Madam Ho Lai Ping
  • Petitioner\'s costs including reserved costs to be paid out of the bankrupt\'s estate