RE HO SIK TUNG TERRY

RE HO SIK TUNG TERRY

The court concluded the petitioner was justified in refusing the debtor's repayment proposal because the proposed repayment period produced unreasonable delay given the size of the indebtedness, the debtor's explanations and disclosures were unsatisfactory and there was no evidence of sincere attempts to pay; accordingly the petition was allowed and a bankruptcy order was made.

Citation
RE HO SIK TUNG TERRY
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
1 November 2012
Case Number
HCB8006/2011
Procedural Posture
Bankruptcy Petition / Final Hearing and Bankruptcy Order Made
Outcome
Bankruptcy order made against the debtor
Legal Topics
Statutory Demand, Bankruptcy Ordinance S6 D(3), Repayment Proposal, Dismissal of Petition, Bankruptcy Order, Service of Statutory Demand
Source Language
EN
Bankruptcy Insolvency Debt Recovery Civil Procedure Statutory Demand Bankruptcy Ordinance S6 D(3) Repayment Proposal Dismissal of Petition +2 more

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Procedural Posture

Bankruptcy Petition / Final Hearing and Bankruptcy Order Made

Legal Issues

  1. 1 Whether the debtor is able to pay the debt within a reasonable time
  2. 2 Whether the debtor made an offer to secure or compound for the debt and whether that offer was unreasonably refused by the petitioner under s6D(3)
  3. 3 Whether to adjourn the hearing and permit further time to satisfy the petitioner

Ratio Decidendi

The court concluded the petitioner was justified in refusing the debtor's repayment proposal because the proposed repayment period produced unreasonable delay given the size of the indebtedness, the debtor's explanations and disclosures were unsatisfactory and there was no evidence of sincere attempts to pay; accordingly the petition was allowed and a bankruptcy order was made.

Court Disposition

Bankruptcy order made against the debtor

Orders

  • Bankruptcy order made against the debtor
  • Application for further adjournment refused