ZHANG LIYUAN v. LUU HUNG VIET DERRICK

ZHANG LIYUAN v. LUU HUNG VIET DERRICK

The court found the debtor's alleged HK$8.12 million credit was already litigated and rejected (res judicata), the statutory demand contained sufficient information to calculate principal, interest and deductions and the debtor failed to demonstrate real prejudice or ability to pay; consequently there was no bona fide dispute of substance and the bankruptcy order should be made and the application to set aside dismissed.

Citation
ZHANG LIYUAN v. LUU HUNG VIET DERRICK
Parties
Petitioner (creditor): Zhang Liyuan; Respondent (debtor): Luu Hung Viet Derrick
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
8 February 2012
Case Number
HCB4776/2011
Procedural Posture
Bankruptcy Petition and Application to Set Aside Statutory Demand / Judgment (decision on Petition and Application)
Outcome
Bankruptcy order made against the debtor; application to set aside the statutory demand dismissed
Legal Topics
Statutory Demand, Set Aside, Res Judicata, Consent Order, Tomlin Order, Interest, Costs, Bankruptcy Order
Source Language
EN
Bankruptcy Civil Procedure Contract Judgment Enforcement Statutory Demand Set Aside Res Judicata Consent Order +4 more

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Parties

Zhang Liyuan

Petitioner (creditor)

Luu Hung Viet Derrick

Respondent (debtor)

Procedural Posture

Bankruptcy Petition and Application to Set Aside Statutory Demand / Judgment (decision on Petition and Application)

Legal Issues

  1. 1 Whether there is a bona fide dispute of substance as to an alleged HK$8.12 million part payment
  2. 2 Whether the statutory demand was defective for lack of clarity and caused prejudice to the debtor
  3. 3 Whether the court should delay or suspend making a bankruptcy order to allow time to pay

Ratio Decidendi

The court found the debtor's alleged HK$8.12 million credit was already litigated and rejected (res judicata), the statutory demand contained sufficient information to calculate principal, interest and deductions and the debtor failed to demonstrate real prejudice or ability to pay; consequently there was no bona fide dispute of substance and the bankruptcy order should be made and the application to set aside dismissed.

Court Disposition

Bankruptcy order made against the debtor; application to set aside the statutory demand dismissed

Orders

  • Bankruptcy order made against Luu Hung Viet Derrick
  • Application HCSD 31/2011 to set aside the statutory demand dismissed