RE CHAN WAI MING RAYMOND

RE CHAN WAI MING RAYMOND

Bankruptcy orders were made because the debtors did not repay sums demanded, the statutory demands were not defective despite alleged over‑claiming of time‑barred interest, the debtors failed to prove a bona fide cross‑claim of undervalue or prejudice from delay, and disputes over interest and application of sale proceeds are matters for the Official Receiver on proof of debt.

Citation
RE CHAN WAI MING RAYMOND
Parties
Petitioner: TED (Judgment Creditor); Debtor: Unnamed Debtor 1; Debtor: Unnamed Debtor 2
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
19 March 2014
Case Number
HCB5342/2013
Procedural Posture
Bankruptcy Petition / Judgment After Hearing
Outcome
bankruptcy orders made against both debtors
Legal Topics
Statutory Demand, Enforcement of Judgment, Auction Sale, Set Off, Limitation Period, Cross Claim, Valuation
Source Language
EN
Bankruptcy Civil Procedure Mortgage Property Law Limitation Statutory Demand Enforcement of Judgment Auction Sale +4 more

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Parties

TED (Judgment Creditor)

Petitioner

Unnamed Debtor 1

Debtor

Unnamed Debtor 2

Debtor

Procedural Posture

Bankruptcy Petition / Judgment After Hearing

Legal Issues

  1. 1 Are statutory demands defective because they claim time-barred interest?
  2. 2 Does the debtor have a bona fide cross-claim that the secured property was sold at an undervalue?
  3. 3 Should sale proceeds have been applied to principal before interest?

Ratio Decidendi

Bankruptcy orders were made because the debtors did not repay sums demanded, the statutory demands were not defective despite alleged over‑claiming of time‑barred interest, the debtors failed to prove a bona fide cross‑claim of undervalue or prejudice from delay, and disputes over interest and application of sale proceeds are matters for the Official Receiver on proof of debt.

Court Disposition

bankruptcy orders made against both debtors

Orders

  • Bankruptcy order made against both debtors
  • Attendance of the Official Receiver excused