RE ISOO IWASAWA

RE ISOO IWASAWA

Because the debtor admitted liability for HK$800,000, failed to comply with a statutory demand which was not set aside (giving rise to a deemed inability to pay under ss.6 and 6A(1)), and his repayment proposals were speculative and reasonably rejectable under s.6D(3), the court was compelled to make a bankruptcy order against the debtor.

Citation
RE ISOO IWASAWA
Parties
Petitioner: Mr Hang Louis; Debtor: Mr Isso Iwasawa
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 January 2015
Case Number
HCB5511/2014
Procedural Posture
Bankruptcy Petition / Judgment (handed Down 9 January 2015)
Outcome
Bankruptcy order made against the debtor
Legal Topics
Statutory Demand, Deeming of Inability to Pay, Share Transfer Restrictions Under Articles, Bankruptcy Order, S6 D(3) Refusal of Payment Proposal
Source Language
EN
Bankruptcy/insolvency Company Law Contract Law Statutory Demand Deeming of Inability to Pay Share Transfer Restrictions Under Articles Bankruptcy Order S6 D(3) Refusal of Payment Proposal

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Parties

Mr Hang Louis

Petitioner

Mr Isso Iwasawa

Debtor

Procedural Posture

Bankruptcy Petition / Judgment (handed Down 9 January 2015)

Legal Issues

  1. 1 Whether debtor is deemed unable to pay debt under ss.6 and 6A(1) of the Bankruptcy Ordinance
  2. 2 Whether the debtor's payment proposals were such that a reasonable creditor could not refuse under s.6D(3)
  3. 3 Validity of purported share transfers given articles of association requiring prior consent

Ratio Decidendi

Because the debtor admitted liability for HK$800,000, failed to comply with a statutory demand which was not set aside (giving rise to a deemed inability to pay under ss.6 and 6A(1)), and his repayment proposals were speculative and reasonably rejectable under s.6D(3), the court was compelled to make a bankruptcy order against the debtor.

Court Disposition

Bankruptcy order made against the debtor

Orders

  • Bankruptcy order made against Mr Isso Iwasawa
  • Costs awarded to the petitioner