RE PAK KWAN HO

RE PAK KWAN HO

The Debtor failed to establish a bona fide dispute on substantial grounds or produce credible evidence that the disputed sums had been repaid; the Bank’s proof of debt was unchallenged on material points; accordingly a bankruptcy order was properly made against the Debtor and costs ordered to the Petitioning Creditor.

Citation
[2018] HKCFI 54
Parties
Petitioning Creditor: China Citic Bank International Limited; Debtor: Pak Kwan Ho
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
11 January 2018
Case Number
HCB5909/2016
Procedural Posture
Bankruptcy Petition / Judgment (bankruptcy Order and Order Nisi)
Outcome
Bankruptcy order made against Mr Pak Kwan Ho; order nisi as to costs in favour of the Petitioning Creditor.
Legal Topics
Statutory Demand, Bankruptcy Petition, Guarantee and Indemnity, Proof of Debt, Mortgagee Sale, Setting Aside Statutory Demand, Bona Fides Dispute
Source Language
EN
Bankruptcy Insolvency Civil Procedure Statutory Demand Bankruptcy Petition Guarantee and Indemnity Proof of Debt Mortgagee Sale +2 more

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Parties

China Citic Bank International Limited

Petitioning Creditor

Pak Kwan Ho

Debtor

Procedural Posture

Bankruptcy Petition / Judgment (bankruptcy Order and Order Nisi)

Legal Issues

  1. 1 Whether the debtor demonstrated a bona fide dispute on substantial grounds to resist the bankruptcy petition
  2. 2 Whether the alleged repayment by application of sale proceeds of a mortgaged property discharged the guaranteed debts
  3. 3 Whether the debtor produced credible and precise evidence to challenge the Bank’s proof of debt

Ratio Decidendi

The Debtor failed to establish a bona fide dispute on substantial grounds or produce credible evidence that the disputed sums had been repaid; the Bank’s proof of debt was unchallenged on material points; accordingly a bankruptcy order was properly made against the Debtor and costs ordered to the Petitioning Creditor.

Court Disposition

Bankruptcy order made against Mr Pak Kwan Ho; order nisi as to costs in favour of the Petitioning Creditor.

Orders

  • Usual bankruptcy order against Mr Pak Kwan Ho.
  • Order nisi that the costs of the Petition, including all costs previously reserved, be to the Petitioning Creditor, to be taxed if not agreed, with certificate for counsel.