RE CHENG TUN SANG

RE CHENG TUN SANG

The debtor failed to demonstrate a bona fide dispute on substantial grounds; the statutory demand was not complied with and an unsatisfied uncontested judgment exists; accordingly a bankruptcy order should be made and costs awarded to the petitioning creditor.

Citation
[2018] HKCFI 58
Parties
Petitioning Creditor: Standard Chartered Bank (Hong Kong) Limited; Debtor: Cheng Tun Sang; Principal Debtor: Hong Kong Tun's Paper Limited; Mortgagor: Cheng Pak Hung; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 January 2018
Case Number
HCB4333/2017
Procedural Posture
Bankruptcy Petition / Order Nisi / Judgment Disposing Petition
Outcome
Bankruptcy order made against Mr Cheng Tun Sang; order nisi as to costs in favour of the Petitioning Creditor.
Legal Topics
Statutory Demand, Bankruptcy Petition, Guarantee, Mortgage Security, Judgment Debt, Set Aside Application, Bona Fide Dispute
Source Language
EN
Bankruptcy Civil Procedure Contract Security Interests Statutory Demand Bankruptcy Petition Guarantee Mortgage Security +3 more

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Parties

Standard Chartered Bank (Hong Kong) Limited

Petitioning Creditor

Cheng Tun Sang

Debtor

Hong Kong Tun's Paper Limited

Principal Debtor

Cheng Pak Hung

Mortgagor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Order Nisi / Judgment Disposing Petition

Legal Issues

  1. 1 Whether the debtor has a bona fide dispute on substantial grounds to oppose the bankruptcy petition
  2. 2 Whether non-compliance with the statutory demand and existence of an unsatisfied judgment preclude resistence to the petition
  3. 3 Whether relief should be granted to set aside the statutory demand or judgment

Ratio Decidendi

The debtor failed to demonstrate a bona fide dispute on substantial grounds; the statutory demand was not complied with and an unsatisfied uncontested judgment exists; accordingly a bankruptcy order should be made and costs awarded to the petitioning creditor.

Court Disposition

Bankruptcy order made against Mr Cheng Tun Sang; order nisi as to costs in favour of the Petitioning Creditor.

Orders

  • A usual bankruptcy order against Mr Cheng Tun Sang.
  • Order nisi that the costs of the Petition, including all previously reserved costs, be to the Petitioning Creditor, to be taxed if not agreed, with certificate for counsel.