RE LAM KA YUK, JAMES

RE LAM KA YUK, JAMES

The court held the Sum was not a liquidated sum under s6(2)(b) because RMB60,000,000 was only the minimum possible consideration and the parties had not agreed the exact quantum; therefore no definite indebtedness existed and the creditor's certificates were manifestly incorrect and not conclusive; accordingly the petition was dismissed.

Citation
[2018] HKCFI 1182
Parties
Creditor: Easy Mount Group Limited (易昇集團有限公司); Debtor: Lam Ka Yuk, James (林家旭)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 May 2018
Case Number
HCB5246/2016
Procedural Posture
Bankruptcy Petition / Judgment
Outcome
Petition dismissed
Legal Topics
Statutory Demand, Liquidated Debt, Deed of Guarantee, Contract Interpretation, Prevention Principle, Arbitration Clause, Certificate of Indebtedness
Source Language
EN
Bankruptcy Contract Law Guarantee Law Arbitration Insolvency Civil Procedure Statutory Demand Liquidated Debt +5 more

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Parties

Easy Mount Group Limited (易昇集團有限公司)

Creditor

Lam Ka Yuk, James (林家旭)

Debtor

Procedural Posture

Bankruptcy Petition / Judgment

Legal Issues

  1. 1 Whether the sum claimed (RMB60,000,000) is a liquidated sum for the purposes of section 6(2)(b) of the Bankruptcy Ordinance
  2. 2 Whether the guarantor (Mr Lam) is liable under clause 23.2 of the Deed for the claimed sum
  3. 3 Whether the prevention principle bars Easy Mount's claim

Ratio Decidendi

The court held the Sum was not a liquidated sum under s6(2)(b) because RMB60,000,000 was only the minimum possible consideration and the parties had not agreed the exact quantum; therefore no definite indebtedness existed and the creditor's certificates were manifestly incorrect and not conclusive; accordingly the petition was dismissed.

Court Disposition

Petition dismissed

Orders

  • Petition dismissed
  • Order nisi that Easy Mount Group Limited pay Mr Lam his costs of the Petition including any costs previously reserved, to be taxed if not agreed