RE ZHENG DUNQIAN

RE ZHENG DUNQIAN

The debtor failed to establish any bona fide dispute on substantial grounds: his allegations of fraud, misrepresentation, non est factum, set-off and illegality were unparticularised, contradicted by his position as an insider and documentary evidence, and therefore the personal guarantee and debt are enforceable; bankruptcy order and costs follow.

Citation
[2018] HKCFI 955
Parties
Petitioner: Haitong International Securities Company Limited; Debtor: Zheng Dunqian
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
14 May 2018
Case Number
HCB3929/2017
Procedural Posture
Bankruptcy Petition / Judgment on Bankruptcy Petition (order Nisi)
Outcome
Bankruptcy order made against Mr Zheng Dunqian; costs awarded to Petitioner by order nisi
Legal Topics
Statutory Demand, Personal Guarantee, Margin Loan, Non Est Factum, Set Off, Fraud, Misrepresentation, Illegality, Injunctions, Orders Nisi
Source Language
EN
Bankruptcy Insolvency Contract Securities Law Civil Procedure Statutory Demand Personal Guarantee Margin Loan +7 more

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Parties

Haitong International Securities Company Limited

Petitioner

Zheng Dunqian

Debtor

Procedural Posture

Bankruptcy Petition / Judgment on Bankruptcy Petition (order Nisi)

Legal Issues

  1. 1 Whether the debtor has shown a bona fide dispute on substantial grounds to oppose the bankruptcy petition
  2. 2 Validity and enforceability of the personal guarantee signed by the debtor
  3. 3 Allegations of fraud and misrepresentation as defence to the debt

Ratio Decidendi

The debtor failed to establish any bona fide dispute on substantial grounds: his allegations of fraud, misrepresentation, non est factum, set-off and illegality were unparticularised, contradicted by his position as an insider and documentary evidence, and therefore the personal guarantee and debt are enforceable; bankruptcy order and costs follow.

Court Disposition

Bankruptcy order made against Mr Zheng Dunqian; costs awarded to Petitioner by order nisi

Orders

  • Bankruptcy order against Mr Zheng Dunqian
  • Order nisi that the costs of the Petition, including all costs previously reserved, if any, be to the Petitioner, to be taxed if not agreed, with certificate for Leading Counsel