RE YIP CHI HIM, ROGER

RE YIP CHI HIM, ROGER

The court held the debtor's characterization of the judgment as a simultaneous two-way exchange was incorrect; the prior judgment awarded a liquidated sum payable and the creditor's undertaking to revert shares upon receipt does not negate the debt or prevent one-way enforcement; the statutory demand was not set aside or complied with and the petition must be allowed.

Citation
[2018] HKCFI 872
Parties
Petitioner: Lee; Debtor: Yip Chi Him Roger; Intervener: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 April 2018
Case Number
HCB7535/2017
Procedural Posture
Creditor's Bankruptcy Petition / Judgment
Outcome
Amended petition allowed; order made in terms of the amended petition
Legal Topics
Statutory Demand, Adjudication, Undertaking to Revert Property, Rescission, Misrepresentation, Liquidated Debt
Source Language
EN
Bankruptcy Contract Equity Civil Procedure Statutory Demand Adjudication Undertaking to Revert Property Rescission +2 more

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Parties

Lee

Petitioner

Yip Chi Him Roger

Debtor

Official Receiver

Intervener

Procedural Posture

Creditor's Bankruptcy Petition / Judgment

Legal Issues

  1. 1 Whether the judgment sum of US$350,000 is a liquidated debt payable immediately for purposes of a bankruptcy petition
  2. 2 Whether the plaintiff's undertaking to revert shares upon payment prevents one-way enforcement of the monetary judgment
  3. 3 Whether the debtor's grounds (that the judgment is conditional and represents a two-way exchange) provide a valid basis to resist the bankruptcy petition

Ratio Decidendi

The court held the debtor's characterization of the judgment as a simultaneous two-way exchange was incorrect; the prior judgment awarded a liquidated sum payable and the creditor's undertaking to revert shares upon receipt does not negate the debt or prevent one-way enforcement; the statutory demand was not set aside or complied with and the petition must be allowed.

Court Disposition

Amended petition allowed; order made in terms of the amended petition

Orders

  • Order in terms of the amended petition adjudging the debtor bankrupt
  • Costs of the amended petition to be paid by the debtor