RE TAM SIU KI

RE TAM SIU KI

Debtor failed to establish any bona fide dispute with precise evidence; the debt was a liquidated sum; the Agreement expressly conferred absolute discretion on petitioner to refuse instructions and to decide whether and when to sell securities; industry-practice allegations lacked admissible evidence; the guarantee was validly executed and delivered; accordingly bankruptcy order (order nisi) was properly made.

Citation
[2019] HKCFI 83
Parties
Petitioner: ORIENT SECURITIES (HONG KONG) LIMITED; Debtor: TAM SIU KI
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
8 January 2019
Case Number
HCB4035/2018
Procedural Posture
Bankruptcy Petition / Hearing and Judgment (order Nisi Made)
Outcome
Bankruptcy order (order nisi) made against Tam Siu Ki
Legal Topics
Statutory Demand, Margin Account, Liquidated Sum, Security Liquidation, Credit Limit, Guarantee Formalities
Source Language
EN
Bankruptcy Securities Law Contract Law Guarantee Law Insolvency Statutory Demand Margin Account Liquidated Sum +3 more

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Parties

ORIENT SECURITIES (HONG KONG) LIMITED

Petitioner

TAM SIU KI

Debtor

Procedural Posture

Bankruptcy Petition / Hearing and Judgment (order Nisi Made)

Legal Issues

  1. 1 Whether there is a bona fide dispute on the debt underlying the statutory demand
  2. 2 Whether the debt is a liquidated sum
  3. 3 Whether petitioner breached its agreement or industry practice by not liquidating securities earlier

Ratio Decidendi

Debtor failed to establish any bona fide dispute with precise evidence; the debt was a liquidated sum; the Agreement expressly conferred absolute discretion on petitioner to refuse instructions and to decide whether and when to sell securities; industry-practice allegations lacked admissible evidence; the guarantee was validly executed and delivered; accordingly bankruptcy order (order nisi) was properly made.

Court Disposition

Bankruptcy order (order nisi) made against Tam Siu Ki

Orders

  • Bankruptcy order (order nisi) made against Tam Siu Ki
  • Costs to Orient Securities (to be taxed if not agreed)