RE TAM SHUK YI FANNY

RE TAM SHUK YI FANNY

Third‑party security (legal charge and security deeds) does not render the petitioner a secured creditor under section 2 of the Bankruptcy Ordinance and therefore does not constitute a defence to the statutory demands; no valid defence was established and bankruptcy orders were properly made.

Citation
[2019] HKCFI 186
Parties
Petitioner: Zhongtai International Securities Limited; Debtor: Cheung Sung Kei Civic; Debtor: Tam Siu Leung; Debtor: Tam Shuk Yi Fanny
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 January 2019
Case Number
HCB7402/2017
Procedural Posture
Bankruptcy Petition / Adjudication (bankruptcy Orders Made)
Outcome
Bankruptcy orders made against each debtor
Legal Topics
Statutory Demand, Secured Creditor, Third Party Security, Legal Charge, Security Deed, Estoppel, Bankruptcy Order, Margin Trading
Source Language
EN
Bankruptcy Insolvency Civil Procedure Security and Charges Statutory Demand Secured Creditor Third Party Security Legal Charge +4 more

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Parties

Zhongtai International Securities Limited

Petitioner

Cheung Sung Kei Civic

Debtor

Tam Siu Leung

Debtor

Tam Shuk Yi Fanny

Debtor

Procedural Posture

Bankruptcy Petition / Adjudication (bankruptcy Orders Made)

Legal Issues

  1. 1 Whether the statutory demands stated a liquidated sum recoverable from each debtor
  2. 2 Whether security provided by third parties (legal charge and security deeds) renders the petitioner a secured creditor as against the debtors
  3. 3 Whether representations and alleged estoppel or the debtors' ability to pay amount to a valid defence to the statutory demands

Ratio Decidendi

Third‑party security (legal charge and security deeds) does not render the petitioner a secured creditor under section 2 of the Bankruptcy Ordinance and therefore does not constitute a defence to the statutory demands; no valid defence was established and bankruptcy orders were properly made.

Court Disposition

Bankruptcy orders made against each debtor

Orders

  • Bankruptcy order made against Cheung Sung Kei Civic (HCB 7403/2017)
  • Bankruptcy order made against Tam Siu Leung (HCB 6860/2017)