DBS BANK (HONG KONG) LTD v. TAM YUK CHING

DBS BANK (HONG KONG) LTD v. TAM YUK CHING

Statutory requirements met (statutory demand served and time elapsed) and objective evidence showed the sale proceeds of the Property were absorbed by the mortgagee leaving no funds available to the debtors to pay the petitioner; the debtors produced no credible alternative means to pay the debt; accordingly bankruptcy orders were properly made for each petition.

Citation
[2019] HKCFI 1735
Parties
Judgment Creditor: DBS Bank (Hong Kong) Limited; Judgment Debtor: Tam Yuk Ching; Judgment Debtor: Miu, Peter
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
30 July 2019
Case Number
HCB2142/2018
Procedural Posture
Bankruptcy Proceedings / Final Hearing; Bankruptcy Orders Made
Outcome
Bankruptcy orders made in respect of both petitions (HCB 2142/2018 and HCB 2143/2018)
Legal Topics
Statutory Demand, Bankruptcy Order, Ability to Pay, Property Sale and Priorities, Execution Unsatisfied
Source Language
EN
Bankruptcy Civil Procedure Debt Enforcement Statutory Demand Bankruptcy Order Ability to Pay Property Sale and Priorities Execution Unsatisfied

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Parties

DBS Bank (Hong Kong) Limited

Judgment Creditor

Tam Yuk Ching

Judgment Debtor

Miu, Peter

Judgment Debtor

Procedural Posture

Bankruptcy Proceedings / Final Hearing; Bankruptcy Orders Made

Legal Issues

  1. 1 Whether the debtors appeared unable to pay the debt or had no reasonable prospect of being able to pay at the time the petition was presented
  2. 2 Whether the sale of the Tai Tam Road property provided a realistic prospect of payment to the petitioner
  3. 3 Whether the debtors adduced credible evidence of means to pay the debt in full within a reasonable time

Ratio Decidendi

Statutory requirements met (statutory demand served and time elapsed) and objective evidence showed the sale proceeds of the Property were absorbed by the mortgagee leaving no funds available to the debtors to pay the petitioner; the debtors produced no credible alternative means to pay the debt; accordingly bankruptcy orders were properly made for each petition.

Court Disposition

Bankruptcy orders made in respect of both petitions (HCB 2142/2018 and HCB 2143/2018)

Orders

  • Bankruptcy order made in HCB 2142/2018
  • Bankruptcy order made in HCB 2143/2018