RE LEADER, JOHN ROGER ALSO KNOWN AS ROGER LEADER

RE LEADER, JOHN ROGER ALSO KNOWN AS ROGER LEADER

The Debtor failed to establish a bona fide dispute on substantial grounds: his evidence as to unilateral or common mistake was insufficient, uncorroborated and not believable; signature and the written SHA bind the parties; Clause 10 created a liquidated sum of HK$1,020,000 payable in cash at completion which crystallised on the completion date specified in the exercise notice (7 July 2020). Consequently the bankruptcy petition was maintainable and a bankruptcy order was granted.

Citation
[2022] HKCFI 11
Parties
Debtor: Leader, John Roger also known as Roger Leader; Creditor (petitioner): Christopher Liang (梁梓灝)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
3 January 2022
Case Number
HCB1015/2021
Procedural Posture
Bankruptcy Petition / Hearing and Judgment (petition Determined; Order Nisi Granted)
Outcome
Bankruptcy order granted against John Roger Leader; order nisi and costs awarded to the Petitioner
Legal Topics
Statutory Demand, Put Option, Rectification, Unilateral Mistake, Common Mistake, Liquidated Sum, Crystallisation of Debt, Bona Fide Dispute, Specific Performance
Source Language
EN
Bankruptcy Insolvency Contract Equity Company Law Statutory Demand Put Option Rectification +6 more

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Parties

Leader, John Roger also known as Roger Leader

Debtor

Christopher Liang (梁梓灝)

Creditor (petitioner)

Procedural Posture

Bankruptcy Petition / Hearing and Judgment (petition Determined; Order Nisi Granted)

Legal Issues

  1. 1 Whether there is a bona fide dispute on substantial grounds to the debt asserted in the statutory demand
  2. 2 Whether Clause 10 of the Shareholders' Agreement should be rectified for unilateral mistake known to the counterparty or for common mistake
  3. 3 Whether the debt of HK$1,020,000 crystallised on the completion date specified in the exercise notice

Ratio Decidendi

The Debtor failed to establish a bona fide dispute on substantial grounds: his evidence as to unilateral or common mistake was insufficient, uncorroborated and not believable; signature and the written SHA bind the parties; Clause 10 created a liquidated sum of HK$1,020,000 payable in cash at completion which crystallised on the completion date specified in the exercise notice (7 July 2020). Consequently the bankruptcy petition was maintainable and a bankruptcy order was granted.

Court Disposition

Bankruptcy order granted against John Roger Leader; order nisi and costs awarded to the Petitioner

Orders

  • Bankruptcy order granted against John Roger Leader (the usual bankruptcy order)
  • Order nisi