RE LIU FU ON

RE LIU FU ON

There was no bona fide dispute over the sums claimed; the Debtor failed to produce credible evidence that payment of at least the admitted debt would be forthcoming within a reasonable time (the desktop valuation and assertions were insufficient and, even optimistically, any surplus from sale of the mortgaged property would not cover the unpaid sum); accordingly the Debtor was unable to pay his debts and a bankruptcy order was warranted.

Citation
[2026] HKCFI 619
Parties
Petitioner: Chun Yang International (HK) Company Limited (晋揚國際(香港)有限公司); Debtor: Liu Fu On (廖富安); Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 January 2026
Case Number
HCB5057/2025
Procedural Posture
Bankruptcy Petition / Hearing and Judgment (court of First Instance)
Outcome
Bankruptcy order made against Liu Fu On (廖富安)
Legal Topics
Statutory Demand, Bona Fide Dispute, Adjournment, Personal Guarantee, Waiver, Forced Sale Valuation
Source Language
EN
Insolvency Bankruptcy Contract Debt Recovery Statutory Demand Bona Fide Dispute Adjournment Personal Guarantee +2 more

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Parties

Chun Yang International (HK) Company Limited (晋揚國際(香港)有限公司)

Petitioner

Liu Fu On (廖富安)

Debtor

Official Receiver

Official Receiver

Procedural Posture

Bankruptcy Petition / Hearing and Judgment (court of First Instance)

Legal Issues

  1. 1 Whether there was a bona fide dispute on substantial grounds in respect of the sums claimed by the Petitioner
  2. 2 Whether an adjournment should be granted to permit sale of the Debtor's property to enable payment of the admitted debt
  3. 3 Whether the Debtor was unable to pay his debts and therefore should be adjudged bankrupt

Ratio Decidendi

There was no bona fide dispute over the sums claimed; the Debtor failed to produce credible evidence that payment of at least the admitted debt would be forthcoming within a reasonable time (the desktop valuation and assertions were insufficient and, even optimistically, any surplus from sale of the mortgaged property would not cover the unpaid sum); accordingly the Debtor was unable to pay his debts and a bankruptcy order was warranted.

Court Disposition

Bankruptcy order made against Liu Fu On (廖富安)

Orders

  • Bankruptcy order adjudging the Debtor bankrupt