Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Costs in bankruptcy

  • 12 Jul 2024

    RE LEE NIM WAI

    Citation
    [2024] HKCFI 1843
    Court
    Court of First Instance
    Case number
    HCB5893/2023

    The court refused leave to file opposition out of time and refused to adjourn the petitions because the debtor failed to show good reason to extend time or to produce a valid, concrete and timely prospect of payment; the alleged US$750,000 was a future contingency not cash or a readily realisable asset in the debtor's hands and the SPA did not entitle the debtor to the claimed sums; therefore petitioners were entitled to an immediate bankruptcy order and Mitsubishi's costs should be treated as an expense of the bankruptcy.

  • 12 Jul 2024

    RE LEE NIM WAI formerly known as LEE NIM WAI DAVID

    Citation
    [2024] HKCFI 1843
    Court
    Court of First Instance
    Case number
    HCB2582/2024

    Bankruptcy order was made because the debtor failed to comply with statutory demands and is therefore deemed unable to pay under s.6A(1)(a) BO; the debtor's late application to file notices out of time was unjustified; the alleged future receipt of funds was speculative, unsupported by documents and not a cash or readily realisable asset in the debtor's hands, so adjournment was refused; costs of the successful later petitioner (Mitsubishi) were ordered to be treated as an expense of the bankruptcy.