15 Nov 1999
RE: KWOK CHOK YEE and EX PARTE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.
- Citation
- RE: KWOK CHOK YEE and EX PARTE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD.
- Court
- Court of First Instance
- Case number
- HCB670/1999
The debt owing by the guarantor under the Guarantee is a liquidated sum; the properties mortgaged by the principal debtor constitute third party security and do not render the guarantor's obligation a secured debt for purposes of section 6B; disputes as to the valuation of third party security do not defeat the status of the claimed amount as a liquidated sum; accordingly the bankruptcy petition succeeds and a bankruptcy order is appropriate.