12 Jan 2024
LAU KIN SHUN FREEMAN, Administrator of estate of LAU WAI CHAU, deceased v. MA WAH YAN and WONG CHI LEUNG, co-administrators of the estate of LAU LEUNG CHAU, deceased AND OTHERS
- Citation
- [2024] HKCFI 175
- Court
- Court of First Instance
- Case number
- HCMP3924/1995
The administrator established that existing and reasonably anticipated liabilities and costs (aggregating approx. $69.27m on the court's assessment) exceed the available compensation (~$45.4m). Given that insufficiency of cash creates a real risk of failing to meet debts and contingent liabilities and there was no adequate undertaking or security, it was not appropriate to exercise the court's discretion to order interim distribution; accordingly the summonses for distribution were dismissed and the late affidavit was disallowed.