13 May 2009
SY CHIN MONG, STEPHEN v. XIAN KARKIU ELECTRIC POWER LTD CO
- Citation
- SY CHIN MONG, STEPHEN v. XIAN KARKIU ELECTRIC POWER LTD CO
- Court
- Court of Appeal
- Case number
- CACV20/2009
On BT Chinas voluntary liquidation an automatic insolvency set-off arose that entitled BT China to set off the amount owed by Karkiu for the transferred shares against the Sum, producing a pro tanto reduction of the joint and several debt; therefore Mr Sy was entitled to rely on that reduction and the statutory demand should have been set aside as the payment offered extinguished the net debt.