6 Oct 2008
The petition is allowed because the debtor failed to establish a bona fide dispute on substantial grounds and failed to show that the petitioner's refusal of his low, unsupported settlement offer under s.6D(3) was unreasonable; the petitioner complied with its duty in selling the property by auction with independent valuations.
15 Dec 2005
The Debtors failed to raise any bona fide dispute of substance regarding the judgment debt; the Bank acted reasonably in obtaining possession and in attempts to sell the property; the asserted counterclaims were unsupported, largely previously litigated and insufficient in quantum to extinguish the debt, therefore bankruptcy orders must be made.
27 Oct 2004
The mortgagee did not breach its duty to obtain the best price reasonably obtainable: sale by tender was a reasonable and properly advertised and conducted method in the depressed market conditions and the defendants failed to discharge the burden of proof that the sale was at an avoidable undervalue; accordingly judgment entered for the plaintiff and against the 2nd and 3rd defendants for the shortfall.
14 Oct 2004
The plaintiff's equitable lien constituted a security over land for money within s2 CPO and therefore was a 'subsequent mortgage' within s45 CPO; the defendant, as an authorised institution holding prior all‑monies mortgages, validly tacked further advances (including the HK$4,150,000 under the 3rd mortgage) so the defendant's security ranked ahead of the plaintiff's lien; the 3rd mortgage was a continuing security and did not exclude tacking.
21 Jan 2004
A registered Form 8 asserting a proprietary claim can render a vendors title commercially defective for the purposes of a sale by a mortgagee even if the mortgage predates the Form 8; absent steps by the vendor to vacate the registration, sell subject to the notice or provide an indemnity, the purchaser is entitled to require proof of good title and may refuse completion and recover the deposit. The appeal was dismissed on that basis.
7 Jul 2000
The court found the Debtors' account of a binding agreement unreliable against contemporaneous bank records and credible bank witness evidence; the conditional concessions required surrender by 17 August 1999 which did not occur, and even if there had been an agreement it would lack fresh consideration under the preferred authority Re Selectmove. The alleged undervalue sale did not prima facie exceed the unsecured debt such as to prevent bankruptcy orders. Accordingly bankruptcy orders were made against both Debtors.
19 Feb 1999
Given the defendant proved on the balance of probabilities the payments and losses arising from failed completion, had taken reasonable steps to obtain administration of the vendor's estate and the absence of a representative would cause no substantial prejudice, the court exercised its discretion under Order 15 r 15 RHC to proceed against 'The estate of Har Sio Ying, deceased' and awarded reimbursement of $158,250, damages of $14,705 and interest at 10% per annum for the period to judgment, to be paid out of the sum paid into Court.
26 Nov 1980
The Court held the auction was properly advertised and conducted and the purchaser company was not a sham or alter ego; the auction price was prima facie a proper forced-sale price and the specific complaints (reserve price level/disclosure, related bidding, unitization) did not establish bad faith; rescission was refused due to the mortgagor's unreasonable delay in prosecuting equitable relief; appellate court allowed mortgagee's appeal and set aside the trial judgment awarding damages.