24 Jul 2002
RE CHENG WAI KEI
- Citation
- RE CHENG WAI KEI
- Court
- Court of First Instance
- Case number
- HCB2109/2002
The court found the petitioner had established an outstanding debt in excess of US$5 million, the debtor produced no evidence of ability to pay, the proposals to compound were speculative and unsupported, and the terms of the guarantee allowed enforcement without first realising securities (and the statement of account clause did not prevent other proof). Therefore there was no substantial dispute and a bankruptcy order was properly made against the debtor.