7 Nov 2025
PATRICK COWLEY and WONG WING SZE TIFFANY (Joint and Several Trustees in Bankruptcy of the Property of LAU YU also known as JAFFE LAU v. ALL POWERFUL HOLDING LTD AND ANOTHER
- Citation
- [2025] HKCFI 5223
- Court
- Court of First Instance
- Case number
- HCA2289/2018
The court accepted the audited consolidated valuation of the Luoyang Project at HK$682,737,500 and found insufficient evidence to treat it as impaired at the Transfer Date; the balance of 'Other loans' was treated as financial debt and deducted, yielding a fair market value for APIL of HK$312,000,000 as at 20 January 2015. The Transfer at HK$1 was therefore a transaction at an undervalue under s49 of the Bankruptcy Ordinance and was set aside; the Share was vested in the trustees and deemed part of the bankrupt's estate from 5 September 2017.