8 Mar 2004
NG AI KHENG JASMINE v. MASTER M. YUEN & ANOTHER
- Citation
- NG AI KHENG JASMINE v. MASTER M. YUEN & ANOTHER
- Court
- Court of First Instance
- Case number
- HCAL46/2003
Under the statutory assessment scheme the value of a property is the net amount that would be realized on sale; where secured indebtedness exceeds market value the property yields no surplus and must be valued at zero for disposable capital. The Regulations do not permit treating negative equity or liabilities secured on capital assets as reducible items in computing disposable capital. Applying those legal principles, the Director's assessment was lawful and not Wednesbury unreasonable; the Master's affirmation was therefore correctly upheld and judicial review dismissed.