14 Jul 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
The Court held that the automatic insolvency set-off arising on BT China’s liquidation under the applicable BVI law operated to reduce BT China's indebtedness and therefore pro tanto reduced Mr Sy's joint and several liability so that he was not indebted to Karkiu in the sum asserted at the date of the statutory demand; accordingly the statutory demand was set aside on the appeal and leave to appeal to the Court of Final Appeal was refused because the points advanced were inapposite and did not arise.