31 Oct 2019
X v. Y
- Citation
- [2019] HKCFI 2880
- Court
- Court of First Instance
- Case number
- HCSD25/2019
The statutory demand was not set aside because the Listco Shares held by a third party (N) cannot be treated as the Debtor's security under r48(5)(c); the Debtor is a primary obligor under the guarantee so a prospective claim by N against the receivers does not defeat the Creditor's locus to present a bankruptcy petition; proceeds realised were insufficient to satisfy the debt; accordingly r48(5)(d) and extension were not engaged to justify setting aside the demand.