Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Sale by receivers

  • 16 Nov 2018

    RE SIU KONG FAI

    Citation
    [2018] HKCFI 2504
    Court
    Court of First Instance
    Case number
    HCB4243/2017

    The Debtors' asserted crossclaim lacked substance because their evidence was outdated, speculative or relied on incorrect assumptions (notably a valid hotel licence). Independent professional valuations contemporaneous with the sale supported the sale price on appropriate forced-sale/repossession and market bases. The Receivers acted as agents of Kingsway and the Petitioner was not liable for any alleged undervalue. Therefore the petitions succeed and bankruptcy orders should issue.

  • 16 Nov 2018

    RE SHIU KWONG MAN JIMMY

    Citation
    [2018] HKCFI 2504
    Court
    Court of First Instance
    Case number
    HCB4242/2017

    The Debtors' alleged crossclaim lacked substance because the evidence of undervalue was either out of date, premised on incorrect assumptions (eg existence of a hotel licence), speculative or unsupported (eg unnamed prospective bidder, unsigned letters of intent, internet advertisement). Independent contemporaneous valuations by reputable surveyors supported the sale price on the appropriate repossession/forced‑sale or market bases, and the sale was conducted by professional receivers acting as agents of the charged company; therefore the Petitioner was not liable for any alleged undervalue.…