24 Jun 2019
RE 高有恒
- Citation
- [2019] HKCFI 1621
- Court
- Court of First Instance
- Case number
- HCB5482/2008
The court held that under s33(1)(b) of the Bankruptcy Ordinance provable debts need only be paid or secured; money held by the applicant's solicitors as security for specific provable debts is security (not a trust) pending proof of claim and is sufficient to satisfy the statutory requirement. The proposed solicitor-held undertaking to retain specified sums for six years secured the outstanding provable debts to the court's satisfaction; annulment was therefore granted.