Re Tung Yip Sun
Read the full judgment text of HCB 18597/2002 on BabelCite. This HCB judgment was delivered on 23 December 2002.
1. This is a petition presented by a debtor Mr Tung Yip Sun for his own bankruptcy. The petition is opposed by one of the secured creditors, Rich Prosper Ltd, to whom is owed a sum of HK$150,000.00 according to the statement of affairs filed by the debtor.
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HCB018597/2002 HCB 18597/2002 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE BANKRUPTCY PROCEEDINGS NO. 18597 OF 2002 ____________ Re: TUNG YIP SUN ____________ Coram: Hon Kwan J in Court Date of Hearing: 23 December 2002 Date of Judgment: 23 December 2002 ______________ J U D G M E N T _______________ 1.This is a petition presented by a debtor Mr Tung Yip Sun for his own bankruptcy. The petition is opposed by one of the secured creditors, Rich Prosper Ltd, to whom is owed a sum of HK$150,000.00 according to the statement of affairs filed by the debtor. 2.The opposing creditor opposes the petition on the ground that the debtor is able to discharge all his liabilities. I am not satisfied on the statement of affairs that that is the position, taking into account the total liabilities owed to the secured creditors, the total liabilities owed to the unsecured creditors of nearly HK$500,000.00, and the assets disclosed in the statement of affairs which came up to less than HK$10,000.00 in the various bank accounts held by the debtor, and the estimated surplus that may be realised on the property mortgaged to the secured creditors. 3.As there is no cogent evidence before the court that the debtor is able to discharge all his liabilities, I make a bankruptcy order against him.
Representation: Miss Emma Wong of Messrs Johnson, Stokes & Master, for the Debtor Mr Yeung Kar Ming of Messrs Kenneth C C Man & Co, for Rich Prosper Ltd Miss S Chung, for the Official Receiver |