RE YU LEUNG HONG

HCB 7615/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPCTY PROCEEDINGS NO. 7615 OF 2002

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J U D G M E N T

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1. This is a petition for bankruptcy presented by the debtor, Mr Yu Leung Hong, on 22 April 2000. The petition was initially opposed by one of the bank creditors, the Standard Chartered Bank Limited, on the basis that the debtor had not disclosed in his statement of affairs that he had disposed of a property in Tuen Mun less than six months before the petition was filed. The debtor has since filed evidence giving an account of this property transaction and what he has done with the net proceeds of sale after paying the redemption money to the mortgagee bank. The opposing creditor has withdrawn its opposition.

2. I am satisfied on the evidence before me that the debtor is unable to pay his debts. I therefore make a bankruptcy order.

3. As for costs, I am given to understand that the debtor and the Official Receiver have agreed with the opposing creditor not to seek costs against the opposing creditor in this instance. I therefore make no order as to costs.

Representation:

Miss Wong Bing Yee, instructed by Messrs K Y Lo & Co., for the Debtor.

Messrs Lee & Chow, for the Opposing Creditor, attendance excused.

The Official Receiver, attendance excused.