RE YUEN MAN CHIU
HTML content
HCB 2794/2013
IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
BANKRUPTCY PROCEEDINGS NO 2794 OF 2013
____________
| Re: | YUEN MAN CHIU (袁文超) | |
| Ex Parte: | 1. BEST FAITH INVESTMENTS WORLDWIDE LIMITED, | |
| and | ||
| 2. CATEX LIMITED | ||
| Judgment Creditors |
____________
| Before: Hon G Lam J in Court |
| Dates of Hearing: 2 and 8 July 2013 |
| Date of Reasons for Decision: 22 July 2013 |
__________________________________
REASONS FOR DECISION
__________________________________
1. On 23 April 2013, the petitioners who are judgment creditors presented a petition for the bankruptcy of Mr Yuen Man Chiu on the basis of a judgment debt in High Court Action No. 372 of 2010. The judgment, which is based on a consent summons, requires Mr Yuen to pay to the petitioners the sum of $50,000 on or before 28 February 2013 and the further sum of $150,000 on or before 1 June 2013.
2. Upon Mr Yuen’s default in paying the first sum of $50,000, a statutory demand was served, followed by the petition for bankruptcy. The petition first came before me on 2 July 2013. Mr Yuen had by a letter to the creditors dated 19 June 2013 offered to repay the entire sum of $200,000 by 50 monthly instalments of $4,000 each, starting from 1 July 2013. The creditors, who cannot in my view be said to have acted unreasonably, refused to accept this proposal. Mr Yuen thereupon asked for a week to raise funds for repayment. I acceded to his request and adjourned the petition to the following Monday, making clear to him that if no solution was found by then, the court might well make a bankruptcy order.
3. On 8 July 2013, Mr Yuen appeared and confirmed that he had no way of repaying the debt. Accordingly, I made the usual bankruptcy order with costs.
| (Godfrey Lam) Judge of the Court of First Instance | |
| High Court |
Mr Ho Chuen Ho, of Liu, Chan & Lam, for the petitioners
The debtor appeared in person
Mr. Maurice Lam (2 July 2013) and Ms Joyce Lam (8 July 2013), of the Official Receiver’s Office for the Official Receiver