RE LUNG KAM CHIU

HCB 4202/2020

[2021] HKCFI 1007

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPTCY PROCEEDINGS NO 4202 OF 2020

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JUDGMENT

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1.  I regret to say that having listened to the Debtor for quite a while now, there is simply no reasonable basis for refusing to make a Bankruptcy Order. The debt in question is accepted. The Debtor has tried to persuade the court that he owns some shares in a company which in turn owns a landed property, and the property can be sold such that he can use part of the proceeds of sale to repay the debt.

2.  This suggested avenue is, I am afraid, unacceptable because it appears that the Debtor has signed an Instrument of Transfer disposing of his interest in the company.  The document was dated December 2020 but it appears to have been filed in February 2021.  According to the Debtor, there is a litigation concerning that disposal.  It will generally take years for litigations to resolve, and no one can say with confidence that the resolution will be in the Debtor’s favour.  Given the rejection of the only ground advanced by the Debtor this morning to resist the Bankruptcy Order, I must disagree with him and I make the usual Bankruptcy Order with costs against him.