RE HO LONG MAN

HCB 7556/2019

[2020] HKCFI 2510

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPTCY PROCEEDINGS NO 7556 OF 2019

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D E C I S I O N

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1.  This is a petition presented by Prudential Hong Kong Ltd for the bankruptcy of the debtor who was previously an insurance agent of the petitioner. The petition is based on a debt arising from the “financing payments” under the Service Agreement between the parties dated 1 June 2017. Three sums of $60,000 each were paid to the debtor on 30 June, 31 July and 31 August 2017 respectively. By a resignation letter dated 23 February 2019, the debtor requested to resign from his position with immediate effect. The petitioner issued a termination letter to the debtor on 8 March 2019 terminating his appointment with immediate effect. Under clause 14.4(b) of the Agency Agreement and clause 3 of the Service Agreement, the financing payments in the total sum of $180,000 became immediately repayable by the debtor in full. In the absence of payment by the debtor, a statutory demand was issued, leading to the petition herein. At the hearing of the petition before Ng J on 18 May 2020, the debtor requested a breakdown of the debt and indicated he was willing to settle the debt in the next one to two weeks. Despite that the judge gave him leave to file evidence in opposition within 28 days after the petitioner filed a further affirmation in support (which it did on 12 June 2020), the debtor had not filed any evidence to dispute the debt or otherwise contest the petition. He has not appeared today to contest the petition either. There being no defence to the petition, I make the usual bankruptcy order with costs. The Official Receiver’s costs in the sum of $6,500 will be paid out of the deposit.