Re TUNG YIP SUN

HCB 18597/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPTCY PROCEEDINGS NO. 18597 OF 2002

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J U D G M E N T

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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.