RE TUNG KA SING

HCB 1877/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

BANKRUPTCY PROCEEDINGS NO. 1877 OF 2001

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J U D G M E N T

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1. This is an application to annul the bankruptcy order made on 20 June 2001 under Section 33(1)(b) of the Bankruptcy Ordinance, Cap. 6. The petition was made on a judgment debt obtained by the petitioner, the Kwangtung Provincial Bank in the sum of HK$386,600.45 in HCA No. 14983 of 1999.

2. On 7 November 2001, the debt in the petition was paid in full by the bankrupt's wife to the petitioner's solicitors. The petitioner has no objection for the bankruptcy order to be annulled and it has withdrawn its proof of debt submitted to the Official Receiver and agreed to waive its costs.

3. The bankrupt has filed a Statement of Affairs disclosing unsecured debts being credit card facilities granted in the sum of HK$50,000 odd. He has surplus assets of HK$11 million.

4. On 24 September 2001, a creditor's meeting was summoned by the Official Receiver and only the petitioner had attended. On 2 November 2001, the Official Receiver published the notice of intended dividend in the Gazette and advertised this in one English and one Chinese newspaper inviting creditors to prove their debts within 14 days. No further proof has been received by the Official Receiver. The assets realised by the Official Receiver as at the date hereof amounted to HK$159,758.74, being the bank balance of the bankrupt.

5. The bankrupt has been co-operative with the Official Receiver throughout. There is no evidence that he has committed any offence under the Bankruptcy Ordinance or any other offences in connection therewith.

6. In the circumstances, I make an order to annul the bankruptcy order. As for the Official Receiver's fees and disbursements in the bankruptcy proceedings in the sum of HK$48,716.74, this will be deducted from the estate of the bankrupt. I understand that the bankrupt has also agreed to pay the Official Receiver's costs of this application in the sum of HK$5,000.00.

7. I was asked by the bankrupt's counsel to consider exercising my discretion under Section 114(2) of the Bankruptcy Ordinance to remit part of the fees charged by the Official Receiver. Having considered the submissions made to me, and the work done by the Official Receiver in this case as reflected in some of the correspondence that I have read, I do not think this is appropriate to exercise my discretion to remit any part of the fees for the Official Receiver's charges calculated under the Bankruptcy (Fees and Percentages) Order.