RE LAM KWAN KIT t/a YING KIT STOCK CO

Cited as:[2007] 2 HKLRD 731
Court:High Court (Hong Kong)
Judgement Number:HCMP2547/2006
Judgment Date:22 May 2007
HCMP002547/2006 RE LAM KWAN KIT t/a YING KIT STOCK CO

HCMP 2547/2006

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO. 2547 OF 2006

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IN THE MATTER of the Bankruptcy Ordinance, Cap. 6

and

IN THE MATTER of Lam Kwan Kit trading as Ying Kit Stock Company (the “Bankrupt” in HCB 6463/2003)

and

IN THE MATTER of Section 45 of the Trustee Ordinance, Cap. 29

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Before: Hon Sakhrani J in Chambers

Date of Hearing: 22 May 2007

Date of Judgment: 22 May 2007

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J U D G M E N T

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1. This is an application by the applicant for an order that the entire legal and beneficial estate and interest of and in the land registered in the Islands New Territories Land Registry as SECTION C OF SUBSECTION 2 OF SECTION C OF LOT NO. 359 IN DEMARCATION DISTRICT NO. 2 MUI WO, LANTAU ISLAND, NEW TERRITORIES (“the property”) be vested in the applicant and Roderick John Sutton as the joint and several trustees of the property of Lam Kwan Kit who is a bankrupt.

2. The property was owned by one Lum Yung who, by a will made on 19 February 1998, devised and bequeathed the property to Lam Kwan Kit (“the bankrupt”) for his own use and benefit absolutely. By a grant of probate, grant no. HCAG006751 of 2001, probate was granted to the bankrupt, he being appointed the sole executor under the will of Lum Yung. Probate was granted on 31 December 2001.

3. Although the bankrupt was granted probate on 31 December 2001 he had not given an assent to pass the property to himself. On the evidence before the court the bankrupt disappeared following an investigation by the Securities and Futures Commission in 2002. On 24 January 2002 the Securities and Futures Commission announced that it had issued a restriction notice to prohibit the bankrupt trading as Ying Kit from carrying on the business of dealing in securities and disposing of or dealing with any assets held by him and Ying Kit in Hong Kong or elsewhere, whether as principal or agent, without the Securities and Futures Commission’s prior written consent, in order to preserve the assets of Ying Kit and its clients and to protect the interest of these clients.

4. In April 2003 a judgment creditor filed a petition for bankruptcy against the bankrupt. The bankruptcy order was made on 9 July 2003 by a master of the...

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