Promoter given bankruptcy order

PUBLISHED : Wednesday, 11 April, 2007, 12:00am
UPDATED : Wednesday, 11 April, 2007, 12:00am

Cheung Yiu-wing was ordered by the Court of First Instance yesterday to declare bankruptcy. The veteran promoter was being chased by the listed investment company CASH Financial to repay the HK$4.82 million cost of a lost legal battle in June last year. The court had heard that Mr Cheung filed a High Court writ in 2000, claiming CASH chairman Bankee Kwan Pak-hoo breached an agreement. Mr Cheung lost and was ordered to pay costs. The promoter offered to pay HK$1 million to CASH yesterday, with another HK$1.1 million in a month and the remainder in eight instalments. But Deputy High Court Judge Anthony To Kwai-fong said there was no evidence to show Mr Cheung's income and ability to repay the debts. The court heard Mr Cheung would lodge an appeal.


 

Promotions

 
 
 

You may also like