Promoter given bankruptcy order
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.