Creditors rewarded with priority claim against bankruptcy estate for costs of preserving assets incurred before notice of petition

In the bankruptcy proceedings in respect of Mr Gabriel Ricardo Dias-Azedo (the "Bankrupt"), the Court of First Instance recently exercised its discretion under sections 37(2) and 97 of the Bankruptcy Ordinance (Cap. 6) (BO) in favour of two creditors and granted them a priority claim against the Bankrupt's estate for their costs in preserving his assets incurred before receiving notice of the bankruptcy petition.

Background

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Default judgment
Authors:
Richard M. Tollan , Edmund M. S. Ma
Location:
Hong Kong
Firm:
Mayer Brown