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Case Summary

Upon a debtor’s bankruptcy petition presented in December 2023, a bankruptcy order was made against the Defendant in January 2024.

Upon investigation, it was discovered that in around October 2023 and November 2023, the Defendant received from an insurance company in the total sum of HK$337,389.67 being the surrender value of his 2 insurance policies (“the Surrender Sum”).

The Defendant failed to disclose his receipt of the Surrender Sum in List H “Income from Investments (Specify type): Insurance policies” and therefore made a material omission in the Statement of Affairs.