RE ING INVESTMENTS ASIA LTD

RE ING INVESTMENTS ASIA LTD

The Court confirmed the reduction because the special resolution was validly passed, the articles permitted the reduction, the Company adduced credible financial evidence showing excess paid up capital, there were no liabilities or contingent liabilities to be prejudiced, advertising requirements were complied with and the interests of creditors and shareholders were adequately safeguarded.

Citation
RE ING INVESTMENTS ASIA LTD
Parties
Petitioner (company): ING Investments Asia Limited; Sole Shareholder (beneficial Owner): ING Bank NV; Shareholder (nominee): ING Nominees (Hong Kong) Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
22 November 2005
Case Number
HCMP1833/2005
Procedural Posture
Companies Petition for Confirmation of Reduction of Capital / Hearing and Judgment (order Made Confirming Reduction of Capital)
Outcome
Order made confirming reduction of share capital of the Company
Legal Topics
Reduction of Capital, Return of Capital to Shareholders, Creditor Protection, Compliance With Companies Ordinance, Registration of Minute
Source Language
EN
Company Law Corporate Finance Banking Regulation Securities Regulation Reduction of Capital Return of Capital to Shareholders Creditor Protection Compliance With Companies Ordinance +1 more

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Parties

ING Investments Asia Limited

Petitioner (company)

ING Bank NV

Sole Shareholder (beneficial Owner)

ING Nominees (Hong Kong) Limited

Shareholder (nominee)

Procedural Posture

Companies Petition for Confirmation of Reduction of Capital / Hearing and Judgment (order Made Confirming Reduction of Capital)

Legal Issues

  1. 1 Whether the proposed reduction of share capital should be confirmed by the Court
  2. 2 Whether statutory requirements under the Companies Ordinance have been complied with
  3. 3 Whether the interests of creditors are safeguarded by the proposed reduction

Ratio Decidendi

The Court confirmed the reduction because the special resolution was validly passed, the articles permitted the reduction, the Company adduced credible financial evidence showing excess paid up capital, there were no liabilities or contingent liabilities to be prejudiced, advertising requirements were complied with and the interests of creditors and shareholders were adequately safeguarded.

Court Disposition

Order made confirming reduction of share capital of the Company

Orders

  • Order confirming the reduction of share capital as per the draft submitted
  • Approval of the form of the minute for registration with the Registrar of Companies