RE CIL HOLDINGS LTD.

RE CIL HOLDINGS LTD.

The judge exercised discretion to grant a two-month adjournment because substantial progress had been made towards a scheme of arrangement, a large proportion of creditors had agreed in principle (75% by value, 50% by number), and the remaining steps (subscription agreement, audited accounts, Stock Exchange...

Source-derived case information.

Citation
RE CIL HOLDINGS LTD.
Parties
Company: CIL HOLDINGS LIMITED; Petitioner: Petitioner; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
14 January 2002
Case Number
HCCW432/2001
Procedural Posture
Companies Winding Up / Adjournment Application Hearing/decision
Outcome
Adjournment granted for two months; hearing adjourned to 18 March 2002 at 9:30 am.
Legal Topics
Scheme of Arrangement, Adjournment, Creditor Approval, Subscription Agreement, Audited Accounts, Stock Exchange Approval
Source Language
en
Company Law Insolvency Securities Regulation Scheme of Arrangement Adjournment Creditor Approval Subscription Agreement Audited Accounts +1 more

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Parties

CIL HOLDINGS LIMITED

Company

Petitioner

Petitioner

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up / Adjournment Application Hearing/decision

Legal Issues

  1. 1 Whether to grant a two-month adjournment to finalise a proposed scheme of arrangement
  2. 2 Whether there is sufficient creditor approval in principle to justify an adjournment
  3. 3 Whether the remaining steps to finalise the scheme are likely to be completed within the adjournment period

Ratio Decidendi

The judge exercised discretion to grant a two-month adjournment because substantial progress had been made towards a scheme of arrangement, a large proportion of creditors had agreed in principle (75% by value, 50% by number), and the remaining steps (subscription agreement, audited accounts, Stock Exchange approval) were likely to be completed in the short adjournment period without evidence of culpable delay.

Court Disposition

Adjournment granted for two months; hearing adjourned to 18 March 2002 at 9:30 am.

Orders

  • Hearing adjourned to 18 March 2002 at 9:30 am