RE MBf ASIA CAPITAL COPPORATION LTD.

RE MBf ASIA CAPITAL COPPORATION LTD.

The court found statutory requirements were complied with, the creditor class was fairly represented, there was no coercion, the schemes resulted from negotiated arrangements with probable independent advice and received unanimous approval at the meetings; on that basis the court exercised its discretion to sanction the schemes.

Citation
RE MBf ASIA CAPITAL COPPORATION LTD.
Parties
Petitioner: MBf ASIA CAPITAL COPPORATION LIMITED; Petitioner: MBf ASIA CAPITAL COPPORATION HOLDINGS LIMITED; Creditors: Scheme creditors
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
26 September 2000
Case Number
HCMP3815/2000
Procedural Posture
Scheme of Arrangement Under Companies Ordinance (chapter 32) / Sanction Hearing Judgment
Outcome
Petitions granted; schemes of arrangement sanctioned.
Legal Topics
Scheme of Arrangement, Sanctioning of Schemes, Creditor Meetings
Source Language
EN
Company Law Insolvency Civil Procedure Scheme of Arrangement Sanctioning of Schemes Creditor Meetings

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Parties

MBf ASIA CAPITAL COPPORATION LIMITED

Petitioner

MBf ASIA CAPITAL COPPORATION HOLDINGS LIMITED

Petitioner

Scheme creditors

Creditors

Procedural Posture

Scheme of Arrangement Under Companies Ordinance (chapter 32) / Sanction Hearing Judgment

Legal Issues

  1. 1 Whether statutory provisions for convening and notifying meetings for schemes of arrangement were complied with
  2. 2 Whether the class of creditors was fairly represented at the meetings
  3. 3 Whether any minority creditor was coerced into approving the schemes

Ratio Decidendi

The court found statutory requirements were complied with, the creditor class was fairly represented, there was no coercion, the schemes resulted from negotiated arrangements with probable independent advice and received unanimous approval at the meetings; on that basis the court exercised its discretion to sanction the schemes.

Court Disposition

Petitions granted; schemes of arrangement sanctioned.

Orders

  • Schemes of arrangement sanctioned.