19 Sept 2007
RE WORLDCO INTERNATIONAL LTD
- Citation
- RE WORLDCO INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCMP382/2007
The petition was granted because the proposed reduction was for the clear purpose of extinguishing accumulated losses and aligning capital with assets, the directors provided sufficient explanation of the nature of the losses and offered a formal undertaking including a special reserve to protect creditors for amounts that might not be permanent, procedural requirements were satisfied and there was no unfair treatment of shareholders; accordingly the court approved the draft order and minute for reduction of capital.