22 Dec 1997
RE LIPPO CHINA RESOURCES LTD
- Citation
- RE LIPPO CHINA RESOURCES LTD
- Court
- Court of First Instance
- Case number
- HCMP4195/1997
The court confirmed the cancellation of the share premium account because the statutory and judicial requirements were satisfied: the reduction preserved shareholders' rights, was properly explained, served a discernible purpose (to set off goodwill on consolidation and for future capitalisation), and adequate undertakings were given to safeguard creditors including contingent and prospective creditors.