17 Jul 2000
RE YAOHAN HONGKONG CORPORATION LTD
- Citation
- RE YAOHAN HONGKONG CORPORATION LTD
- Court
- Court of First Instance
- Case number
- HCMP2108/2000
The scheme was sanctioned despite reservations because without it creditors would likely receive nothing; however, because the Liquidators negotiated an unfair apportionment and failed to respect and disclose applicable legal principles (notably Re Rhine), the court will approve the scheme only on the undertaking that the Liquidators pay one‑half of their profit costs and one‑half of legal disbursements relating to the Restructuring Agreement to the Company for the benefit of creditors; shareholder approval is not essential where shareholders have no interest in the assets.