21 Oct 2003
RE DE RIGO ASIA LTD
- Citation
- RE DE RIGO ASIA LTD
- Court
- Court of First Instance
- Case number
- HCMP3449/2003
The court confirmed the reduction because the four established requirements were satisfied: equal treatment and proper explanation to shareholders, adequate safeguards for creditors (payment of accruals, deposit of HK$190,000 for tax liabilities and De Rigo HK's agreement to postpone its debt), and a clear commercial purpose for cancelling surplus capital.