21 Nov 2006
RE HONG KONG PHARMACEUTICAL HOLDINGS LTD
- Citation
- RE HONG KONG PHARMACEUTICAL HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCMP2317/2006
The court sanctioned the scheme because the fresh scheme meeting was properly convened with adequate notice and disclosure, the class of creditors was correctly constituted, the minimum 40% return condition made the scheme commercially reasonable compared with likely winding‑up returns, and the abbreviated bar date was justified by the factual matrix and publicity; accordingly the court had jurisdiction to sanction the scheme and granted conditional leave to withdraw the winding‑up petition and to discharge the provisional liquidators upon closing.