18 Apr 2000
Re UDL Holdings Ltd.
- Citation
- Re UDL Holdings Ltd.
- Court
- Court of First Instance
- Case number
- HCMP436/1999
The court applied the rights‑based test for class composition and held that internal (inter‑company) creditors could be included in the single class where their legal rights were not dissimilar and no confiscation or injustice would result; the preferential and secured rights were preserved and disputed claims valued in good faith could be excluded from voting; the voting majorities were representative and substantial independent support existed; accordingly the court exercised its discretion to sanction the 25 schemes, waiving technical irregularities and subjecting sanction to the condition…