17 Jan 2008
RE RBS SECURITIES JAPAN LTD
- Citation
- RE RBS SECURITIES JAPAN LTD
- Court
- Court of First Instance
- Case number
- HCMP2313/2007
The court confirmed the reduction because the reduction served a discernible purpose (eliminating permanent accumulated losses to meet exchange membership requirements), did not alter class rights or diminish unpaid capital, and adequate protection for creditors was provided by a parent indemnity and the company's undertaking, therefore the reduction complied with section 58(1) and was lawful.