18 Apr 2000
Re UDL Steel Fabricators & Shipbuilders Co. Ltd.
- Citation
- Re UDL Steel Fabricators & Shipbuilders Co. Ltd.
- Court
- Court of First Instance
- Case number
- HCMP421/2000
The court applied the rights test to determine classes, held that internal creditors could vote as their legal rights were not so dissimilar as to make consultation impossible, found no confiscation or injustice to preferential or disputed creditors given preservation of preferential rights and good faith valuation of disputed claims, accepted that the meetings were representative with substantial independent support and exercised its discretion to waive technical irregularities; accordingly the court sanctioned the 25 schemes (subject to the stated condition precedent).