9 Mar 2005
RE JOYCE BOUTIQUE LTD
- Citation
- RE JOYCE BOUTIQUE LTD
- Court
- Court of First Instance
- Case number
- HCMP248/2005
The court confirmed the reduction because (1) the affected non‑voting deferred shareholders had given informed consent satisfying equitable treatment; (2) the scheme and its effects were properly explained; (3) creditors were adequately safeguarded by JBHL’s written agreement to postpone its claims and by the restriction on the bank fixed deposit which exceeded the aggregate liabilities to other creditors and provisions; and (4) the reduction had a discernible purpose—elimination of accumulated losses to permit future dividends. The court therefore approved and ordered the reduction under the…