7 Dec 2000
Re UDL Ship Management Ltd.
- Citation
- Re UDL Ship Management Ltd.
- Court
- Court of Appeal
- Case number
- CACV259/2000
The court upheld the Companies Judge: classification for scheme meetings is determined by the legal rights of creditors (not their varying personal interests); preferential creditors did not constitute a separate class because their legal rights under the scheme were preserved and aligned with unsecured creditors as to excess claims; valuing an unproven contingent claim at nil for voting was a bona fide and equitable approach and did not deprive the court of jurisdiction; accordingly the schemes satisfied statutory requirements and the court properly sanctioned them.