29 Mar 2000
Re Rhine Holdings Ltd. (In Liquidation)
- Citation
- Re Rhine Holdings Ltd. (In Liquidation)
- Court
- Court of First Instance
- Case number
- HCCW510/1998
The court held that the facilitation of the Investor's listing through Rhine's listed status constituted a corporate asset capable of realization; Liquidators had improperly straddled conflicting interests and the fee underwriting/allocation was prejudicial to creditors. Consequently the court granted the s182 sanction only conditionally — requiring the Liquidators to add HK$1,000,000 from the fees payable under the Agreement to the fund available for distribution to creditors and granting liberty to restore for further submissions.