10 May 1999
RE UDL HOLDINGS LTD
- Citation
- RE UDL HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCCW756/1998
The court refused to make a winding-up order because the evidence showed a substantial in-principle majority of creditors supported the proposed scheme (above the blocking threshold), the alleged misstatements and omissions were not shown to be material or made in bad faith, the Ernst & Young analyses were not misleading in context, and there were reasonable prospects the requisite majorities would approve a scheme; therefore it would be an improper exercise of discretion to wind up the company at this stage and the petition was adjourned with an order nisi in favour of the Company and opposi…