7 Mar 2001
Re Chinese Books Cyberstore Ltd (in Creditors\' Voluntary Liquidation)
- Citation
- Re Chinese Books Cyberstore Ltd (in Creditors\' Voluntary Liquidation)
- Court
- Court of First Instance
- Case number
- HCCW183/2001
The Court refused to sanction the Asset Sale Agreement because the proposed purchaser was connected to the former majority shareholder, the sale price was materially below fair market value, the Committee of Inspection was inquorate and conflicted, and the just and beneficial administration of the liquidation required that replacement Committee members be appointed and creditors consulted before sanctioning such a sensitive sale.