23 Mar 1998
In re Sakura Finance Hongkong Ltd.
- Citation
- In re Sakura Finance Hongkong Ltd.
- Court
- Court of First Instance
- Case number
- HCMP1033/1998
The court confirmed the reduction because audited and management accounts showed assets materially exceeding liabilities, principal creditors gave revised consents postponing their claims to the effective date, the Company undertook that the US$11,000,000 would only be paid from proceeds of specified certificates of deposit, and the auditors did not require provisions; on that basis non‑consenting creditors would not be prejudiced.