Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Creditor voting and disclosure

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP417/2000

    Court sanctioned the proposed modifications to the schemes for the Company and 23 of its subsidiaries but declined to sanction Dockyard's scheme modifications without the liquidators' consent; the Disputed Assets (certain Unencumbered Assets and Accounts Receivable of Dockyard not vested in Newco or realised at the commencement of liquidation) were held to constitute assets of Dockyard available to the liquidation because no trust had been constituted in respect of them by virtue of the Scheme absent actual vesting/receipt; consent of the liquidator is required to vary a scheme affecting a co…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP429/2000

    The court sanctioned the proposed Modifications to the Schemes for the Company and 23 of the Scheme Participating Subsidiaries but refused to sanction modifications in relation to Universal Dockyard Limited without the consent of Dockyard's liquidators; the Disputed Assets (certain Unencumbered Assets and Accounts Receivable not evidenced as transferred or received) constitute assets of Dockyard for the purpose of its winding up and are not held on trust for scheme creditors because no vesting or receipt had occurred to create a fully constituted trust; scheme creditors may nonetheless prove…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP437/1999

    The court sanctioned the proposed Modifications in respect of UDL Holdings and 23 Scheme Participating Subsidiaries but refused to sanction Dockyard's Scheme modifications without the consent of Dockyard's liquidators and creditors; the Disputed Assets (certain Unencumbered Assets and Accounts Receivable of Universal Dockyard Limited not shown to have vested in Newco or otherwise transferred) constitute assets of Dockyard for the purpose of its winding up and are not held on trust for scheme creditors because no effective vesting or transfer occurred at the effective date.

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP420/2000

    The court sanctioned the proposed Modifications as to the Company and 23 of its subsidiaries because the meeting result fairly reflected creditor views, disclosure was not so inadequate as to vitiate consent, and the Modifications were put forward in good faith as enabling measures to maximize recoveries. The court held it had no jurisdiction to sanction modifications affecting Universal Dockyard Limited while its liquidators withheld consent; the disputed Unencumbered Assets and Accounts Receivable of Dockyard had not been transferred or vested in Newco or the scheme administrator at the com…