5 Oct 2005
RE ASEAN INTERESTS LTD
- Citation
- RE ASEAN INTERESTS LTD
- Court
- Court of First Instance
- Case number
- HCCW1233/2000
The court granted a permanent stay because the applicants discharged the burden to show the restructuring was bona fide and in creditors' interests, liquidators supported the proposal, creditors would receive better returns than in liquidation, public policy concerns raised by the liquidators were remedied by repayments, subordination and conversion undertakings, settlement of contingent liabilities, and by a Carecraft disqualification order against Mr Vaswani; accordingly the balance favoured granting the stay subject to the terms and undertakings secured.