Hong Kong Case Law: Decisions & Judgments

Topic

Creditors' meetings and voting

Legal area

Court

9 Jul 2009

RE LA MILKY WAY INTERNATIONAL CO LTD

Citation

RE LA MILKY WAY INTERNATIONAL CO LTD
Court

Court of First Instance
Case number

HCMP1207/2009

The court sanctioned the Schemes because statutory requirements were satisfied, creditors (single class) were adequately informed and unanimously approved the Schemes, and evidence showed the proposed restructuring would produce materially better and quicker recoveries for creditors than liquidation; the court granted leave to the provisional liquidators to sell Hang Fung's remaining stock to the Investor because the Investor's offer represented the best obtainable outcome in the circumstances and exceeded estimated forced‑sale recoveries, notwithstanding the substantial apparent discount to…
2 Nov 2007

RE ZHU KUAN (HONG KONG) CO LTD

Citation

RE ZHU KUAN (HONG KONG) CO LTD
Court

Court of First Instance
Case number

HCMP1286/2007

The court sanctioned both inter-conditional schemes because the scheme meetings were properly convened, the creditor class was correctly constituted, the requisite statutory majorities approved the schemes, the creditors were adequately informed, and a reasonable and honest member of the class could reasonably approve; the court granted a permanent stay of the winding-up proceedings conditional on the schemes becoming effective because the schemes were for the benefit of creditors, the liquidators had adequately disclosed relevant matters and investigations, and the stay was not contrary to t…
7 Jun 2006

RE UDL HOLDINGS LTD AND OTHERS

Citation

RE UDL HOLDINGS LTD AND OTHERS
Court

Court of First Instance
Case number

HCMP422/2000

The court sanctioned the proposed Modifications in respect of the Company and 23 Scheme Participating Subsidiaries but refused to sanction the Modifications insofar as they affected Universal Dockyard Limited because the liquidators had not consented and the court lacked jurisdiction to bind a company in liquidation without the liquidator's consent; the Disputed Assets of Dockyard (Unencumbered Assets and Accounts Receivable that had not been vested or transferred to Newco) constitute assets of Dockyard for the purposes of its winding up and are not held on trust for scheme creditors because…
7 Jun 2006

RE UDL HOLDINGS LTD AND OTHERS

Citation

RE UDL HOLDINGS LTD AND OTHERS
Court

Court of First Instance
Case number

HCMP427/2000

The court sanctioned the proposed Modifications for the Company and 23 subsidiaries because the meetings were properly constituted, the result fairly reflected creditor views and disclosure was not so deficient as to vitiate consent; however, the court held it lacked jurisdiction to sanction modifications to Dockyard's scheme without the liquidators' consent and ruled that the Disputed Assets (Unencumbered Assets and Accounts Receivable that had not been transferred or realised into the scheme account) are assets of Dockyard in the winding up and are not subject to the Scheme's trust.

Hong Kong Case Law

RE LA MILKY WAY INTERNATIONAL CO LTD

RE ZHU KUAN (HONG KONG) CO LTD

RE UDL HOLDINGS LTD AND OTHERS

RE UDL HOLDINGS LTD AND OTHERS