27 Sept 2001
Re Rhine Jewellery Ltd. (In Liquidation)
- Citation
- Re Rhine Jewellery Ltd. (In Liquidation)
- Court
- Court of First Instance
- Case number
- HCCW511/1998
The court granted sanction because the company was an unsecured creditor at the bottom of the priority hierarchy, IWI was shown to be in poor financial health and subject to a perfected security interest in favour of BACC making full recovery unlikely, so accepting US$70,000 as a compromise was a commercially reasonable exercise of the court's sanctioning power.