17 Apr 2008
RE OCEAN GRAND HOLDINGS LTD
- Citation
- RE OCEAN GRAND HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCMP120/2008
The court sanctioned the scheme because the statutory requirements under section 166 were satisfied: the class of Scheme Creditors was properly constituted and adequately informed, the requisite majority approved the scheme at the creditors meeting, and the restructuring proposal provided the best realistic prospect of recovery for creditors given likely nil recoveries in liquidation.