2 Nov 2007
RE ZHU KUAN GROUP CO LTD
- Citation
- RE ZHU KUAN GROUP CO LTD
- Court
- Court of First Instance
- Case number
- HCMP1287/2007
The court sanctioned both inter-conditional schemes because the scheme meetings were properly convened, the class was correctly constituted, adequate disclosure was made (including directors' conduct returns), the statutory majorities voted in favour and the schemes were ones that an intelligent and honest creditor might reasonably approve. The court granted a permanent stay of the Hong Kong winding-up proceedings conditional on the schemes becoming effective because the restructuring provides clear benefit to creditors, avoids disproportionate cross-border litigation and is not contrary to p…