9 Jan 2006
RE SAITON ENGINEERING LTD ("SAITON")
- Citation
- RE SAITON ENGINEERING LTD ("SAITON")
- Court
- Court of First Instance
- Case number
- HCCW819/2005
A limited validation order was appropriate because the proposed payments were confined to ordinary-course liabilities related to two near-completion projects, were likely to preserve and enhance realisations for creditors, facilitiate a commercially credible restructuring proposal (supported by some major creditors and the Official Receiver), and included monitoring safeguards; accordingly validation orders were made in the terms applied for except one employee's salary which was deferred pending further affirmation.