26 Apr 2022
RE CHINA SAITE GROUP CO LTD
- Citation
- [2022] HKCFI 1128
- Court
- Court of First Instance
- Case number
- HCMP48/2022
The court sanctioned the scheme because all statutory and judicial criteria were satisfied, the scheme was sufficiently connected to Hong Kong (94.3% of claims governed by Hong Kong law) so that international effectiveness was not an impediment, and the proposed post-meeting modification merely enhanced creditor recovery without prejudicing any creditor; accordingly the modification and the variation of the validation order to permit transfer of funds were permitted to give practical effect to the sanctioned scheme.