Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Quistclose/resulting trust

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP415/2000

    The court sanctioned the Modifications for the Company and 23 of the Scheme Participating Subsidiaries but held it had no jurisdiction to sanction modifications affecting Dockyard without the liquidators' consent; the Disputed Assets and Accounts Receivable of Dockyard had not vested in Newco or the scheme administrator at the commencement of the winding up and therefore constituted assets of Dockyard for the purposes of its liquidation and are not to be dealt with under the Schemes absent proper transfer/receipt.

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP432/2000

    The court sanctioned the proposed Modifications for the Company and 23 of the 24 non‑insolvent scheme participating subsidiaries because the creditor majorities and disclosure were sufficient and the Modifications were not shown to be unfair or in bad faith; however the court had no jurisdiction to sanction modifications of Dockyard's scheme without the consent of Dockyard's liquidators, and held that the Disputed Assets (assets and receivables of Dockyard that had not been transferred or realised prior to the liquidation) constitute assets of Dockyard in its winding up rather than being held…