4 Mar 2020
RE CHINA LUMENA NEW MATERIALS CORP. (IN PROVISIONAL LIQUIDATION)
- Citation
- [2020] HKCFI 338
- Court
- Court of First Instance
- Case number
- HCMP2234/2019
The court sanctioned the scheme under section 673 because the statutory criteria for sanction were met, the meeting was properly conducted with overwhelming creditor approval, the scheme was the only practicable means to realise the Company’s sole material asset and produce any recovery for unsecured creditors, and concerns about Mainland-law governed debt did not defeat the scheme given creditor submission and the low likelihood of effective foreign enforcement that would render the scheme futile.