10 Dec 2003
RE FUJIAN GROUP LTD
- Citation
- RE FUJIAN GROUP LTD
- Court
- Court of First Instance
- Case number
- HCCW68/2003
The court sanctioned the scheme because the statutory majorities under s166 were achieved, the explanatory materials and notice were adequate, creditors were better off under the scheme than in liquidation, shareholder approvals and investor undertakings were in place; the capital reduction was confirmed because it was properly explained, equitable and creditors' rights were safeguarded; the winding-up petition was dismissed conditionally with clear restoration safeguards and cost allocation.