30 Nov 2000
RE YAOHAN HONGKONG CORPORATION LTD. (in liquidation)
- Citation
- RE YAOHAN HONGKONG CORPORATION LTD. (in liquidation)
- Court
- Court of Appeal
- Case number
- CACV379/2000
The court held that the listing status was an asset of the company and that the proposed apportionment between shareholders and creditors lacked adequate justification and contravened principles governing distribution in liquidation; because the liquidators obtained the benefit of the order after giving an undertaking and did not seek relief from it, they could not now challenge the order and the appeal was dismissed; the scheme was approved only on terms that the liquidators pay specified portions of their fees and legal disbursements for the benefit of creditors.