Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Sanction of sale by liquidators

Legal area

Court

17 Apr 2002

Re Fun Fun World Investment Ltd.

Citation

Re Fun Fun World Investment Ltd.
Court

Court of First Instance
Case number

HCCW198/2002

Given that attempts to sell the business as a going concern had failed, the tenders received exceeded the expert valuation, and there was an urgent need to vacate leased premises and preserve the interest of tenderers, the court granted sanction under s199(2)(a) for the Provisional Liquidators to sell and transfer the company's assets by tender or private contract at the best prices reasonably obtainable.
20 Feb 1998

RE PEREGRINE INVESTMENTS HOLDINGS LTD

Citation

RE PEREGRINE INVESTMENTS HOLDINGS LTD
Court

Court of First Instance
Case number

HCCW20/1998

The court refused to sanction the blanket release in clause 9.3 because it would prevent the liquidators pursuing potential misfeasance claims arising from PSUK directors' bonus resolutions; sanction was granted only after clause 9.3 was amended by a proviso preserving future action by the Provisional Liquidators against persons who were directors of PSUK between 1 January 1997 and the date of the Order, and the Santander deal was approved as yielding superior creditor value compared to BNP.