21 Sept 2005
RE HONG KONG PHARMACEUTICAL HOLDINGS LTD
- Citation
- RE HONG KONG PHARMACEUTICAL HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCCW1018/2004
The court found the Settlement Agreement did constitute a compromise within section 166 but concluded special circumstances justified departing from the normal section 166 procedure: the asset was a single poorly controlled Mainland JV interest with little prospect of other bidders, valuation was infeasible given lack of cooperation, the settlement produced a net benefit (cash plus liability reduction) to creditors and was supported by creditors representing c.95% of liabilities; accordingly the court exercised its discretion under the appointing framework and s193(3) to sanction the settleme…