Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Scheme of arrangement modification

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP432/2000

    The court sanctioned the proposed Modifications for the Company and 23 of the 24 non‑insolvent scheme participating subsidiaries because the creditor majorities and disclosure were sufficient and the Modifications were not shown to be unfair or in bad faith; however the court had no jurisdiction to sanction modifications of Dockyard's scheme without the consent of Dockyard's liquidators, and held that the Disputed Assets (assets and receivables of Dockyard that had not been transferred or realised prior to the liquidation) constitute assets of Dockyard in its winding up rather than being held…

  • 7 Jun 2006

    RE UNIVERSAL DOCKYARD LTD

    Citation
    RE UNIVERSAL DOCKYARD LTD
    Court
    Court of First Instance
    Case number
    HCCW663/2002

    The court sanctioned the Modifications for the Company and 23 Scheme Participating Subsidiaries because the court meeting lawfully reflected creditors' views, disclosure was not so deficient as to vitiate consent and the Modifications were within bounds of what an intelligent and honest creditor might approve; however the court lacked jurisdiction to sanction modifications binding on Dockyard without the liquidators' consent and held that the Disputed Assets were not held on trust for scheme creditors at the commencement of Dockyard's winding up because there was no vesting or transfer to New…