Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Section 59 companies ordinance

Legal area

Court

19 Feb 2009

RE PUBLIC INVESTMENTS LTD

Citation

RE PUBLIC INVESTMENTS LTD
Court

Court of First Instance
Case number

HCMP2473/2008

The court found that the statutory requirements and procedural directions had been complied with, the reductions served a legitimate business purpose, shareholders were treated equitably, and there was no evidence that creditors would be prejudiced; accordingly the petitions for confirmation of the reductions of capital were granted as drafted.
21 Oct 2003

RE DE RIGO ASIA LTD

Citation

RE DE RIGO ASIA LTD
Court

Court of First Instance
Case number

HCMP3449/2003

The court confirmed the reduction because the four established requirements were satisfied: equal treatment and proper explanation to shareholders, adequate safeguards for creditors (payment of accruals, deposit of HK$190,000 for tax liabilities and De Rigo HK's agreement to postpone its debt), and a clear commercial purpose for cancelling surplus capital.