10 Dec 2003
RE FUJIAN GROUP LTD
- Citation
- RE FUJIAN GROUP LTD
- Court
- Court of First Instance
- Case number
- HCMP5166/2003
The court sanctioned the scheme because the statutory creditor majority was achieved (99.38% in value; 17 of 19 voting), the restructuring was the only practicable rescue likely to produce a better and quicker return to creditors, shareholders had approved the capital reduction for proper purposes and creditors' rights were safeguarded; accordingly the reduction of capital was confirmed and the winding-up petition was dismissed conditionally upon completion and filing of the prescribed closing notice.