14 Dec 2001
RE EAST SUN BUTTON INTERNATIONAL LTD.
- Citation
- RE EAST SUN BUTTON INTERNATIONAL LTD.
- Court
- Court of First Instance
- Case number
- HCMP5514/2001
The court exercised its discretion to confirm the reduction of share capital because the reduction met the established criteria: shareholders were equitably treated (majority consent), the proposals were clearly explained, creditors were safeguarded by an accepted undertaking, and the reduction served the recognised statutory purpose of extinguishing accumulated losses under s58(1)(b); the minute of reduction was approved for registration.