22 Jun 2006
RE TEST-RITE PRODUCTS (HONG KONG) LTD
- Citation
- RE TEST-RITE PRODUCTS (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCMP134/2006
The court confirmed the reduction because it was effected by a special resolution, the purpose of writing off substantial accumulated permanent trading losses was legitimate and discernible, the sole bank creditor raised no objection and the company offered an undertaking in respect of past bad debt recoveries, and the proposal treated shareholders equitably and complied with the articles and statutory requirements.