11 Jun 2004
RE MIYAMA DYEING CO LTD
- Citation
- RE MIYAMA DYEING CO LTD
- Court
- Court of First Instance
- Case number
- HCMP1021/2004
The court sanctioned the reduction because there was a clear and legitimate purpose (to eliminate permanent accumulated losses and enable future investment and dividends) and adequate protection for creditors was provided (a capital reduction reserve equal to liabilities and a dedicated trust deposit for external creditors), with no creditor objections.