30 Oct 1996
RE SOUTH CHINA STRATEGIC LTD
- Citation
- RE SOUTH CHINA STRATEGIC LTD
- Court
- Court of First Instance
- Case number
- HCMP2163/1996
The Court refused to make any order because the petition and scheme failed essential legal requirements: the scheme document and petition misled by omitting and failing to explain substantial accumulated losses and their permanence; creditors were not adequately protected (insufficient consents and an inadequate guarantee); the scheme contained wording that could permit unlawful distributions contrary to ss.79B/79C; and statutory procedures were not complied with, so neither the reduction nor the scheme could be sanctioned.