Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Stock exchange approval

  • 14 Jan 2002

    RE CIL HOLDINGS LTD.

    Citation
    RE CIL HOLDINGS LTD.
    Court
    Court of First Instance
    Case number
    HCCW432/2001

    The judge exercised discretion to grant a two-month adjournment because substantial progress had been made towards a scheme of arrangement, a large proportion of creditors had agreed in principle (75% by value, 50% by number), and the remaining steps (subscription agreement, audited accounts, Stock Exchange approval) were likely to be completed in the short adjournment period without evidence of culpable delay.

  • 18 Apr 2000

    Re Exact Profit Ltd.

    Citation
    Re Exact Profit Ltd.
    Court
    Court of First Instance
    Case number
    HCMP432/2000

    The court applied the rights-based test for class constitution: where legal rights are not dissimilar and no confiscation or injustice results, internal creditors may vote as part of the same class; disputed claims may be valued at zero for voting if that valuation was arrived at in good faith following review; given substantial independent creditor support and absence of unfair prejudice, the court will exercise its discretion to sanction the schemes (subject to conditions).

  • 18 Apr 2000

    Re UDL E & M (BVI) Ltd.

    Citation
    Re UDL E & M (BVI) Ltd.
    Court
    Court of First Instance
    Case number
    HCMP424/2000

    The court applied the rights-based test for class composition and held that internal creditors (including subsidiaries) may vote in the same class where their legal rights are not so dissimilar as to make consultation on common interest impossible; disputed creditors whose claims were assessed in good faith at HK$0 may be excluded from voting; the meetings were not unrepresentative and technical irregularities were waived. Accordingly the court sanctioned the 25 Schemes, conditional on fulfillment of the Stock Exchange approval requirement.