30 Jun 2023
FOK LAI LOR NORA v. FOK YING TUNG MING YUAN DEVELOPMENT CO LTD
- Citation
- [2023] HKCA 795
- Court
- Court of Appeal
- Case number
- CACV88/2020
The court affirmed that Sub‑Division 2 reductions remain subject to the Thorn EMI safeguards with creditor protection paramount; audited August 2016 accounts and directors' solvency statements, together with the Undertaking creating a Special Capital Reserve to ring‑fence recoveries up to the impairment amount, sufficiently protected creditors and provided shareholders with adequate information; consequently the judge was entitled to confirm the special resolution under s.222 and dismiss the s.220 application and the appeal.