Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Trusts over assets

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP415/2000

    The court sanctioned the Modifications for the Company and 23 of the Scheme Participating Subsidiaries but held it had no jurisdiction to sanction modifications affecting Dockyard without the liquidators' consent; the Disputed Assets and Accounts Receivable of Dockyard had not vested in Newco or the scheme administrator at the commencement of the winding up and therefore constituted assets of Dockyard for the purposes of its liquidation and are not to be dealt with under the Schemes absent proper transfer/receipt.

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP416/2000

    The court sanctioned the proposed Modifications for the Company and 23 subsidiaries because the meetings were properly constituted, the requisite majorities approved and the explanatory material was sufficiently fair and adequate in the circumstances; the Modifications were enabling and likely to benefit creditors. However the court lacked jurisdiction to sanction modifications affecting Universal Dockyard Limited while its liquidators had not consented, so the Dockyard petition was adjourned. On the liquidators' summons the court held the disputed Unencumbered Assets and Accounts Receivable…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP413/2000

    The court sanctioned the proposed Modifications for the Company and 23 of its Scheme Participating Subsidiaries because the meeting was properly constituted, creditors were sufficiently informed and the result fairly reflected creditors' views; however the court lacked jurisdiction to sanction modifications to Universal Dockyard Limited's scheme without the liquidators' consent, and the Disputed Assets (certain receivables and other assets not transferred to Newco) were held to constitute assets of Dockyard for the purposes of its winding up and not to be dealt with under the Scheme trust (tr…