25 Oct 2007
RE TA THERAPEUTICS LTD
- Citation
- RE TA THERAPEUTICS LTD
- Court
- Court of First Instance
- Case number
- HCMP1418/2007
The petition is granted because the proposed reduction serves a clear commercial purpose (implementation of the restructuring agreement), the position of creditors is adequately protected by the Company's undertaking to deposit a Trust Amount equal to projected creditor liabilities into a segregated account and by sufficient available cash and assets, and there are special circumstances to dispense with section 59(2), therefore the court properly exercises its discretion to confirm the reduction.