3 Jan 2024
RE ALCO HOLDINGS LTD (the “Company”)
- Citation
- [2024] HKCFI 73
- Court
- Court of First Instance
- Case number
- HCCW384/2023
The court granted validation of all transfers of issued fully paid shares since the petition because such transfers would not leave creditors worse off; refused to make a validation order for the proposed issue of new shares because s.182 does not cover allotment/issue of new shares; and refused validation of payments/dispositions in the ordinary course because the Company failed to provide affirmative evidence that continued trading would generate net income or assets for creditors given ongoing trading losses and that apparent improvements were materially attributable to one‑off deconsolida…