7 Dec 2000
Re UDL Marine Operation Ltd.
- Citation
- Re UDL Marine Operation Ltd.
- Court
- Court of Appeal
- Case number
- CACV262/2000
The Court held it had jurisdiction and properly exercised its discretion to sanction the schemes: preferential and internal creditors did not possess rights so dissimilar as to require separate class meetings; treating unproved contingent claims (Nishimatsu) as valued nil for voting purposes was a bona fide and equitable approach with procedural safeguards for proving claims; accordingly the statutory requirements were met and the schemes fairly recognized creditors' rights and were preferable to liquidation.