10 Mar 2000
HCK CHINA INVESTMENTS LTD. AND ANOTHER v. WAH NAM GROUP LTD.
- Citation
- HCK CHINA INVESTMENTS LTD. AND ANOTHER v. WAH NAM GROUP LTD.
- Court
- Court of First Instance
- Case number
- HCCW166/2000
The court refused to validate a post-petition arrangement (item 1) converting an unsecured post-petition loan into immediately realizable shareholding because that would unfairly prefer that creditor over other unsecured creditors; the court validated only that part of item 2 (2(b)) which raised HK$10,000,000 by issue of new shares to be paid into court under Beeson J's order, subject to treatment under Order 29 Rule 13; other parts of item 2 (placing, commission, unspecified expenses) were not validated for lack of evidence or because the transfers lacked prior validation.