7 Dec 2000
Re UDL Employment Services Ltd.
- Citation
- Re UDL Employment Services Ltd.
- Court
- Court of Appeal
- Case number
- CACV260/2000
The Court of Appeal held that the Companies Judge rightly exercised her discretion: the preferential creditors and internal creditors did not possess legal rights so dissimilar from other unsecured creditors as to require separate class meetings; treating contingent/unproved claims (Nishimatsu) as nil for voting was a bona fide and equitable approach when valuation was impracticable and the scheme contained safeguards; statutory requirements of s.166 were satisfied and the court had jurisdiction to sanction the schemes which provided a fair recognition of rights and interests of all creditors.