26 Apr 2004
RE I-CHINA HOLDINGS LTD
- Citation
- RE I-CHINA HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCMP580/2004
The court sanctioned the scheme because procedural requirements were met (notice and statutory majority at the creditors' meeting), the class of creditors was properly constituted, creditors were given sufficient explanation, the scheme offered a realistic recovery superior to the likely nil return on liquidation, and the Investor gave enforceable undertakings; consequentially the winding-up petition was permitted to be withdrawn conditional on the issue of the contractual closing notice.