23 Oct 2001
LEE PO WANG SAMSON v. EVER RISE ENGINEERING LTD.
- Citation
- LEE PO WANG SAMSON v. EVER RISE ENGINEERING LTD.
- Court
- Court of First Instance
- Case number
- HCCW714/2001
A limited validation order was appropriate and granted because majority shareholder and associated creditors undertook not to call in approximately HK$8.3 million of loans until after the petition determination and because completing existing contracts was likely to generate short-term net receipts benefiting creditors; the order was strictly confined to ordinary course payments (excluding validation of shareholder loans), limited in time to the conclusion of the petition hearing, and included safeguards as to bank verification and excluded validation of specified loans.