Hong Kong Case Law: Decisions & Judgments

Topic

Company articles

Legal area

Court

10 Jul 2003

RE IWAI HONG KONG CORPORATION LTD

Citation

RE IWAI HONG KONG CORPORATION LTD
Court

Court of First Instance
Case number

HCMP2542/2003

Statutory requirements under s58 were satisfied and, applying established judicial criteria, the court was satisfied that shareholders were equitably treated, the proposals were properly explained, creditors were adequately safeguarded by the undertaking making the credited amount non-distributable while claims remain, and the reduction served a discernible benefit to the company; accordingly the petition to confirm the capital reduction was allowed.
22 Aug 2002

Re ABN AMRO Securities (Japan) Ltd.

Citation

Re ABN AMRO Securities (Japan) Ltd.
Court

Court of First Instance
Case number

HCMP2695/2002

The court confirmed the reduction because the petition disclosed a discernible commercial purpose, the reduction's mechanics did not diminish net assets available to creditors, and the offered undertaking to create a non-distributable Legal Capital Reserve of HKD 2,310,446,000 provided adequate protection for potential reversals of losses, including foreign exchange revaluations.
29 Jan 1993

AU HON KWONG AND ANOTHER V. SURE WOOLLEN YARNS CO.LTD.

Citation

AU HON KWONG AND ANOTHER V. SURE WOOLLEN YARNS CO.LTD.
Court

Court of First Instance
Case number

HCMP3979/1992

The mortgage was not validly executed because it bore the company seal but was signed by only one director contrary to Article 13 requiring more than half of four directors; statutory provisions and estoppel arguments did not cure that defect for the purpose of conferring a power of sale, so the purchaser's requisition was not satisfactorily answered and the title was impeachable or at real risk of being impeached.

Hong Kong Case Law

RE IWAI HONG KONG CORPORATION LTD

Re ABN AMRO Securities (Japan) Ltd.

AU HON KWONG AND ANOTHER V. SURE WOOLLEN YARNS CO.LTD.