18 Apr 2000
Re UDL Management Ltd.
- Citation
- Re UDL Management Ltd.
- Court
- Court of First Instance
- Case number
- HCMP422/2000
Applying the rights test and the court's supervisory function, the court found no dissimilarity of legal rights amounting to confiscation or injustice from allowing internal creditors to vote; preferential and secured rights were preserved; disputed claims valued at zero could be excluded from voting if reasonably assessed in good faith; the meeting results were representative with substantial independent creditor support; consequently the court granted sanction of the 25 schemes (subject to the stated condition precedent).