Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Consent of liquidator

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP418/2000

    The court sanctioned the proposed Modifications as to the Company and 23 of its subsidiary schemes because the meeting result fairly reflected creditors' views, the explanatory materials were not so deficient as to change outcomes, and the Modifications were within what an intelligent and honest creditor might approve. However, as to Universal Dockyard Limited the court held it had no jurisdiction to sanction modifications without the liquidators' consent where the company is in liquidation and the disputed assets had not been transferred or vested in Newco or the scheme administrator; accord…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP413/2000

    The court sanctioned the proposed Modifications for the Company and 23 of its Scheme Participating Subsidiaries because the meeting was properly constituted, creditors were sufficiently informed and the result fairly reflected creditors' views; however the court lacked jurisdiction to sanction modifications to Universal Dockyard Limited's scheme without the liquidators' consent, and the Disputed Assets (certain receivables and other assets not transferred to Newco) were held to constitute assets of Dockyard for the purposes of its winding up and not to be dealt with under the Scheme trust (tr…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP427/2000

    The court sanctioned the proposed Modifications for the Company and 23 subsidiaries because the meetings were properly constituted, the result fairly reflected creditor views and disclosure was not so deficient as to vitiate consent; however, the court held it lacked jurisdiction to sanction modifications to Dockyard's scheme without the liquidators' consent and ruled that the Disputed Assets (Unencumbered Assets and Accounts Receivable that had not been transferred or realised into the scheme account) are assets of Dockyard in the winding up and are not subject to the Scheme's trust.