7 Dec 2000
Re UDL Steel Fabricators & Shipbuilders Co. Ltd.
- Citation
- Re UDL Steel Fabricators & Shipbuilders Co. Ltd.
- Court
- Court of Appeal
- Case number
- CACV258/2000
The Court of Appeal held that the judge had jurisdiction and exercised her discretion properly: the creditors in question did not possess legal rights so dissimilar as to require separate class meetings; preferential creditors were not a separate class for voting purposes because their legal rights under the scheme (and in liquidation) were essentially the same on the points in issue; valuing Nishimatsu's contingent claim at nil for voting was a bona fide and equitable approach when the claim was unproved and subject to arbitration; accordingly the statutory requirements of s.166 were satisfi…