18 Apr 2000
Re East Coast Towing Ltd.
- Citation
- Re East Coast Towing Ltd.
- Court
- Court of First Instance
- Case number
- HCMP412/2000
The court applied the rights test for classing creditors, rejected objections that internal creditors invalidated the meetings because their legal rights were not dissimilar and preferential rights were preserved; disputed claims properly valued and excluded for voting where assessed at zero in good faith; substantial independent creditor support existed and technical irregularities were waivable; accordingly the court sanctioned the 25 schemes subject to the stated condition precedent.