23 Jul 1998
RE SINO AMERICAN TELECOM INC
- Citation
- RE SINO AMERICAN TELECOM INC
- Court
- Court of Appeal
- Case number
- CACV167/1998
The Court of Appeal dismissed the appeal because the proposed transaction was, in substance, a scheme of arrangement that would strip the company of assets and alter creditors' rights without the protections of s.166; the provisional liquidators had not obtained independent valuation or conducted an open marketing process, the purchaser was creditor‑controlled and bidding was limited, urgency was not established, and therefore the court would not sanction the disposal under s.182.