Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Creditors' meeting and voting

  • 26 Nov 2012

    RE SUMORE CORPORATION LTD

    Citation
    RE SUMORE CORPORATION LTD
    Court
    Court of First Instance
    Case number
    HCCW518/2009

    The court dismissed SSN's application: the general body of creditors validly revoked the committee resolutions; SSN and LBL's claims to reinstatement and removal of liquidators failed because SSN did not prove sufficient cause that removal was on the whole desirable, there was no demonstrated bias or misconduct sufficient to justify removal, majority creditors in value supported the liquidators, and removal would not be in the general advantage given progress of the liquidation.

  • 9 Dec 2004

    RE B F CONSTRUCTION CO LTD

    Citation
    RE B F CONSTRUCTION CO LTD
    Court
    Court of First Instance
    Case number
    HCCW691/2004

    The court refused to make an immediate winding‑up order and adjourned the petition to a date not earlier than three months because a clear majority of known third‑party creditors by value and number favoured an adjournment to pursue arbitration/negotiation with the Cheung Kong group which could materially affect solvency and recoveries; the court may properly have regard to creditors' wishes under s.287(1), and ongoing investigations and arbitration justified a limited adjournment rather than immediate winding up. The court also exercised its discretion to hear non‑contributories (Dr Chan and…

  • 13 Sept 2001

    RE TEAM CONCEPTS MANUFACTURING LTD.

    Citation
    RE TEAM CONCEPTS MANUFACTURING LTD.
    Court
    Court of First Instance
    Case number
    HCMP2741/2001

    The court sanctioned the Scheme because the meeting was properly convened and chaired, statutory majorities in number and value were achieved (including 96% in value in favour), the class was fairly represented (inter‑company votes did not alter the statutory majorities), and the arrangement offered a practicable and superior commercial return to creditors compared with the negligible return likely in liquidation.