20 Aug 2003
RE BMAINTAIN PROFITS LTD
- Citation
- RE BMAINTAIN PROFITS LTD
- Court
- Court of First Instance
- Case number
- HCCW345/2002
The court held that provisional liquidators' remuneration should be charged on a Panel A time-cost basis and paid out of the parent companies' assets; further, acting within the express powers in the Appointment Order, the provisional liquidators may, as shareholders of BF, pass resolutions for BF to indemnify them and to have BF pay their remuneration and counsel costs provided (i) the indemnity only covers actions in relation to BF and (ii) the resolutions cease to apply if a petition to wind up BF is presented; the shareholders' resolutions of 6 November 2002 fall within the provisional li…