18 Apr 2000
Re UDL Employment Services Ltd.
- Citation
- Re UDL Employment Services Ltd.
- Court
- Court of First Instance
- Case number
- HCMP419/2000
The court applied the rights-based test for class constitution and held that internal creditors (including subsidiaries) were properly included in the voting class because their legal rights as to unsecured claims were not so dissimilar as to make consultation impracticable; disputed claims properly valued at zero after bona fide assessment may be excluded from voting; identified technical irregularities were waived; substantial independent creditor support existed and therefore the court would exercise its discretion to sanction the 25 Schemes, subject to the Stock Exchange approval conditio…