18 Mar 2008
RE PEREGRINE INVESTMENTS HOLDINGS LTD. AND ANOTHER
- Citation
- RE PEREGRINE INVESTMENTS HOLDINGS LTD. AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCCW20/1998
For creditors who have contractual claims including deferred interest, they are entitled to continue receiving dividends from both estates until the full contractual claim is satisfied; however, PIHL cannot be subrogated to the Guaranteed Creditors' rights against PDL because interim dividends paid by PIHL were post-proof payments not appropriated to the debts, the rule against double proof prevents PIHL competing with creditors in PDL's liquidation, and therefore no subrogation arises and any surplus received by Guaranteed Creditors is held on trust for PIHL.