11 Jan 1999
IN RE GOODWAY LTD.
- Citation
- IN RE GOODWAY LTD.
- Court
- Court of First Instance
- Case number
- HCCW162/1998
Because the proposed liquidators accepted indemnity terms (notably a clause requiring the guarantor's prior approval for drawing remuneration and a clause effectively requiring prior approval for exercise of powers) that created a real risk and appearance of loss of independence and control by a single major creditor, the court refused their appointment and ordered the Official Receiver to continue as liquidator; a Committee of Inspection was appointed; costs were ordered nisi against Pirelli Cables Ltd.