14 Jul 1998
RE TIAN AN CHINA INVESTMENTS CO LTD AND OTHERS
- Citation
- RE TIAN AN CHINA INVESTMENTS CO LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP2865/1998
The court confirmed the reductions because the applicants satisfied the Thorne criteria: shareholders treated equally and unaffected; creditors' interests are adequately safeguarded by the undertaking to create an undistributable special reserve recorded in the accounts; and there is a bona fide discernible purpose (to enable rapid capital raising if required) rather than an attempt to circumvent section 50.