5 Jun 2002
RE ALBATRONICS (FAR EAST) CO. LTD.
- Citation
- RE ALBATRONICS (FAR EAST) CO. LTD.
- Court
- Court of First Instance
- Case number
- HCMP894/2002
The court sanctioned the Shareholders' Scheme and Creditors' Scheme because the court-ordered convening, notice and voting procedures under s.166 were complied with and the requisite statutory majorities were attained; Nam Tai was not treated as a separate class because its interests were private rather than altering legal rights; the apportionment to shareholders, although approximately 8.46%, qualified as a token/sweetener in the circumstances; and an intelligent and honest member of the classes might reasonably approve the Schemes, so the court properly exercised its discretion to sanction…