11 May 2022
AI GLOBAL INVESTMENT SPC v. RARE EARTH MAGNESIUM TECHNOLOGY GROUP HOLDINGS LTD
- Citation
- [2022] HKCFI 1317
- Court
- Court of First Instance
- Case number
- HCCW81/2021
The court refused to dismiss the petition but exercised its discretion to grant a short adjournment to allow the creditors' scheme meeting to proceed because there was a realistic possibility that restructuring could benefit creditors and because, on the evidence including the Company's liquidation analysis and recoverable intercompany receivables, the Petitioner satisfied the second core requirement for an unregistered company; a validation order was granted limited to paid-up shares and costs were ordered nisi for the Petitioner.