21 Jul 2006
The court sanctioned the modifications because proper procedures were followed (circular to creditors, advertised notice, convened meeting), a substantial majority of creditors (94.7% by claim value) voted in favour, and the liquidators indicated consent, thereby satisfying the requirements for sanction under the Companies Ordinance and established practice.
7 Jun 2006
The court sanctioned the proposed Modifications as they fairly reflected the views of the consenting creditors and disclosure was adequate for sanction for the Company and 23 subsidiaries, but refused to sanction Dockyard's modification because a company in liquidation requires the liquidator's consent; further, because the Disputed Assets had not been transferred or received into the Scheme they remain assets of Dockyard in its winding up and are not subject to a trust for scheme creditors.
7 Jun 2006
The court sanctioned the Modifications in respect of the Company and 23 Scheme Participating Subsidiaries because the meetings were properly constituted, the explanatory statement was sufficiently fair, and the result fairly reflected creditors' views; however the court has no jurisdiction to sanction modifications as regards Dockyard without the consent of its liquidators, and because the Disputed Assets had not been vested in Newco or otherwise transferred at the commencement of Dockyard's winding up they constitute assets of Dockyard to be dealt with in the liquidation rather than trust as…
7 Jun 2006
The court granted sanction to the proposed Modifications in respect of the Company and 23 Scheme Participating Subsidiaries but adjourned sanction for Universal Dockyard Limited because the liquidators had not consented; the Disputed Assets were held to be assets of Dockyard for the purposes of its winding up and not held on trust for scheme creditors because there had been no vesting or transfer of legal title or effective segregation to create a trust at the commencement of the winding up; accordingly the court lacked jurisdiction to sanction modifications affecting Dockyard without the liq…