19 Apr 2004
NG CHAN NING v. MI FUNG BEADS CO LTD AND OTHERS
- Citation
- NG CHAN NING v. MI FUNG BEADS CO LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCCW224/2004
Because on the evidence the Company was solvent and trading modestly profitably, and the directors' reasons for proposed dispositions were such that an intelligent and honest person could hold them, the court granted validation orders limited to payments in the ordinary course, payment of debts up to 29 Feb 2004, future ordinary trading purchases, repayment of Dah Sing and Citibank (and sale of linked units 508, 509 and B13 to effect those repayments) subject to monitoring safeguards; validation to repay DBS or to validate unspecified shareholder repayments was refused for lack of necessity o…