4 Jun 2021
RE CHINA OIL GANGRAN ENERGY GROUP HOLDINGS LTD (the “Company”)
- Citation
- [2021] HKCFI 1592
- Court
- Court of First Instance
- Case number
- HCCW120/2019
The court sanctioned the Hong Kong scheme under s673 because it was for a permissible purpose, creditors were properly classed, statutory majorities and information requirements were satisfied, the scheme provided a materially better outcome than liquidation, the drafting error in Clause 69 could be corrected post-meeting without prejudicing creditors, and the scheme has sufficient connection with Hong Kong to be effective; a parallel Cayman scheme was unnecessary in the circumstances and unjustified by the facts presented.