10 Aug 2005
RE THE INCORPORATED OWNERS OF FOREMOST BUILDING
- Citation
- RE THE INCORPORATED OWNERS OF FOREMOST BUILDING
- Court
- Court of First Instance
- Case number
- HCCW47/2004
The court directed that (1) the s34 BMO right of action is an asset of the corporation and its value equals the amount required to discharge the corporation's debts and liabilities (net of assets in hand); (2) post-liquidation interest under s264A Cap.32 is a statutory obligation of the liquidator and not a corporate debt for purposes of s34; (3) the liquidators are sanctioned under s199(1)(b) Cap.32 to establish a contingency fund under s20(2) BMO (subject to s20A tendering rules where applicable) to meet estimated costs and expenses which, under s22(3), become presently payable debts; and (…