10 Mar 2000
EXCEL NOBLE DEVELOPMENT LTD. AND ANOTHER v. WAH NAM GROUP LTD.
- Citation
- EXCEL NOBLE DEVELOPMENT LTD. AND ANOTHER v. WAH NAM GROUP LTD.
- Court
- Court of First Instance
- Case number
- HCCW130/2000
The court refused validation of the Pioneer Dragon subscription/set-off (item 1) because the loan was an unsecured post-petition advance and validating the set-off would unfairly prefer that creditor over the general body of unsecured creditors; the application as presented for item 1, being 'all or nothing', therefore failed. The court declined to validate the transfer/placing of existing shares (item 2(a)) and the commission (item 2(c)) because the prior transfer to Mr Chim had not been validated and the company failed to discharge the burden of showing validation was proper. The court vali…