30 Nov 2007
RE FALCON INSURANCE CO (HONG KONG) LTD
- Citation
- RE FALCON INSURANCE CO (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCMP1700/2007
The petition was granted because the proposed reduction served legitimate and explained purposes (writing off permanent accumulated losses and reflecting cancellation of a promissory note), the company remained solvent with substantial claim reserves and a high solvency ratio, the Insurance Authority raised no objection, and adequate creditor protection was provided by the court-accepted undertaking and special reserve mechanism.