7 Jun 2006
RE UDL HOLDINGS LTD AND OTHERS
- Citation
- RE UDL HOLDINGS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP437/1999
The court sanctioned the proposed Modifications in respect of UDL Holdings and 23 Scheme Participating Subsidiaries but refused to sanction Dockyard's Scheme modifications without the consent of Dockyard's liquidators and creditors; the Disputed Assets (certain Unencumbered Assets and Accounts Receivable of Universal Dockyard Limited not shown to have vested in Newco or otherwise transferred) constitute assets of Dockyard for the purpose of its winding up and are not held on trust for scheme creditors because no effective vesting or transfer occurred at the effective date.