30 Jun 2014
RE KB (ASIA) LTD
- Citation
- RE KB (ASIA) LTD
- Court
- Court of First Instance
- Case number
- HCMP307/2013
The Scheme was not sanctioned because the court was not satisfied that the classes were properly constituted: Rak Industries Limited, as holder of a floating charge over receivables, had legal rights materially dissimilar to unsecured creditors and should not have been treated as part of the unsecured class; additionally related/family creditors had collateral interests so their votes should be discounted; as a result a statutory majority was not achieved and the Scheme failed.