11 Feb 1974
RE TAY CHUAN-SENG
- Citation
- RE TAY CHUAN-SENG
- Court
- Court of First Instance
- Case number
- HCB34/1972
The application to approve the scheme was dismissed because the statutory facts in s.30(4) were established (assets insufficient and books not available) and the proposal failed to provide reasonable security for at least 25% of unsecured provable debts; the security offered (monthly salary instalments, employer guarantee and speculative West Irian debts) was held not reasonable under s.20(10).