4 Aug 2003
RE SWANK INTERNATIONAL MANUFACTURING CO LTD
- Citation
- RE SWANK INTERNATIONAL MANUFACTURING CO LTD
- Court
- Court of First Instance
- Case number
- HCMP2580/2003
The court confirmed the reduction because the Company was authorised by its articles and special resolution, the reduction treated shareholders equally and was adequately explained, it served discernible commercial purposes (elimination of accumulated losses and facilitation of capital raising), and creditors were sufficiently safeguarded by the bespoke undertaking establishing a capped Special Capital Reserve for recoveries of non‑permanent losses.