13 Jan 2004
PEREGRINE INVESTMENTS HOLDINGS LTD (in liquidation) AND ANOTHER v. ASIAN INFRASTRUCTURE FUND MANAGEMENT CO LTD L.D.C. AND OTHERS
- Citation
- PEREGRINE INVESTMENTS HOLDINGS LTD (in liquidation) AND ANOTHER v. ASIAN INFRASTRUCTURE FUND MANAGEMENT CO LTD L.D.C. AND OTHERS
- Court
- Court of Appeal
- Case number
- CACV32/2003
Majority held clause 14 was void for violating the anti-deprivation principle because it operated to transfer PII's valuable shares at gross undervalue upon PIH's insolvency, thereby depriving PIH's creditors of assets that would otherwise benefit them; the principle applies where an arrangement, even if implemented by a subsidiary or third party, has the practical effect of removing value from assets available to the insolvent's creditors; transfers pursuant to clause 14 were void and the defendants' coordinated conduct amounted to an unlawful conspiracy to injure.