18 Apr 2000
Re Graceful Ease Investment Ltd.
- Citation
- Re Graceful Ease Investment Ltd.
- Court
- Court of First Instance
- Case number
- HCMP428/2000
The court applied the rights test for class constitution and held that internal creditors could be included in the single class because their legal rights were not so dissimilar as to make consultation impossible and no confiscation or injustice was shown. The court found the valuation and exclusion of large disputed claims (Nishimatsu valued at HK$0) was carried out in good faith and therefore permissible for voting purposes. Procedural irregularities were technical and waivable. Given substantial independent creditor support and preserved preferential/security rights, the court exercised it…