Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Trust over assets

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP417/2000

    Court sanctioned the proposed modifications to the schemes for the Company and 23 of its subsidiaries but declined to sanction Dockyard's scheme modifications without the liquidators' consent; the Disputed Assets (certain Unencumbered Assets and Accounts Receivable of Dockyard not vested in Newco or realised at the commencement of liquidation) were held to constitute assets of Dockyard available to the liquidation because no trust had been constituted in respect of them by virtue of the Scheme absent actual vesting/receipt; consent of the liquidator is required to vary a scheme affecting a co…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP431/2000

    The court sanctioned the Modifications in respect of the Company and 23 Scheme Participating Subsidiaries because the meetings were properly constituted, the explanatory statement was sufficiently fair, and the result fairly reflected creditors' views; however the court has no jurisdiction to sanction modifications as regards Dockyard without the consent of its liquidators, and because the Disputed Assets had not been vested in Newco or otherwise transferred at the commencement of Dockyard's winding up they constitute assets of Dockyard to be dealt with in the liquidation rather than trust as…

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP427/2000

    The court sanctioned the proposed Modifications for the Company and 23 subsidiaries because the meetings were properly constituted, the result fairly reflected creditor views and disclosure was not so deficient as to vitiate consent; however, the court held it lacked jurisdiction to sanction modifications to Dockyard's scheme without the liquidators' consent and ruled that the Disputed Assets (Unencumbered Assets and Accounts Receivable that had not been transferred or realised into the scheme account) are assets of Dockyard in the winding up and are not subject to the Scheme's trust.

  • 7 Jun 2006

    RE UDL HOLDINGS LTD AND OTHERS

    Citation
    RE UDL HOLDINGS LTD AND OTHERS
    Court
    Court of First Instance
    Case number
    HCMP436/1999

    The court sanctioned the proposed Modifications for the Company and 23 subsidiary schemes because meetings were properly constituted, sufficient disclosure was made for voting, and the result fairly reflected creditors' views; however the court held it lacked jurisdiction to sanction modifications to Universal Dockyard Limited's scheme without the liquidators' consent and directed that the Disputed Assets that had not been transferred or remitted under the Scheme constitute assets of Dockyard for the purposes of its winding up, with scheme creditors able to prove in liquidation for amounts no…