9 Mar 2005
RE CANADA LAND LTD
- Citation
- RE CANADA LAND LTD
- Court
- Court of First Instance
- Case number
- HCMP3032/2004
The court confirmed the reduction because the reduction was for a discernible purpose (to reflect realised permanent losses), the special resolution was validly passed, auditors supported the permanence of the losses, and adequate protection for creditors was secured by the undertaking and the application of section 79C; accordingly the statutory requirements for confirmation under s.59(1) were satisfied and section 59(2) was dispensed with.