22 Jan 1999
IN RE CAPITAL ASIA LTD.
- Citation
- IN RE CAPITAL ASIA LTD.
- Court
- Court of First Instance
- Case number
- HCMP5475/1998
The court confirmed the capital reduction only on the condition that the Company give a fresh undertaking that all future recoveries from the specified investments, collectively and up to an aggregate amount of HK$497,509,863.52, be credited to a special non‑distributable reserve for the benefit of creditors; pooled application of recoveries best protects creditors and is necessary for the court to exercise its discretion to confirm the reduction.