25 Jun 2003
RE GOLDBOND GROUP HOLDINGS LTD
- Citation
- RE GOLDBOND GROUP HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCMP1891/2003
The statutory prerequisites under section 58 were satisfied and, on the facts, the four judicial criteria were met: shareholders were treated equitably (with amendments to the articles and consent from the convertible preference shareholder), the proposals were properly explained, creditors were adequately protected by tailored undertakings and special capital reserves, and the reduction had discernible commercial purposes; accordingly the court exercised its discretion to confirm the reduction of capital.