Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Validation order s182

Legal area

Court

13 May 2024

RE AETHER LTD

Citation

[2024] HKCFI 1288
Court

Court of First Instance
Case number

HCCW397/2020

Validation under s182 was granted because the chargee lawfully exercised its power of sale, the transfer would cause no disadvantage or detriment to any person with a conceivable interest (shares fully paid up, no prejudice to creditors), the liquidators and receivers did not object, and there was no legal bar (pre-emption or redemption) to validation; accordingly the court exercised its discretion to validate the transfer to Chang An or such purchaser as Cinda or its receivers may determine.
11 May 2022

AI GLOBAL INVESTMENT SPC v. RARE EARTH MAGNESIUM TECHNOLOGY GROUP HOLDINGS LTD

Citation

[2022] HKCFI 1317
Court

Court of First Instance
Case number

HCCW81/2021

The court refused to dismiss the petition but exercised its discretion to grant a short adjournment to allow the creditors' scheme meeting to proceed because there was a realistic possibility that restructuring could benefit creditors and because, on the evidence including the Company's liquidation analysis and recoverable intercompany receivables, the Petitioner satisfied the second core requirement for an unregistered company; a validation order was granted limited to paid-up shares and costs were ordered nisi for the Petitioner.