18 Apr 2000
Re Universal Dockyard Ltd.
- Citation
- Re Universal Dockyard Ltd.
- Court
- Court of First Instance
- Case number
- HCMP413/2000
The court held that creditors were properly classified under the rights test and that internal (related) creditors could vote as part of the same class because their legal rights in respect of unsecured claims were not so dissimilar as to make consultation impossible; disputed claims valued in good faith may be excluded from voting; procedural irregularities were technical and waived; on the facts there was substantial support from independent creditors and the court would exercise its discretion to sanction all 25 identical schemes subject to the Stock Exchange approval condition.