15 Aug 2022
Ooi Chih-Jen, Ng Yong Yee and Emily Lee Yen Xin (Intervener) for the Applicant (Raintree F&B Sdn Bhd) [Messrs Chris Lim Su Heng] Ramesh Sathasivam and Lew Chui Ying for the Respondent / Liquidator (Red Sena Berhad) [Messrs Ramesh Dipendra J
- Citation
- KES PASCA PENGGULUNGAN GUAMAN NO. WA-28PW-626-11/2019 (NOMBOR KES ASAL: WA-28PW-382-05/2019) (Mahkamah Tinggi)
- Court
- NOMBOR KES ASAL: WA-28PW-382-05/2019
- Case number
- KES PASCA PENGGULUNGAN GUAMAN NO. WA-28PW-626-11/2019 (NOMBOR KES ASAL: WA-28PW-382-05/2019) (Mahkamah Tinggi)
The Equity Guidelines and Prospectus created an enforceable scheme that excluded pre-IPO investors and management/connected persons from participating in the liquidation distribution; the funds held in the IPO Trust were held for identifiable IPO investors and constituted a Quistclose trust such that the remaining IPO proceeds must be returned to IPO investors who are not Raintree, management team members or connected persons; distribution is governed by equitable principles rather than a general pari passu rule in the SPAC context.