15 Aug 2022
RAINTREE F&B SDN BHD RED SENA BERHAD
- Citation
- WA-28PW-626-11/2019 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-28PW-626-11/2019 (Mahkamah Tinggi)
The court held that the Remaining IPO Proceeds were subject to a Quistclose trust and the Securities Commission Equity Guidelines and prospectus/articles operate to exclude Raintree, the management team and connected persons from participating in the liquidation distribution; distribution of the Remaining IPO Proceeds must be governed by the Equity Guidelines and general equitable principles (not the ordinary pari passu insolvency rule), therefore Raintree is not entitled to the Remaining IPO Proceeds and Prayer 1 is dismissed.