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HCMP 413/2000
IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
MISCELLANEOUS PROCEEDINGS NO. 413 OF 2000
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IN THE MATTER of Universal Dockyard Limited |
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and |
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IN THE MATTER of the Companies Ordinance Chapter 32 of the Laws of the Hong Kong Special Administrative Region |
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Before: Hon Kwan J in Court
Date of Hearing: 21 July 2006
Date of Judgment: 21 July 2006
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J U D G M E N T
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1. On 7 June 2006, I sanctioned the modifications to each of the schemes of arrangement relating to UDL Holdings Limited and 23 of its wholly owned subsidiaries. For the reasons given in the judgment, I have adjourned the petition to sanction the modifications to the scheme of Universal Dockyard Limited (“Dockyard”) to a date to be fixed. This is the adjourned hearing.
2. Subsequent to my judgment, the liquidators of Dockyard issued a circular to all its identified creditors on 20 June 2006 to convene a creditors' meeting on 30 June 2006, for the purpose of ascertaining their wishes regarding the modifications. In the circular, the liquidators set out the options available to the creditors and the implications of each option. A notice of the creditors' meeting was also advertised on 23 June 2006.
3. Forty creditors attended the meeting in person or by proxy, holding claims totalling approximately $657.2 million. Creditors with 94.7% of the total claims voted in favour of the modifications.
4. Accordingly, the liquidators on behalf of Dockyard have indicated they will consent to the modifications of Dockyard's scheme.
5. For the above reasons, and for the reasons given in my earlier judgment, I hereby give sanction to the modifications of the scheme relating to Dockyard.
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(S Kwan)
Judge of the Court of First Instance
High Court |
Mr Jose Maurellet, instructed by Messrs Clifford Chance, for the Scheme Administrator
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