Re Mbf Asia Capital Copporation Holdings Ltd.

HCMP003816/2000

HCMP 3815/2000

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO. 3815 OF 2000

____________

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO. 3816 OF 2000

____________

____________

Coram: The Hon Chung J in Court

Date of Hearing: 26 September 2000

Date of Judgment: 26 September 2000

_____________________

J U D G M E N T

_____________________

1. I am informed by the Petitioners that:-

(1) meetings were held for the purpose of considering and approving the schemes of arrangement;

(2) advertisements and Notices were duly and timely placed and issued.

2. No one appears today to oppose the Petitions. Having heard the Petitioners, I find that:-

(a) the provisions of the statute have been complied with;

(b) the class of creditors was fairly represented by those who attended the meeting;

(c) no minority creditor has been coerced;

(d) the schemes of arrangement are such as an intelligent and honest man, a member of the class concerned and acting in respect of his interest, might reasonably approve.

3. The salient facts of these Petitions are:-

(1) in HCMP 3815/00, there is only 1 class of creditors whereas in MP 3816/00, there are 2 classes, namely, secured and unsecured scheme creditors;

(2) all the scheme creditors are banks or financial institutions. It is probable that independent professional advice was available to those scheme creditors;

(3) the schemes are the product of a series of negotiation involving the principal and leading scheme creditors;

(4) 100% of the scheme creditors present and voting at the meetings approved the schemes of arrangement.

4. In these circumstances, I find it appropriate to exercise my discretion to sanction the schemes of arrangement.

Representation:

Mr John Scott, S C leading Mr William Wong instructed by Messrs Yolanda Fan & Co, for the Petitioners