Article preview
A Novel, but Unsound, Approach to Parallel Schemes of Arrangement
Nigel Meeson QC, Partner, Head of Asia Litigation and Restructuring, Conyers Dill & Pearman, Hong KongSynopsis
In Da Yu Financial Holdings Limited1 William Wong SC, sitting as a Deputy Judge in the Hong Kong High Court gave only conditional approval to an unopposed Hong Kong scheme of arrangement. The scheme was parallel to a Cayman scheme already approved by the Cayman Court unconditionally. He imposed the condition entirely on his own motion. He also made obiter remarks as to the necessity to use parallel schemes at all. Neither the decision nor the obiter remarks appear to have a sound legal basis
Copyright 2006 Chase Cambria Company (Publishing) Limited. All rights reserved.