The Court of Appeal held that whilst the Judge below correctly identified the law he subsequently erred in applying it to the pleaded claim. The pleaded (disputed) personal conduct of the shareholder and directors (which largely related to steps taken in pursuit of the recovery of their costs of previous...
As a general principle, a company may make “distributions” to shareholders out of profits available for the purpose, but not out of capital. The circumstances in which a company may properly make distributions to its shareholders are governed by two sets of rules: those in Part 23 of the Companies Act 2006,...
Following his ruling that his failure to provide the minority with the Company’s financial statements as required by the Company’s articles constituted unfair prejudice, Leon J had ordered that the majority shareholder buy the shares of the minority. The Eastern Caribbean Court of Appeal upheld his finding of...
The court was required to determine issues in the administrations of two Lehman Brothers companies (P and L) concerning the priority of certain subordinated debts for the purpose of distributing funds in the administrators' hands. P and L were intermediate holding companies in the Lehman Brothers group. L was the...
Summary The purchaser of a commercial unit successfully established fraudulent misrepresentation where the vendor had deliberately failed to disclose that the electricity supply to the unit came through another unit, whose owner was entitled to cut off the supply, and had also told the purchaser that a problem with the...