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WINDING UP ON:
"THE JUST AND EQUITABLE GROUND":
Unlike the other five grounds this one is widely interpreted and it is no objection that the petition is based on facts unlike the other grounds, (i.e. the ejusdem generis rule does not apply) or facts without precedent (as regards the just and equitable ground itself. The just and equitable ground is usually relied on by a member (contributory) who is dissatisfied with or is at loggerheads with the directors or controlling shareholders over the management of the company. But something more than dissatisfaction is needed to make it just and equitable that the company should be wound up. Although the court has a wide discretionary power, winding up orders have been made in the following situations:
The substratum of the company has gone, i.e. the only main object(s) of the company (its underlying basis or substratum) cannot be or can no longer be achieved:
Case: RE GERMAN DATE COFFEE CO. (1882)
The objects clause specified with much particularity that the sole object was to manufacture coffee from dates under a German patent. The German government refused to grant a patent. The company manufactured coffee under a Swedish patent for sale in German. A contributory petition for compulsory winding up.
Legal justification - Constructive notice: The legal justification for this rule is that since the company's public documents in its file at the Companies Registry are availab
VOIDABLE ALLOTMENTS: An allotment of shares is voidable if it is made in breach of- a) Section 49 (1): by having been made before the minimum subscription was raised o
QUESTION 1 The Bank of Mauritius has got various objects. It has therefore got various functions and powers in order to achieve the attainment of its objects. Discuss QUEST
Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
Every person is having different set of knowledge and skill with them which is different from other individual, this difference in skill and knowledge factor among various individu
QUESTION (i) Briefly explain the following in relation to the legal structure of Mauritius- Legislative branch Executive branch Judiciary branch Local Government
General Crossing - Crossing on a Cheque Section S.76 (1) since such provides about whenever a cheque bears across its face an addition of described below: The words such
Rights of Guarantor Against the Debtor Therefore the guarantor's rights alongside the debtor are: like; (a) Before the payment has been made, whereas to compel the debtor t
Contingent and prospective liabilities of the company: A creditor who petitions on grounds of the company's insolvency may rely on any of the following situations to show (as
Fraudulent Trading: Under s.323, if the court finds that the business of a company in liquidation has been carried on with intent to defraud creditors or for any fraudulent pu
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