Winding up on, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Winding up on

Unauthorized contracts - company secretary, Unauthorized Contracts: It...

Unauthorized Contracts: It may sometimes happen that a company's agent, while entering into a contract on behalf of the company, exceeds his powers under the articles of assoc

Corporation aggregate - types of corporations, Corporation Aggregate - ...

Corporation Aggregate - Types of Corporations However this is a legal entity formed through at least two people and whose membership at any one time legally concludes of a

Who can apply for registration with sehda, QUESTION a) How is the term ...

QUESTION a) How is the term "investor" defined in the Investment Promotion Act? b) In what ways can the Board of Investment (BOI) assist in business facilitation and Public-Pr

What is meant by ratio decidendi, Question: (a) Explian the various sta...

Question: (a) Explian the various stages that a Bill must go through before it becomes enforceable as a Law in Mauritius. (c) Mr. Vijay is the tenant of a house situated at

Article 1 - state responsibility, Article 1 - State Responsibility The ...

Article 1 - State Responsibility The laws on state responsibility are derived from state practices and various other customs and practices. However the main text on the law of

List eight main objectives of tax treaties, QUESTION (a) List eight mai...

QUESTION (a) List eight main objectives of tax treaties (b) Explain carefully how cases of dual residence for both individuals and companies would be resolved by the applica

Define the principle of prescription, Define the principle of prescription ...

Define the principle of prescription Prescription   (res  nullius-an  asset susceptible of acquisition but presently under the ownership or sovereignty of no legal person). Pr

Payee - negotiable instruments, Payee - Negotiable Instruments Some th...

Payee - Negotiable Instruments Some the payee like: (i) Section 7(1) gives such where a bill is not payable for the bearer, such the payee must be named otherwise indicated

Explain about international civil aviation organization, What is Internatio...

What is International Civil Aviation Organization The Chicago Convention on International Civil Aviation 1944 governs and regulates the laws of air space and outer space. Furth

Theory of contract law, Mary has just graduated from LIM College and is in ...

Mary has just graduated from LIM College and is in an interview with ABC Design Firm.  ABC employees several talented designers that work with ABC retail clients to design lines of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd