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

Resource journal, For the resource journal, you'll need to assemble: An ...

For the resource journal, you'll need to assemble: An Award and an Agreement plus a minimum of three samples of legislation that have grievance and/or dispute resolution process

What is the use of self defence, What is the  use of self defence The ...

What is the  use of self defence The controversy regarding the use of self defence is the 'anticipatory self-defence'. Those with a restrictive view state that it no longer e

Capacity to become a partner - partnership law, Capacity to Become a Partne...

Capacity to Become a Partner - Partnership Law Competence to enter in partnership is co-extensive about capacity to contract.  Actually an infant may enter in a contract eithe

Paralegal, Is there a demand for paralegals in the blackbelt area of alabam...

Is there a demand for paralegals in the blackbelt area of alabama

Consistent with the written law, Consistent with the written Law Howev...

Consistent with the written Law However Islamic law is the law based on the Holy Koran and the teachings of the Prophet Mohammed as defined in his Sayings called "Hadith".

Who are the persons to whom administrative law apply, Question 1: Trace...

Question 1: Trace the development of administrative law in the English legal system from its questioned beginning to the present day. What recognition is it being given today i

Administrative law, QUESTION Miss Titch Herr, a newly appointed educati...

QUESTION Miss Titch Herr, a newly appointed education officer, starts her day at No Nonsense State Secondary School (NNSSS), an institution wholly subsidized from public funds

Rules relating to an offer - law of contract, Rules Relating to an Offer - ...

Rules Relating to an Offer - Law of Contract However the case law relating to an offer has established the following rules: 1. Such offer may be oral plus written or may be

Nature of a company, Nature of a Company: There is no precise legal de...

Nature of a Company: There is no precise legal definition of "a company". This is due to historical reasons which are too lengthy to be narrated in this text. Suffice it to sa

Publication of name, Publication of Name:                             ...

Publication of Name:                             Section 109(1) requires every company (except one exempted under s.21): (a)     To paint or affix its name in a conspicuous

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