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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.
Court of Appeal - Establishment and Composition Establishment Therefore the Court of Appeal was established on date 28th October in year 1977 through Section 64(1) of t
Compromise or arrangement - reconstructions: A scheme of arrangement is very flexible since it may be used to effect any "compromise or arrangement" with members or a class of
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STATUTORY PROVISIONS: Article 4 of Table A permits a company to vary the rights attached to any class of shares if the proposed variation is consented to in writing by the hol
Judicial Control: Conversely the courts can declare any law made as subsidiary legislation to be invalid or unacceptable under the ultra vires doctrine. Thus the law may be de
LEGISLATIVE OR PARLIAMENTARY CONTROL: (i) Parliamentary approval and (ii) Ministerial approval and (iii) Publication into the England Gazette and
Derivative action: In Nurcombe v Nurcombe Lawton L J stated that a derivative action is a procedural device for enabling the court to do justice to a company controlled by mis
Mr Zamora was apparently worried. Not everything was going his way. It was already 6.00 p.m. and his car had broken down. He had to travel to the Mexico City airport to leave fo
Appointment of Arbitrators However under sec 12(1) the parties are free just for agree on the procedure of appointing arbitrators. Therefore under sec 31(1) the parties are
Question 1: Should the Judicial Committee of the Privy Council be maintained at the summit of the hierarchy of our judicial system? Critically discuss on the above. Ques
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