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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.
Trade Unions: Trade Unions are registered under s.11 of the Trade Unions Act 1952 with the primary object of regulating the relations between employees and
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
Resolutions: A meeting reaches a decision by passing a resolution. There are two kinds of resolution, ie. (a) an ordinary resolution which is carried by a simple majority
Necessity - Law of Agency and Partnership Therefore an agency of necessity may subsist either domestic or commercial: Commercial Agency of Necessity: Although
Classification of Precedent So as a precedent may also be classified as like; An original precedent whether it is one that creates and applies a new legal rule; o
What is the difference between an express term and an implied term? Provide me with an example of each.
Service of Notice: Section 134 (a) provides that, unless the articles of the company make other provision in that behalf, notice of the meeting of a company shall be served on
It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on indi
Q. Show the Suggested actions to address phoenix activity? There have been a range of options identified by previous works on phoenix activity, such as the Cole Inquiry and Tre
Partnership Property Partnership property comprises all property originally brought in the partnership as well like acquired for the purposes of such the firm's businesses. Th
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