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

State the definition of equilibrium, State the Definition of equilibrium ...

State the Definition of equilibrium The approach of equilibrium refinements aims at strengthening the definition of equilibrium itself in order to purge others out as possible

Advise alan and brian, Alan and Brian wished to obtain tickets to the Footb...

Alan and Brian wished to obtain tickets to the Football Cup Final at Hambley Park, but the owners of the stadium, Stein Ltd, did not wish to allow Alan and Brian to attend the mat

planned parenthood v. casey opinion, Common law systems such as that in th...

Common law systems such as that in the United States rely on prior decisions as a principal source for determining cases as they arise. a) What are the five ways that precedents

Meeting is unnecessary - meetings and resolutions, Meeting is Unnecessary -...

Meeting is Unnecessary - meetings and resolutions: The purpose of holding general meetings with all the formality which this entails is to give to each member the opportunity

The role of expectation of winning the election, The role of expectation of...

The role of expectation of winning the election The role of expectation, of possibility of winning the election and of policy convergence on choice of agenda. In standard mode

Statutory provisions in applicable in the absence of a deed, Statutory Prov...

Statutory Provisions in Applicable in the absence of a deed However it has been stated that the rights and relations of partners for one another are governed through the conte

Adequacy of consideration - law of contract, Adequacy of consideration - La...

Adequacy of consideration - Law of Contract Well provided that consideration is sufficient, or actual it necessitate not be adequate.  Hence the court will not compare the val

What is the neighbour rule, What is the neighbour rule? Duty of care:...

What is the neighbour rule? Duty of care: There is a duty of care by anyone to other where this can be reasonably foreseen which one’s action may injure another (negligen

What are the types of international law, What are the types of internationa...

What are the types of international law? Two main types of international laws are there, it is public international law and private international law. Public law is law th

Applied laws - judicial elucidation of acts, APPLIED LAWS: However sec...

APPLIED LAWS: However section 2 of the Interpretation and General Provisions Act specified like an "applied law" as:; (a)   here an Act of the legislature of another countr

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