What are the circumstances in which a sale of assets at an undervalue by a company to, or at the behest of, a shareholder in the company should be held ultra vires on the ground that, in substance, the sale is an unlawful distribution in disguise?
Judges:
Mummery, Toulson and Elias LJJ
Citations:
[2009] EWCA Civ 629, [2010] 1 BCLC 1, [2009] BPIR 1121, [2009] Bus LR 1535
Links:
Jurisdiction:
England and Wales
Cited by:
Appeal from – Progress Property Company Ltd v Moorgarth Group Ltd SC 8-Dec-2010
The appellants appealed against rejection of their claim that there had been an unlawful distribution of capital when the appellant had sold the share capital of a subsidary at an undervalue to the respondent purchaser. The valuation had . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 06 December 2022; Ref: scu.347221