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Search Results for: Companies Act 1989 151
Chaston v SWP Group plc: CA 2002
The court considered the legislative history of attempts to prevent asset stripping. A liability to pay money was incurred by a company (and payment was in fact made by the company) in order to facilitate the purchase of shares in it. Held: Financial assistance was given in breach of s 151 when the claimant company … Continue reading Chaston v SWP Group plc: CA 2002
Cox v Cox and Skan Dansk Design Limited: ChD 27 Apr 2006
Mrs Cox sought to declarations as to the effect of arrangements made on her divorce in an attempt to avoid contentious proceedings. The couple held equal shares in the family business, but the company registers were missing or had never existed. The husband claimed that the arrangements were provisional pending valuations of the assets. The … Continue reading Cox v Cox and Skan Dansk Design Limited: ChD 27 Apr 2006
Akers and Others v Samba Financial Group: SC 1 Feb 2017
Saad Investments was a Cayman Islands company in liquidation. The liquidator brought an action here, but the defendant sought a stay saying that another forum was clearly more appropriate. Shares in Saudi banks were said to be held in trust for the company, but Saudi law would not recognise such trusts. The shares had been … Continue reading Akers and Others v Samba Financial Group: SC 1 Feb 2017
Braymist Limited and Others v Wise Finance Company Limited: CA 20 Feb 2002
The claimant company set out to sell land whilst it was still only in the process of incorporation. Its solicitors had signed as agents, and now sought an order for the purchaser to complete the contract. The respondent had not known of the non-incorporation of the company. The claimant later rescinded the contract, and forfeited … Continue reading Braymist Limited and Others v Wise Finance Company Limited: CA 20 Feb 2002
Brady v Brady: HL 1988
An employment agreement contravening section 151 of the 1985 Act is unenforceable. The obvious mischief to which section 151 is directed is the case of a bidder financing his bid from the funds of the company acquired. The larger purpose had to be something other than the acquisition of shares, however beneficial the acquisition was … Continue reading Brady v Brady: HL 1988
Sempra Metals Ltd v Inland Revenue Commissioners and Another: HL 18 Jul 2007
The parties agreed that damages were payable in an action for restitution, but the sum depended upon to a calculation of interest. They disputed whether such interest should be calculated on a simple or compound basis. The company sought compound . .