The parties were members of a company which operated as a quasi-partnership. In discussions it had been agreed that the one third partners shuld be able to require the others to purchase his interest, but no contract was signed. On the claimant wanting to leave, the others appealed an order requiring them to purchase his share at full value.
Held: The Act was intended to protect shareholders from unfair treatment at the hands of other members, but it was not to be extended to require, in effect, a no-fault divorce procedure. The appeal was allowed.
Judges:
Lord Justice Auld, Lord Justice Clarke, Lord Justice Jonathon Parker
Citations:
Gazette 06-Feb-2003
Statutes:
Jurisdiction:
England and Wales
Company
Updated: 28 April 2022; Ref: scu.178447