The petitioners sought re-instatement as directors or the winding up of the company. The respondents had offered to buy their shares at more than their break up or liquidation value, at a price equal to a rateable proportion of the company’s assets at the market value of the company as a going concern, with an independent accountant’s valuation. The petitioners rejected the offer because they were not interested in selling their shares at any price. The court rejected that position: ‘It is now manifestly unreasonable for the petitioners to continue to press for a winding up order. That would give them a financial remedy only, but it would be a financial remedy which would inevitably result in a later payment of a lesser sum than could be obtained from the offer that has been made.’
Millett J
[1987] BCLC 562
England and Wales
Cited by:
Cited – CVC/Opportunity Equity Partners Limited and Opportunity Invest II Limited v Luis Roberto Demarco Almeida PC 21-Mar-2002
(Cayman Islands) The respondent was a minority shareholder. An offer was made to buy out his interest. He petitioned for the winding up of the company on the just and equitable ground. The claimants obtained an injunction to prevent him doing so, . .
Lists of cited by and citing cases may be incomplete.
Updated: 16 August 2021; Ref: scu.192624