Re Abbey Leisure: CA 1990

A minority shareholder had brought a petition to wind up the company, saying the project for which it had been created was complete. An offer was made to purchase his shares. He rejected the offer to purchase his shareholding at an accountant’s valuation. He appealed a striking out of his petition on the grounds that his rejection was unreasonable.
Held: Appeal allowed. The accountant’s offer would include some discount for the fact that the shares were in a minority shareholding, and he would achieve a better figure by the machinery available in a winding up.
[1990] BCLC 342 CA, [1990] BCC 60
Insolvency Act 1986 125(2)
England and Wales
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Updated: 09 December 2020; Ref: scu.192621