The petitioner claimed unfair prejudice under section 459. The company was a licensee of a farm and he sought to recover possession.
Held: The petition failed. In reality he was seeking to promote his interests as freeholder in the land, and not his interests as a shareholder in the company.
Warner J said: ‘It is well established . . that the interests of a member of a company that the court has jurisdiction to protect under section 459 are only his interests as a member. While those interests are not necessarily limited to his strict legal rights under the constitution of the company, they do not extend to interests of his in some other capacity.’
Judges:
Warner J
Citations:
[1992] BCLC 213
Statutes:
Cited by:
Cited – Re Haden Bill Electrical Ltd 1995
The petitioner had had in practice control of the company as chairman and though he owned only 25% of the shares. His own company loaned andpound;200,000 to the company as working capital. He complained that he had been removed as a director.
Cited – In the Matter of Pectel Limited; O’Neill; O’Neill v Phillips; Phillips and Pectel Limited CA 1-May-1997
The petitioners sought either the purchase of their shares, or the winding up of the company alleging unfair prejudice in the management of the company. The defendants argued that what was complained of did not fall within section 459 since it was . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 10 May 2022; Ref: scu.264075