Eleanor Davies considers the situation where shares are gone upon winding up
What can you do if you think the sole director of the company you have a shareholding in has given away all its assets? Is a just and equitable winding up justifiable where there is uncertainty as to a liquidator’s claims and the company’s assets? Can all breaches of director’s duties be ratified?
The recent Jersey Royal Court judgment in Re Greyhound Electromechanical Limited  JRC 249 explores all these questions, and more, in a case involving director misbehaviour and shareholder acquiescence.
The facts were simple. They involved an investment through a Jersey company in a Qatari steel business, jointly owned with a Qatari local business partner. The key transaction was the giving away of the ...