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 [2021] 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 ...
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