Winding up on, Business Law and Ethics



Unlike the other five grounds this one is widely interpreted and it is no objection that the petition is based on facts unlike the other grounds, (i.e. the ejusdem generis rule does not apply) or facts without precedent (as regards the just and equitable ground itself.  The just and equitable ground is usually relied on by a member (contributory) who is dissatisfied with or is at loggerheads with the directors or controlling shareholders over the management of the company.  But something more than dissatisfaction is needed to make it just and equitable that the company should be wound up.  Although the court has a wide discretionary power, winding up orders have been made in the following situations:

The substratum of the company has gone, i.e. the only main object(s) of the company (its underlying basis or substratum) cannot be or can no longer be achieved:

                                                  Case: RE GERMAN DATE COFFEE CO. (1882)

The objects clause specified with much particularity that the sole object was to manufacture coffee from dates under a German patent.  The German government refused to grant a patent.  The company manufactured coffee under a Swedish patent for sale in German.  A contributory petition for compulsory winding up.

Posted Date: 1/15/2013 4:45:58 AM | Location : United States

Related Discussions:- Winding up on, Assignment Help, Ask Question on Winding up on, Get Answer, Expert's Help, Winding up on Discussions

Write discussion on Winding up on
Your posts are moderated
Related Questions
Question 1: Discuss the legal relationship between a bank and its customer with reference to the responsibilities of the parties towards each other. Question 2: This qu

Statutory power - mergers and winding up: It is usual to proceed under s.207 as there are technical difficulties over s.300 procedure.  The liquidator's powers to reach a comp

Commencement of Business: Section III (1) provides that a public company which has issued a prospectus cannot commence business or exercise any borrowing powers unless:-

how can a receiving order be rescinded?

Functions of Law: we discuss like, how can be utilized Functions of Law:;- are (i)         For Rules of law facilitate administration of justice.  It is an instrument used

ali send an offer to bakar on 13/9/2010 by fax.on 14/9/2010 ali change his mind and revoke the offer by fax unfortunately bakar''s fax machine not working and ali call for bakar. b

Bagra Used Cars Ltd. has as the most prominent show on its lot an immaculate, highly polished model which rotates slowly on a raised circular platform under powerful floodlights. T

XYZ Ltd has 1000 members and it has adopted a constitution. Matt is one of the directors of XYZ Ltd. Matt has made a gift of $10,000 to his wife, Melissa out of the Company's funds

Ex-Ship Contracts - Import and Export Trade Therefore whether goods are sold ex ship, such the duties of the seller are-like; (i) To deliver the goods to the buyer from suc

Recognition of disputes Recognition of disputes relates to a State not recognizing a certain dispute. However, if the whole world acknowledges a certain dispute then it is nece