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Function of the Court:
In Scottish Insurance Corporation Ltd v. Wilsons & Clyde Coal Co. Lord Simmons stated:
"But important though its task is to see that the procedure by which a reduction of capital is carried through is formally correct and that creditors are not prejudiced, it has the further duty of satisfying itself that the scheme is fair and equitable between the different classes of shareholders". Therefore the court would therefore, not confirm a scheme of reduction if it is of the view that it is not "fair and equitable" to any of shareholders.
Effects of an Order for Compulsory Liquidation: The effects of the order are follows as are: (a) the Official Receiver (an Official of the High Court whose duties relate ma
State Montevideo Convention Montevideo Convention states : "The political existence of the state is independent of recognition by other States. Even before recognition the st
DIVIDENDS: As a commercial term, the word "dividends" has a variable meaning which depends on the context in which it is used. For purposes of company law, it denotes the paym
Q. Statutory task force on phoenix activity ? A long term option could be the establishment of a statutory task force on phoenix activity. This could be supported by all the re
ADVANTAGES: Therefore some of the advantages or strong point of delegated legislation are:as; (a) Compensation of lost Parliamentary time Conversely parliamentarians a
Contingent and prospective liabilities of the company: A creditor who petitions on grounds of the company's insolvency may rely on any of the following situations to show (as
"Detriment" as consideration An example of a 'detriment' that will legally suffice like the consideration for a promise is provided with the case of Carlill v. Carbolic Smoke
Enumerate the Working of coordination mechanism Take interesting case which will clarify the working of coordination mechanism better. If a member State in EMU, defaults on it
Q. What do you mean by Garnishee Orders? The ATO has the power to issue garnishee orders which allow recovery of debts from a person's bank account, wage or from people who owe
1. How does the Melian dialogue represent key concepts such as self-interest, the balance of power, alliance, capabilities, empires and justice? Athenian leaders arrive on the is
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