Judgment
CMB International Securities Limited v Oakwise Value Fund SPC - Judgment
Civ App 0009/2023 · 2024-06-13
Flexible balance sheet insolvency test under section 224(1)(a) of the Companies Act; Validity of post-redemption suspension of payments under Article 15 of SPC’s Articles; Weight of unaudited financial statements in insolvency proceedings; Discretionary refusal of receivership despite apparent insolvency; Priority of creditor claims over shareholder interests in insolvency context
Full metadata
| Cause Number | Civ App 0009/2023 |
|---|---|
| Court | CICA (Civ) |
| Judge | Field JA, Goldring P, Moses JA |
| Parties | CMB International Securities Limited v Oakwise Value Fund SPC - Judgment |
| Judgment Date | 2024-06-13 |
| Subject | Flexible balance sheet insolvency test under section 224(1)(a) of the Companies Act; Validity of post-redemption suspension of payments under Article 15 of SPC’s Articles; Weight of unaudited financial statements in insolvency proceedings; Discretionary refusal of receivership despite apparent insolvency; Priority of creditor claims over shareholder interests in insolvency context |
| Filename (current) | 24-06-13_cmb_international_securities_limited_v_oakwise_value_fund_spc__judgment.pdf |
Legislation cited
| Statute | Sections cited | Mentions |
|---|---|---|
| Companies Act | 224 and 225 | 3 |
| Companies (Amendment) Law, 2007 (amending) | — | 2 |
| Court of Appeal Act | 20 (3) | 2 |
| Mutual Funds Act | — | 2 |
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