Judgment
In the Matter of Ascot Fund Ltd - Judgment
[2021] CIGC (FSD) 3
· FSD 0003/2019 (IKJ) · 2021-01-28
Solvent liquidation of fund company-distribution rights of members-contractual right to pari passu distribution before and after commencement of winding-up-distribution of proceeds of pre-liquidation settlement of New York proceedings in a manner preferential to members with small shareholdings- whether adjustment required to post-liquidation distributions to take into account benefits conferred on small shareholders by settlement distribution- whether distribution of settlement proceeds constituted unlawful return of capital by the company- liability of members in restitution for receipt of unlawful distributions
Full metadata
| Neutral Citation | [2021] CIGC (FSD) 3 |
|---|---|
| Cause Number | FSD 0003/2019 (IKJ) |
| Court | CIGC (FSD) |
| Judge | Kawaley J |
| Parties | In the Matter of Ascot Fund Ltd - Judgment |
| Judgment Date | 2021-01-28 |
| Subject | Solvent liquidation of fund company-distribution rights of members-contractual right to pari passu distribution before and after commencement of winding-up-distribution of proceeds of pre-liquidation settlement of New York proceedings in a manner preferential to members with small shareholdings- whether adjustment required to post-liquidation distributions to take into account benefits conferred on small shareholders by settlement distribution- whether distribution of settlement proceeds constituted unlawful return of capital by the company- liability of members in restitution for receipt of unlawful distributions |
| Filename (current) | 21-01-11-Ascot-Fund-Ltd.pdf |
Legislation cited
| Statute | Sections cited | Mentions |
|---|---|---|
| Companies Act | — | 1 |
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