In re Watler Holdings Ltd; In re Frank Sound Estate Ltd; In re Red Bay Estates Ltd - Judgment
Company Law - Company incorporated with intention to be used as corporate vehicle for distribution of family estate property to sole shareholders, three siblings- Winding Up Petition Presented on Just and Equitable Basis - Winding Up Order by the Court expressed to be made "By Consent"- Agreement in Principle that Company's Land to be distributed by Liquidators In Specie Pursuant to a Scheme of Distribution to be settled- Liquidators producing Schemes of Distribution agreed by two Shareholders, but objected to by one Shareholder- Change of mind by two of three Shareholders-No unanimity amongst Shareholders after years of Liquidation - Liquidators' Application for Further Directions, or Variation of Order so as to obtain sanction to sell Land, allowing for purchase of land by any Shareholder wishing to bid - True nature of Winding-Up Order.
| Cause Number | FSD 0090/2010; FSD 0091/2010; FSD 0092/2010 (IMJ) |
|---|---|
| Court | CIGC (FSD) |
| Judge | Mangatal J |
| Parties | In re Watler Holdings Ltd; In re Frank Sound Estate Ltd; In re Red Bay Estates Ltd - Judgment |
| Judgment Date | 2016-04-29 |
| Subject | Company Law - Company incorporated with intention to be used as corporate vehicle for distribution of family estate property to sole shareholders, three siblings- Winding Up Petition Presented on Just and Equitable Basis - Winding Up Order by the Court expressed to be made "By Consent"- Agreement in Principle that Company's Land to be distributed by Liquidators In Specie Pursuant to a Scheme of Distribution to be settled- Liquidators producing Schemes of Distribution agreed by two Shareholders, but objected to by one Shareholder- Change of mind by two of three Shareholders-No unanimity amongst Shareholders after years of Liquidation - Liquidators' Application for Further Directions, or Variation of Order so as to obtain sanction to sell Land, allowing for purchase of land by any Shareholder wishing to bid - True nature of Winding-Up Order. |
| Filename (current) | 16-04-29-Watler-Holdings-Limited-In-re-with-Errata-Amended-13May16-2.pdf |
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