In re Duckwari plc
Language: English Series: Weekly Law Reports ; [1997] 2 WLR 48-56(9)Publication details: 1997Subject(s): Summary: ChD 11 July 1996. In 1989 company O contracted to buy a freehold property. A director of company D, who was sole shareholder of O, offered to pass the property to D for 50% of any profits but to bear no loss. The offer was accepted by the directors of D and the transaction took place, but never to the approval of the shareholders. D subsequently defaulted on payments and all directors were replaced by the bank`s nominees. In proceedings by D under the Companies Act 1985 s322(3)(b) for an indemnity for loss or damages resulting from the transaction, the CA held that it had been executed in contravention of s320 of the Act and ordered an inquiry into what damage had occured. On the inquiry "held" that no damage had occured.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS56526 (Browse shelf(Opens below)) | 1 | Available | 24290-1001 |
ChD 11 July 1996. In 1989 company O contracted to buy a freehold property. A director of company D, who was sole shareholder of O, offered to pass the property to D for 50% of any profits but to bear no loss. The offer was accepted by the directors of D and the transaction took place, but never to the approval of the shareholders. D subsequently defaulted on payments and all directors were replaced by the bank`s nominees. In proceedings by D under the Companies Act 1985 s322(3)(b) for an indemnity for loss or damages resulting from the transaction, the CA held that it had been executed in contravention of s320 of the Act and ordered an inquiry into what damage had occured. On the inquiry "held" that no damage had occured.