000			01305cab a2200229 4500
001			ABS56526
008			090401t1997 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u24290
041			_aeng
245			_aIn re Duckwari plc
260			_c1997
350			_a0
490			_aWeekly Law Reports _v[1997] 2 WLR 48-56(9)
520			_aChD 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.
650			_aCOMPANIES ACT 1954 S320
650			_aPROPERTY TRANSACTIONS
650			_aRE DUCKWARI PLC
650			_aSHAREHOLDERS INTERESTS
690			_aPROPERTY LAW AND PRACTICE-CASE LAW
942			_n0
948			_c04/03/1997
999			_c16281 _d16281