12 Oct 2018
Respondents demonstrated triable issues concerning the motives of majority directors and alleged breaches of fiduciary duty; as a result summary judgment was inappropriate and the Plaintiff's summons was dismissed, leaving the issues to be determined at trial.
20 May 2015
On the evidence the plaintiffs demonstrated serious issues to be tried and a real, qualitative risk of jeopardy to the trust property through trustee conflict of interest, intimidation of beneficiaries and attempts to procure transfers; damages or isolated injunctions would be inadequate to protect the interests pending trial; accordingly the court exercised its discretionary equitable jurisdiction to appoint independent professional receivers over the specified block of CSI shares to preserve the property and protect beneficiaries pending final determination.
25 Apr 2006
Where parties have by consent ordered that an independent accountant's reasoned determination will be final and binding, the court will enforce that determination by ordering specific performance of the consent terms and will not permit an adjournment to relitigate the agreed expert determination; legal aid is not available for these excluded proceedings.
3 Feb 2004
The court confirmed the reduction because the special resolution was validly passed in accordance with the Articles, the purpose of the reduction was clearly stated, shareholders would be treated in accordance with the class rights, the Company had no actual or contingent liabilities and had sufficient cash to effect the repayment, notice requirements were satisfied and there was no opposition from creditors or contributories; accordingly it was appropriate to confirm the reduction and to dispense with settlement of a list of creditors.
25 Jun 2003
The statutory prerequisites under section 58 were satisfied and, on the facts, the four judicial criteria were met: shareholders were treated equitably (with amendments to the articles and consent from the convertible preference shareholder), the proposals were properly explained, creditors were adequately protected by tailored undertakings and special capital reserves, and the reduction had discernible commercial purposes; accordingly the court exercised its discretion to confirm the reduction of capital.
8 Jan 2002
The Court confirmed the reduction because all statutory prerequisites were satisfied: the articles authorized the reduction, a special resolution was validly passed, shareholders (the only two and intra-group) were treated equally and could be informed, the losses to be written off were permanent and exceeded the reduction amount so creditors were not prejudiced, and the reduction served the legitimate purpose of eliminating accumulated deficits to permit future distributions.