Gamlestaden v Baltic Partners Ltd. [2007] JLR 393 (25 April 2007)
- Citation
- [2007] JLR 393
- Status
- Judgment
- Jurisdiction
- Jersey
- Posture
- Company Law Unfair Prejudice Petition / Judgment
More details
- Posture
- Company Law Unfair Prejudice Petition / Judgment
On this page
Professional case brief
Research organized from the available case record
01
Holding and result
A shareholder who has invested in a joint venture company by providing loans may be granted relief under art. 143(1) if the relief offers a real financial benefit to the shareholder as a creditor, even if the company is insolvent and there is no benefit as a shareholder.
Court disposition
relief granted
Orders
- Relief under art. 143(1) granted to applicant shareholder-creditor
02
Material facts
Parties
Gamlestaden
ApplicantBaltic Partners Ltd.
Respondent03
Procedural history
Posture
Company Law Unfair Prejudice Petition / Judgment
04
Questions and positions
Legal issues
- 01
Whether relief under Companies (Jersey) Law 1991, art. 143(1) is unavailable if there is no benefit to the applicant as a shareholder, particularly if the company is insolvent
- 02
Whether a shareholder who has invested in a joint venture company by providing loans can obtain relief if it offers a real financial benefit as a creditor
Party arguments
- Applicant
- Relief should be available under art. 143(1) even if the applicant's benefit is as a creditor, not just as a shareholder, especially where the company is insolvent.
- Respondent
- Relief under art. 143(1) is only available if there is a benefit to the applicant in their capacity as a shareholder, not as a creditor.
05
Court’s reasoning
Legal principles
- 01
Companies (Jersey) Law 1991, art. 143(1)
Relief under Companies (Jersey) Law 1991, art. 143(1) is not automatically unavailable if there is no benefit to the applicant as a shareholder, such as when the company is insolvent.
06
Ratio, limits and disposition
Ratio decidendi
A shareholder who has invested in a joint venture company by providing loans may be granted relief under art. 143(1) if the relief offers a real financial benefit to the shareholder as a creditor, even if the company is insolvent and there is no benefit as a shareholder.
Court disposition
relief granted
- Relief under art. 143(1) granted to applicant shareholder-creditor
Source and reliance status
Official court record
This page organises the available record for research. Confirm quotations, current status, and subsequent treatment against the official source before relying on the case.
Judgment reading view
Judgment text
The complete available source text.
Court record
Judgment
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BAILII >> Databases >> Jersey Law Reports >> Gamlestaden v Baltic Partners Ltd. [2007] JLR 393 (25 April 2007) URL: https://www.bailii.org/je/cases/JLR/2007/JLR070393.html Cite as: [2007] JLR 393 [ New search ] [ Help ] Gamlestaden v Baltic Partners Ltd. 2007 JLR 393 (25 April 2007) Companies-minority shareholders-unfair prejudice-under Companies (Jersey) Law 1991, art. 143(1), relief not ipso facto unavailable if no benefit to applicant as shareholder, e.g. if company insolvent-if shareholder of joint venture company invests in venture by providing loans to company, relief granted if offers real financial benefit to shareholder as creditor The document you wish to view is available to registered users or can be purchased as a PDF. To purchase this document in PDF format or alternatively to Register to purchase membership go to the Jersey Law website via this link: 2007 JLR 393 BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback | Donate to BAILII URL: https://www.bailii.org/je/cases/JLR/2007/JLR070393.html
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