Representation of IHF (Jersey) Ltd [2012] JRC 196 (23 October 2012)

The Court approved the reduction of share capital as the sole shareholder consented, the purpose was clear, and creditors' interests were adequately protected.

Citation: [2012] JRC 196
Parties: Applicant: IHF (Jersey) Limited; Shareholder: Ladbrokes Group Finance Plc
Jurisdiction: Jersey
Judgment Date: 23 October 2012
Procedural Posture: Company Law Application / Application for Reduction of Share Capital
Outcome: application granted
Legal Topics: Reduction of Share Capital, Shareholder Rights, Creditor Protection

Company Law Reduction of Share Capital Shareholder Rights Creditor Protection

Case Brief

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Parties

IHF (Jersey) Limited

Applicant

Ladbrokes Group Finance Plc

Shareholder

Procedural Posture

Company Law Application / Application for Reduction of Share Capital

Legal Issues

1 Whether the reduction of share capital should be approved under Articles 62 and 63 of the Companies (Jersey) Law 1991
2 Whether the interests of shareholders and creditors are adequately protected

Ratio Decidendi

The Court approved the reduction of share capital as the sole shareholder consented, the purpose was clear, and creditors' interests were adequately protected.

Court Disposition

application granted

Orders

Reduction of share capital approved
Minute of share capital approved