Representation of MES Holdco Ltd [2011] JRC 204 (21 October 2011)

Representation of MES Holdco Ltd [2011] JRC 204 (21 October 2011)

The reduction is approved as there is only one shareholder who has consented, a discernable purpose exists, and the sole creditor consents to the reduction, making further statutory protections unnecessary.

Citation
[2011] JRC 204
Parties
Applicant: MES Holdco Limited; Shareholder: BAE Systems (Holdings) Limited; Creditor: BAE Systems PLC
Jurisdiction
Jersey
Judgment Date
21 October 2011
Procedural Posture
Application for Reduction of Share Capital / Judgment
Outcome
application granted
Legal Topics
Reduction of Share Capital, Share Premium Account, Creditor Consent
Company Law Reduction of Share Capital Share Premium Account Creditor Consent

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Parties

MES Holdco Limited

Applicant

BAE Systems (Holdings) Limited

Shareholder

BAE Systems PLC

Creditor

Procedural Posture

Application for Reduction of Share Capital / Judgment

Legal Issues

  1. 1 Whether the reduction of share capital should be approved under the Companies (Jersey) Law 1991

Ratio Decidendi

The reduction is approved as there is only one shareholder who has consented, a discernable purpose exists, and the sole creditor consents to the reduction, making further statutory protections unnecessary.

Court Disposition

application granted

Orders

  • reduction of share capital approved
  • minute produced by the company approved