Next Generations Clubs [2007] JRC 128 (29 June 2007)

Next Generations Clubs [2007] JRC 128 (29 June 2007)

The reduction is reasonable and proper, the sole shareholder has consented and been advised, and both creditors have consented. There is no need to convene creditors. The order for reduction is granted.

Source-derived case information.

Citation
[2007] JRC 128
Parties
Applicant: Next Generation Clubs (Holdings) Limited; Shareholder: Single Shareholder (unnamed company); Creditor: Associate Group Company (unnamed)
Jurisdiction
Jersey
Judgment Date
29 June 2007
Procedural Posture
Company Application for Reduction of Share Capital / Application for Court Approval
Outcome
Application granted
Legal Topics
Reduction of Share Capital, Share Premium Account, Creditor Consent, Court Approval of Capital Reduction
Company Law Reduction of Share Capital Share Premium Account Creditor Consent Court Approval of Capital Reduction

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Parties

Next Generation Clubs (Holdings) Limited

Applicant

Single Shareholder (unnamed company)

Shareholder

Associate Group Company (unnamed)

Creditor

Procedural Posture

Company Application for Reduction of Share Capital / Application for Court Approval

Legal Issues

  1. 1 Whether the reduction of share capital is reasonable and proper
  2. 2 Whether the interests of creditors are adequately protected

Ratio Decidendi

The reduction is reasonable and proper, the sole shareholder has consented and been advised, and both creditors have consented. There is no need to convene creditors. The order for reduction is granted.

Court Disposition

Application granted

Orders

  • Creditors need not be convened
  • Minute approved