In re TSB Bank v [1992] JLR 160 (06 July 1992)

In re TSB Bank v [1992] JLR 160 (06 July 1992)

A wide interpretation of 'compromise or arrangement' under Article 125 is correct; it includes schemes changing rights or obligations between the company and shareholders or a class of them, such as a parent company buying up minority holdings.

Citation
[1992] JLR 160
Parties
Applicant: TSB Bank
Jurisdiction
Jersey
Judgment Date
06 July 1992
Procedural Posture
Company Law Application / Judgment
Outcome
application granted
Legal Topics
Compromise or Arrangement, Transfer of Shares, Shareholder Rights
Company Law Compromise or Arrangement Transfer of Shares Shareholder Rights

Case Brief

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Parties

TSB Bank

Applicant

Procedural Posture

Company Law Application / Judgment

Legal Issues

  1. 1 Interpretation of 'compromise or arrangement' under Article 125 of Companies (Jersey) Law, 1991
  2. 2 Whether a scheme altering rights between company and shareholders qualifies as an arrangement

Ratio Decidendi

A wide interpretation of 'compromise or arrangement' under Article 125 is correct; it includes schemes changing rights or obligations between the company and shareholders or a class of them, such as a parent company buying up minority holdings.

Court Disposition

application granted

Orders

  • Scheme approved under Article 125 of Companies (Jersey) Law, 1991