Representation of Vodafone [2011] JRC 030A (02 February 2011)

Representation of Vodafone [2011] JRC 030A (02 February 2011)

The reduction is approved as the sole shareholder is fully informed and consenting, all creditors have consented, and the company has substantial assets exceeding its liabilities. There is no conceivable prejudice to creditors or shareholders.

Citation
[2011] JRC 030A
Parties
Applicant: Vodafone Holdings (Jersey) Limited; Shareholder: Vodafone International Operations Limited; Creditor: Ogier; Creditor: Ogier Fiduciary Services (Jersey) Limited; Creditor: Vodafone Group Services Limited
Jurisdiction
Jersey
Judgment Date
02 February 2011
Procedural Posture
Company Law Application / Judgment on Application for Reduction of Share Premium Account
Outcome
application granted
Legal Topics
Reduction of Share Capital, Share Premium Account, Distribution of Reserves, Creditor Protection
Company Law Reduction of Share Capital Share Premium Account Distribution of Reserves Creditor Protection

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Parties

Vodafone Holdings (Jersey) Limited

Applicant

Vodafone International Operations Limited

Shareholder

Ogier

Creditor

Ogier Fiduciary Services (Jersey) Limited

Creditor

Vodafone Group Services Limited

Creditor

Procedural Posture

Company Law Application / Judgment on Application for Reduction of Share Premium Account

Legal Issues

  1. 1 Whether the reduction of the share premium account should be approved under Jersey law
  2. 2 Whether shareholders and creditors are adequately protected in the reduction

Ratio Decidendi

The reduction is approved as the sole shareholder is fully informed and consenting, all creditors have consented, and the company has substantial assets exceeding its liabilities. There is no conceivable prejudice to creditors or shareholders.

Court Disposition

application granted

Orders

  • Reduction of share premium account by HK$11,222,411,353 approved
  • Minute and draft order approved as produced to the court