26 May 2009
CIR V ALBANY FOOD WAREHOUSE LTD HC WN CIV-2008-485-1444
- Citation
- openlaw-79389b4b_1fd4_48ad_9bd8_e9332ab2dcf6.pdf
- Court
- High Court
The court held that the directors' and shareholders' resolutions of 6 June 2001 effected a 'crediting' of the dividend to shareholders' current accounts within the extended definition of 'paid' in s OB1; that crediting created a debt owed to the shareholders even though repayment was subordinated, and therefore the dividend was 'paid' before the later same‑day breach of shareholder continuity and imputation credits remained available.