23 May 2012
NICHOLLS V THE DRAIN MAN LIMITED HC NEL CIV-2011-442-000332
- Citation
- openlaw-824a1b5b_333c_4f81_8d58_2016ebd2df65.pdf
- Court
- High Court
Because the defendants accepted that s174 relief was appropriate and the proposed independent chartered accountant procedure provided a fair, adjudicative process equivalent to arbitration for the discrete accounting and valuation issues, the Court ordered the accountant process set out in the plaintiff's draft (with limited modifications), required payment or liquidation fallback and directed purchase of shares by the third defendant if companies remain solvent; defendants' unfiled counterclaims did not justify withholding relief.