18 May 2011
PROVIDA FOODS LIMITED V FOODFIRST LTD HC HAM CIV 2009-419-1581
- Citation
- openlaw-75f54c9e_6199_4786_9377_00f04a023215.pdf
- Court
- High Court
The statutory demand was set aside conditionally because Provida established an arguable basis for relief under Companies Act s174 and a contingent contractual set-off in relation to its RDA entitlement that could materialise on liquidation; the primary personal causes of action based on art 3.5 and alleged equitable duties failed as they sought to recover company losses and did not disclose a viable personal cause of action, but the RDA/set-off and s174 complaints were sufficiently arguable to justify conditional relief and security of funds held by the Registrar pending resolution or execut…