Micro Leisure Ltd v County Properties & Developments Ltd & Anor [1999] ScotCS 240 (15 October 1999)

Micro Leisure Ltd v County Properties & Developments Ltd & Anor [1999] ScotCS 240 (15 October 1999)

Parliament did not define 'value' in section 320(2); therefore, value must be determined in context, including special value known to parties, not limited to objective market value. Proposed amendments are relevant and should be allowed.

Citation
[1999] ScotCS 240
Parties
Pursuer: Micro Leisure Limited; Defender: County Properties & Developments Limited; Defender: Another (unnamed)
Jurisdiction
Scotland
Judgment Date
15 October 1999
Procedural Posture
Commercial Dispute / Application for Amendment of Pleadings
Outcome
Amendment allowed
Legal Topics
Directors' Transactions, Non Cash Asset Acquisition, Statutory Interpretation, Shareholder Protection
Company Law Directors' Transactions Non Cash Asset Acquisition Statutory Interpretation Shareholder Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 4 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Micro Leisure Limited

Pursuer

County Properties & Developments Limited

Defender

Another (unnamed)

Defender

Procedural Posture

Commercial Dispute / Application for Amendment of Pleadings

Legal Issues

  1. 1 Interpretation of 'value' under section 320(2) Companies Act 1985
  2. 2 Relevance of proposed amendments regarding asset value

Ratio Decidendi

Parliament did not define 'value' in section 320(2); therefore, value must be determined in context, including special value known to parties, not limited to objective market value. Proposed amendments are relevant and should be allowed.

Court Disposition

Amendment allowed

Orders

  • Amendment to pleadings permitted
  • Case to be put out By Order for further procedure