Ex parte Barbarons Maritime Limited (XP 17 of 2022) [2022] SCSC 162 (28 February 2022)
The court is satisfied that the reduction of share capital and the proposed payments have been properly authorized, comply with the Companies Act and the Memorandum of Association, and do not prejudice any shareholder or creditor.
- Citation
- [2022] SCSC 162
- Parties
- Petitioner: Barbarons Maritime Limited
- Court
- Supreme Court
- Jurisdiction
- Seychelles
- Judgment Date
- 28 February 2022
- Case Number
- XP 17 of 2022
- Procedural Posture
- Company Law Petition / Ex Parte Application for Confirmation of Share Capital Reduction
- Outcome
- petition granted
- Legal Topics
- Reduction of Share Capital, Confirmation of Company Resolutions, Distribution of Surplus Capital
- Source Language
- English
Case Brief
Summary, issues, holding and outcome
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Parties
Barbarons Maritime Limited
Petitioner
Procedural Posture
Company Law Petition / Ex Parte Application for Confirmation of Share Capital Reduction
Legal Issues
- 1 Whether the reduction of share capital complies with the Companies Act and the company's Memorandum of Association
- 2 Whether the reduction and payments would prejudice any shareholder or creditor
Ratio Decidendi
The court is satisfied that the reduction of share capital and the proposed payments have been properly authorized, comply with the Companies Act and the Memorandum of Association, and do not prejudice any shareholder or creditor.
Court Disposition
petition granted
Orders
- The resolution reducing the share capital from Euros 21,000,000 to Euros 10,000,000 is confirmed.
- Payment to Jan De Nul Dredging M. E. Limited of Euros 10,999,780 is confirmed.
Full Case Text
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