89:. The petitioner had "class C" shares, which gave her rights to dividends and capital distribution in a liquidation. But she had no entitlement to vote, and the company had been running at a loss. She alleged that the directors (who were her cousins) had unfairly kept running the business just so they could pay themselves cushy salaries. Instead, she said, they should have closed down the business and distributed the assets to the shareholders.
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On the facts, there was no unfairly prejudicial conduct. The board of directors were bound to manage the company in accordance with their fiduciary obligations, the articles of association and the
Companies Act. The unfair prejudice action does protect certain legitimate expectations, akin to those
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Saul D Harrison & Sons plc ran a business that was established in 1891 by the petitioner's great grandfather. It made industrial cleaning and wiping cloths, made from waste textiles. It operated from
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which may affect one's conscience in equity, from being disappointed. But here there was no legitimate expectation for more than the duties discharged, and so no obligations had been breached.
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and deals with the concept of members of a business having their "legitimate expectations" disappointed.
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402:United Kingdom company case law
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48:). It was decided in the
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16:(Redirected from
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226:Further subjects
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359:Hue and cry
354:Bloody Code
324:New Zealand
233:Company law
149:English law
58:Hoffmann LJ
44:(now s.994
396:Categories
344:Common law
258:Family law
243:Labour law
54:Vinelott J
329:Singapore
314:Hong Kong
299:Australia
198:Trust law
373:Category
289:Scotland
208:Case law
183:Tort law
102:See also
93:Judgment
83:West Ham
66:Waite LJ
62:Neill LJ
279:UK-wide
188:Privacy
87:Hackney
68:in the
380:Portal
349:Equity
309:Canada
319:India
294:Wales
114:Notes
76:Facts
64:and
398::
60:,
141:e
134:t
127:v
20:)
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