Wednesday 18 February 2009

UK: Scotland: reduced profits and unfair prejudice

Lord Glennie, sitting in the Outer House of the Court of Session, has given his opinion in Robertson, Re Order Under Section 459 Of The Companies Act 1985 [2009] CSOH23. His opinion is of interest because of one of the grounds on which he found that the company's affairs had been conducted in a manner unfairly prejudicial to the interests of the petitioner under Section 459: the decision by two directors (who held 50% of the company's shares) to stockpile rather than sell unprocessed non-ferrous materials, the result of which was to reduce the company's profitability. 

Notes:



[3] Lord Glennie was appointed the Principal Commercial Judge in January 2008.

No comments: