Thursday, 3 January 2013

Law report - company appearing on minority oppression petition

Re Full Apex (Holdings) Ltd [2012] SC (Bda) 73 Com (14 December 2012)

The Company applied for an order to participate in the proceedings.

Kawaley CJ  held that the test for a company to participate in minority oppression proceedings was a simple one: whether such involvement is in the interests of the company having regard to the nature of the allegations raised and their impact on interests other than those of the disputing shareholders, being interests the company can legitimately claim to represent. In the case of a publicly listed company whose public shareholders are not before the court, those wider interests may be engaged [15]. Kawaley CJ considered Queensland authority in reaching this conclusion, and rejected the submission that this was inconsistent with English authority that a company ought not to be joined on such an application.

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