Associate tenant Michael Wingrave led for the Petitioner in a 3 week contentious insolvency trial in the Financial Services Division of the Grand Court of the Cayman Islands.
The case arose from the collapse of relations between shareholders in a mobile application development company. The matter centred on allegations that the majority shareholder acted in an underhand manner to diverted business and i/p to other companies that it owned with the complicity of its nominated directors, in an effort to oust the Petitioner, which had refused to sell its shares at an undervalue. Relying on the principles set out in Scottish Cooperative Society v Meyer [1959] AC 324, the Court found (amongst other things) that the scheme alleged by the Petitioner was proved and, consequently, that the threshold for just and equitable winding up had been met. The respondents were ordered to buy the Petitioner’s shares at a value to be decided in due course.
View the Judgment here.
