Tuesday, 5 October 2010

UK: before the Supreme Court today

The UK Supreme Court hears argument today in Progress Property Company Limited (Appellant) v Moorgarth Group Limited (Respondent), on appeal from [2009] EWCA Civ 629. The case details page - available here - reports the principal issue to be:

Whether the sale at undervalue of a company’s assets to its shareholder is ultra vires, in accordance with the common law rule, in circumstances where the director who procured the sale (acting on behalf of both the company and the shareholder) subjectively believed the sale to be at a proper market value".

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