UK: Supreme Court judgment due in ultra vires case tomorrow

The Supreme Court will tomorrow hand down its judgment in Progress Property Company Ltd. v Moorgarth Group Ltd.. The Supreme Court's summary of the case (here) identifies the issue before the Court as follows: "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".