Monday, 21 February 2011

UK: Scotland: the scope of the unfair prejudice remedy

In a short opinion published last week - Burke v Bayne Services (Edinburgh) Ltd. [2011] CSIH 14 - the Court of Session (Inner House) held that it had no power, under Section 994 of the Companies Act 2006, to disturb a valuation where the parties had chosen to resolve their dispute by way of an expert valuation of the petitioner's shares. The court rejected the view that, whatever the effect of the parties' agreement, it should exercise its equitable powers to allow the valuation to be re-opened.

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