Tuesday, 2 September 2014

UK: Scotland: section 1032 of the Companies Act 2006 and restoration to the register

The operation of section 1032 ("Effect of court order for restoration to the register") of the Companies Act 2006 was considered by Sheriff Principal Scott QC last month in ELB Securities Ltd v Alan Love and Prestwick Hotels Ltd. 2014 SCGLA 46. The Sheriff Principal held that the effect of section 1032 was that not all matters reverted to the status quo pre-dissolution; he stated (para. [29]):

"For section 1032(1) to be construed such that it gives rise to an unqualified reversion to the status quo, one would require to ignore or treat as pro non scripto the preceding sections 1021 and 1022 along with the provisions of the succeeding section 1034. In this regard the maxim generalibus specialia derogant must, in my view, apply".

No comments: