Project thunder shareholder liquidating trust
This is because the deadlock and partnership analogy are broad in scope and, at the same time, they are the easiest categories to satisfy in terms of proof.
There were complaints from disgruntled clients concerning the services rendered by the company.If there was a reasonable hope of tiding over the period of deep conflict and of Nkonjane emerging from its malaise to carry on at a profit, there may well have been insufficient reason for a court to wind up the company on the just and equitable provision.However, the evidence showed a justifiable breakdown of mutual trust and confidence between the shareholders regarding the conduct and management of the company's affairs.It must be exercised judicially, on a principled basis, and in recognition of the courts' disinclination to interfere lightly in the internal affairs of a company.Consequently, the applicant bears a formidable onus of establishing that a winding up order is warranted on the ground that such an order would be just and equitable.
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The shareholder agreement could not provide a resolution to the stalemate as there was no deadlock breaking method such as the Texas Auction clause.