The Business Law Reports
[2011] Bus LR 260
Supreme Court
Progress Property Co Ltd v Moore and another
[2010] UKSC 55
2010 Oct 5;
Dec 8
Dec 8
Lord Phillips of Worth Matravers PSC, Lord Walker of Gestingthorpe, Lord Mance, Lord Collins of Mapesbury, Lord Clarke of Stone-cum-Ebony JJSC
Company— Powers— Sale of assets— Company selling shares to subsidiary of principal shareholder at shareholder’s behest— Sale allegedly at undervalue— Company’s director believing sale to be at market value— Whether sale disguised distribution of assets to shareholder— Whether ultra vires