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The Court of Appeal has dismissed an appeal from the High Court, and affirmed the refusal of an order directing receivers of an insolvent company to grant a lease of agricultural land to a minority shareholder and guarantor of company debts. The court found no jurisdiction to compel the receivers to grant such a lease, emphasising that the receivers' primary duty is to manage the company's assets to repay secured debts. The original decision to dismiss the motion was affirmed, upholding the receivers' opposition to the lease and their intention to sell the lands to reduce the company's indebtedness.
Agricultural lease, receivership, Companies Act 2014, Section 438, minority shareholder, guarantor, insolvent company, secured debt, property management, High Court decision, equitable interest, beneficial ownership, secured creditor, receivers' duties, land disposition.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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