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High Court grants confirmatory orders reflecting a special resolution of a company permitting the reduction of its share capital in accordance with statutory provisions, on the grounds that: numerous objections lodged by a purported 'creditor' of the company are without merit; the objector is not in fact a 'creditor' of the company; and the improper use of alleged 'expert evidence' by the purported creditor means the court could not rely on the purported evidence advanced.
Application to confirm company's special resolution approving a reduction in company's capital - opposition by purported creditor - company complied with statutory requirements - no basis for grounds of objection - no issue of EU law which requires assistance from CJEU - relief sought by company to confirm approval of resolution permitting a reduction in share premium account such that reserve could be treated as profits available for distribution - creditors duly notified - evidence heard and procedural developments - affidavit evidence of 'banking consultant' - test to be applied upon application for confirmation of a resolution reducing company capital - court's discretion - six factors - safeguarding of creditors - application of statutory provisions and test to facts presented - objector is not a creditor nor is he 'entitled to object' - company has more than adequate resources to meet reasonable claim that might be advanced by objector - purported 'expert' evidence made bizarre and extraordinary allegations unsupported by evidence - importance of persons held out as experts to act with independence and impartiality - principles applicable to responsibilities of expert witnesses
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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