Sophie Brookes and Debbie Shaw of Gateley analyse court rulings in Simpson, Drax and Onecom Group cases, and a review of the Takeover Code
Transfer of company assets at an undervalue amounted to unfairly prejudicial conduct
In Simpson v Diamandis and others [2024] EWHC 850 (Ch), the High Court held that a company shareholder suffered unfair prejudice when the company’s sole director arranged for the sale of the company’s main asset to another entity owned by the director. The sale took place at a price significantly below the asset’s true market value.
Unfair prejudice
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