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Moxon v Litchfield

Court: High Court
Timothy Collingwood

A case concerning an unfair prejudice petition following the dismissal and required resignation of a director in the company (who was a minority shareholder) for alleged gross misconduct.  The Court found against the dismissed director in respect of the allegations of breach of duty made against him.  Consequently, it held that the dismissed director was bound by his bargain and that the operation of compulsory transfer provisions under the Articles of Assocation and a Shareholders' Agreement entitled the remaining shareholders to acquire his shares at par.

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