To wind-up or not to wind-up – the CCJ rules

CCJ dismisses appeal in a company law case from Guyana.

The company, S. A. Nabi & Sons Limited, is a family-owned company. Following its incorporation, the relationship between the shareholders deteriorated.

In light of the circumstances on 11 November 2009 Ashmidphiraque Sheermohamed (the first respondent) filed a petition in the High Court seeking an order that the company be wound up under section 354 (e) of the Companies Act on the basis that it was just and equitable so to do.

The High Court (Justice Persaud) granted the order for the just and equitable winding up of the company.

In a judgment released, the Caribbean Court of Justice (CCJ) dismissed the appeal and affirmed the decision of the Court of Appeal of Guyana in the matter of Shir Affron Nabi, Rafael Nabi & The Estate of Shir Amineen Nabi v Ashmidphiraque Sheermohamed, S.A. Nabi & Sons Limited, Maurice Solomon (in his capacity as Liquidator/Receiver/Manager).

The Court also ordered that the appellant pay the respondent the costs of this appeal.

Read the full press release here
The full judgment of the Court and a judgment summary can be read here.

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