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Re Halt Garage (1964) Ltd

[1982] 3 All ER 1016

Case summary last updated at 23/01/2020 16:35 by the Oxbridge Notes in-house law team.

Judgement for the case Re Halt Garage (1964) Ltd

Issued capital of company was two shares of £1 each; one of the two shareholders who was also a director became ill and had very little to do with company, company paid her £20 a week. Held:
 
·       Payment was a disguised return of capital.
·       This because the remuneration was out of all proportion to her work done for the company
·       This despite fact she only held one share of £1!

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