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Re Holders’ Investment Trusts [1971] 1 W.L.R. 583

By Oxbridge Law TeamUpdated 04/01/2024 07:05
Reviewed ByOxbridge Law Team

Judgement for the case Re Holders’ Investment Trusts

Table Of Contents

Held

  • Trustees held majority of preference shares in a company, and all of the ordinary shares. Proposed to convert preference shares into loan stock (leading to a reduction in capital).

  • Was clear that when making proposition, they were acting entirely on basis of what was in interests of trust (as they were obliged to).

Held

  • Clear that trustees had not even applied their mind to question of what was in interests of preference shareholders as a class

  • Thus consent to variation given by preference shareholders invalid.

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