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Re Holders’ Investment Trusts

[1971] 1 W.L.R. 583

Case summary last updated at 23/01/2020 15:08 by the Oxbridge Notes in-house law team.

Judgement for the case Re Holders’ Investment Trusts

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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