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Re Macro (Ipswich) [1994] 2 BCLC 354

By Oxbridge Law TeamUpdated 04/01/2024 07:01

Judgement for the case Re Macro (Ipswich)

Table Of Contents

  • Claimant owned shares in two property-owning companies. These two companies had a property managing agent, the Thompsons.

  • Claimant believed two companies had suffered losses due to Thompsons committing various improprieties (e.g. charging excessive management charges to two companies).

  • Claimant therefore sued Defendant, sole director of Thompsons, on grounds he had inadequately supervised his firm.

Held

  • Case distinguished from Re Elgindata

  • In Elgindata, management had simply been poor, whereas in present case:

    • Were specific acts of mismanagement by Thompsons, which Defendant failed to rectify

    • Some acts of mismanagement were repeated over many years

  • Thus on facts, acts of mismanagement were sufficiently serious to cause unfair prejudice to Claimant.

  • Relevant here that Defendant’s firm stood to gain from some the acts of mismanagement (e.g. the excessive charges).This is possibly a key factor.

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For Further Study on Re Macro (Ipswich)

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Company law Notes
805 total pages
1068 purchased

Company law notes fully updated for recent exams in the UK. These notes...