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Re Northern Engineering

[1994] 2 BCLC 704 (CA)

Case summary last updated at 23/01/2020 15:18 by the Oxbridge Notes in-house law team.

Judgement for the case Re Northern Engineering

Company’s articles provided that any reduction in capital would be a variation in class rights of the preference shares. D claimed that consent of class of preference shareholders was not required as a ‘reduction’ for purposes of articles did not include ‘cancellation’. Held:
 
·       ‘Reduction’ did include a ‘cancellation’
·       Therefore consent of class of non-preference shareholders was required
Ø  This even though in event company had not made specific provision, consent of class would not have been required.

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