Revisiting just and equitable winding up
2 min read
Mr Chu and Mr Lau were equal shareholders of a BVI incorporated company. When the two fell out, Mr Lau petitioned for a winding up on the just and equitable grounds based on a deadlock at both director and shareholder level, and an irretrievable breakdown of trust and confidence. The Privy Council allowed Mr Lau’s appeal and restored the decision at first instance to make the winding up order.