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In Re: Summerfruit (U) Ltd and Ors (Companies Cause No. 5 of 1995)
In Re: Summerfruit (U) Ltd and Ors (Companies Cause No. 5 of 1995) [1995] UGHC 34 (4 October 1995)
The High Court held that the omission to register the debenture within the prescribed 42 days was not deliberate but accidental or due to inadvertence, as evidenced by the affidavit of the receiver. The court found that the error was attributable to the company, not the receivers, and that no prejudice would result to creditors or shareholders from rectifying the omission. The Registrar's certificate of registration, though issued after the statutory period, was deemed conclusive evidence of compliance with the Companies Act. The court exercised its discretion under section 102 of the Compani…
Source excerpt
- Company Charges
- Debenture Registration
- Rectification Of Register
- Receivership Powers