AK Detergents v GM Combined (U) Limited
AK Detergents v GM Combined (U) Limited (Civil Suit 348 of 1994) [1994] UGHC 42 (11 July 1994)
The court found credible evidence that the respondent company is in dire financial straits, having failed to satisfy previous decrees, being subject to receivership and winding up proceedings, and having its assets charged and sold by receivers under valid debentures. The respondent's arguments regarding the invalidity of the sale and retention of property were rejected based on the powers conferred by the debentures and supporting case law. The court held that, under Section 404 of the Companies Act and Order 23 Rule 1 of the Civil Procedure Rules, it is appropriate to exercise discretion an…
Source excerpt
- Security For Costs
- Company In Liquidation
- Appointment Of Receivers
- Powers Of Receivers
- Sale Of Company Assets