In the Matter of an Application for Leave for voluntary Winding Up by Imperial Investments Finance Ltd (HCT-00-CC-MA 13 of 2007) [2007] UGCommC 93 (28 November 2007)
Court
Commercial Court of Uganda
Case number
HCT-00-CC-MA 13 of 2007
The High Court declined leave for voluntary winding up because the company had not properly advertised the winding-up resolution as required by statute.
African Textile Mill Ltd (in liquidation) v Co-operative Bank Ltd (in liquidation) (HCT-00-CC-CS 20 of 2005) [2005] UGCommC 39 (13 July 2005)
Court
Commercial Court of Uganda
Case number
HCT-00-CC-CS 20 of 2005
The court held that the application was improperly brought in the name of the company in liquidation rather than by the liquidator, a contributory, or a creditor as required by section 305 of the Companies Act. Substantively, the court found that a secured creditor, such as the respondent, is entitled to stand outside the winding up process and enforce its mortgage rights, including taking possession and selling the mortgaged property, even during voluntary liquidation. The law provides adequate safeguards to ensure the mortgagee acts in good faith and obtains a proper price. The court furthe…