Mar 2012
BERMUDA
SUPREME COURT
COMPANIES – WINDING UP – FAILURE TO HOLD AGM – ADVERTISEMENT
In the Matter of Proview International Holdings Limited 2011 No. 231, concerned a Petition to wind up a company granted at a hearing where only the Petitioner was present. The Court allowed the Petition thereby winding up the Company by reason that it had failed hold an AGM in compliance with S.72 of the CA 1981.
The Company successfully applied to set aside the winding up Order on the grounds that, inter alia, the Petitioner lacked standing under the Companies Act, 1981 (the “Act”) and also that the Court had been mislead by the Petitioner when it granted the Order. The Judgment is therefore largely about the consequential costs dispute, but, parenthetically, the Court commented on three important practice matters.