Re Halt Garage (1964) Ltd [1982] 3 All ER 1016
Country:
United Kingdom
Reviewed By Oxbridge Law Team
Updated 2024-01-04 07:05:59 UTC
Issued capital of company was two shares of £1 each; one of the two shareholders who was also a director became ill and had very little to do with company, company paid her £20 a week.
Held
Payment was a disguised return of capital.
This because the remuneration was out of all proportion to her work done for the company
This despite fact she only held one share of £1!
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