Description
- Definition: Shareholder oppression occurs when majority shareholders engage in actions that harm minority shareholders. This can include “sharp practice” or “boardroom tactics.”
- Statutory Relief: Section 232 of the Corporations Act 2001 (Cth) outlines grounds for court orders under section 233. These orders address conduct that is contrary to members’ interests or unfairly prejudicial to a member.
- Who Can Apply for relief? Generally shareholders or those who ceased to be members can seek relief. ASIC may also apply based on its investigations.
- Fairness Assessment: Courts assess fairness contextually. In a commercial company, it’s objective; in a family company, it considers the reasonable person’s perspective.
- Remedies: Common remedies include buy-out orders (where one shareholder buys the oppressed shareholder’s shares) or winding up orders (forcing the company into administration or liquidation).
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