In a current case, where we are at the stage of valuing the shares, we acted on behalf of two minority shareholders to oust the majority shareholder, who had completely abandoned the management of the company.
Contrary to what appearances might lead one to believe, minority shareholders may very well request the exclusion of the majority shareholder, provided that together these shareholders total at least 30% of the shares, which was the case here.
The court hearing the case upheld the application on the grounds of good cause, including the prospect of the company continuing as a going concern. The ruling enabled the minority shareholders to regain control of the company and its management, and to replace the provisional administrator who had been appointed. The shares are now being valued, but the primary objective of preserving the business has been achieved.
