Week 13 - Re Bradford Investments Flashcards
1
Q
What did 4 members of a partnership do?
A
Converted a dormant private company into a public company
2
Q
What did they do to the existing partnership?
A
Transferred it over for over 1 million fully paid £1 shares
3
Q
What was the issue?
A
There was no valuation of the business
4
Q
What happened 2.5 years later?
A
The company claimed the issue price of the shares back from the original partners
5
Q
What did the court order?
A
The court ordered the 4 partners to repay the money
