Saving for Solicitors & Bankers Notice to Registrar Power to Appoint Inspector Production of Documents Entry and Search of Premises Provision for Security of Information Penalties for Documents Destruction Penalties for False Information Saving for Solicitors and Bankers Order for Inspection Ancillary Orders Disclosure or Use of Information Legal Professional Privilege Protection of Personal Data Directors of non-Private Companies Directors of Private Companies Liability for Acts of Alternates Written Record of Decision Secretary Restriction on Body Corporate Acting in Dual Capacity Qualification of Director Disposal of Company's Fixed Assets Notices of Resolutions Directors' Duty to Shareholders Provisions as to Bankrupts Validity of Acts of Directors Appointment of Directors Removal of Directors Minimum Age Limit for Directors Resignation of Director or Secretary Prohibition of Loans, etc. Excepted Transactions Consequences of Contravening 157H Criminal Penalties Register of Directors Keeping Register of Directors Duty to Make Disclosure Keeping an Index of Directors Directors with Unlimited Liability Limited Company: Special Resolution Particulars in Accounts Statements Annexed to Accounts Particulars in Accounts of Loans Further Provisions Relating to Loans General Duty to Make Disclosure Disclosure of Material Interests Management Contracts Contracts with Sole Member Payment for Loss of Office Approval of Company Requisite Director's Duty to Disclose Payment Payment of Damages in Certain Cases Supplementary Provisions Provisions as to Assignment of Office Provisions as to Liability of Officers Power to Compromise with Creditors Information as to Compromises Provisions for Reconstruction Successful Take-over Offer Alternative Remedy to Winding up Buy out by Share Repurchase Definition Application Members May Bring or Intervene Service of Written Notice Power to Strike out Proceedings Effect of Approval or Ratification General Powers of Court Protection of Personal Data Power of Court to Make Orders Discontinuance or Settlement Rules of Court Interpretation Disqualification Orders: General Conviction of Indictable Offence Persistent Breaches of Ordinance Disqualification for Fraud, etc. Disqualification of Unfit Directors Applications Under Section 168H Power to Order Public Examination Disqualification After Investigation Matters for Determining Unfitness Fraudulent Trading Criminal Penalties II Offences by Body Corporate Personal Liability for Company's Debts Application for Disqualification Order Application for Leave Under an Order Register of Disqualification Orders Regulations Transitional Modes of Winding up Liability as Contributories of Members Definition of Contributory Nature of Liability of Contributory Contributories in Case of Death Contributories in Case of Bankruptcy Jurisdiction to Wind up Companies Circumstances for Winding up Definition of Inability to Pay Debts Applications for Winding up Appearance of Official Receiver Powers of Court on Hearing Petition Hearing of Unopposed Petition Power to Stay or Restrain Avoidance of Dispositions of Property Avoidance of Attachments, &c. Commencement of Winding up Copy of Order to be Delivered Actions Stayed on Winding-up Order Effect of Winding-up Order Statement of Company's Affairs Report by Official Receiver Power to Appoint Liquidators Appointment of Provisional Liquidator Appointment, Style of Liquidators Person Other than Official Receiver General Provisions as to Liquidators Custody of Company's Property Vesting of Property of Company Powers of Liquidator Exercise of Liquidator's Powers Books to be Kept by Liquidator Payments of Liquidator into Bank Audit of Liquidator's Accounts Control of Official Receiver Release of Liquidators Meetings of Creditors&Contributories Constitution and Proceedings Powers of Court: No Committee Power to Stay Winding up Creditors' Voluntary Winding up Order under Section 209A Transitional II Settlement of List of Contributories Delivery of Property to Liquidator Debts Due by Contributory Power of Court to Make Calls Moneys Due to Company Contributory Conclusive Evidence Appointment of Special Manager Exclusion of Creditors not Proving Adjustment of Contributories Rights Inspection of Books by Creditors Power to Order Costs of Winding up Power to Summon Persons Power to Order Public Examination Jurisdiction of Registrar Power to Arrest Contributory Powers of Court Cumulative Delegation of Powers to Liquidator Dissolution of Company Otherwise Dissolution of Company: Court Order Court May Make a Regulating Order Appointment of Liquidator Compromises and Arrangements Proof of Debts Application of Ordinance Voluntary Winding up Voluntary Winding up Procedure Notice of Resolution to Wind up Commencement of Winding up Effect of Voluntary Winding up Avoidance of Transfers, &c. Certificate of Solvency Provisions Applicable to Winding up Power of Company to Appoint Power to Remove Liquidator Power to Fill Vacancy in Office Liquidator's Power to Accept Shares Duty of Liquidator to Call Creditors' Duty of Liquidator to Call Meeting Final Meeting and Dissolution Annual and Final Meetings Provisions Applicable to Creditors' Meeting of Creditors Appointment of Liquidator Appointment of Committee Fixing of Liquidators' Remuneration Power to Fill Vacancy in Office Application of Section 237 Duty of Liquidator to Call Meetings Final Meeting and Dissolution Provisions Applicable to Every Distribution of Property of Company Powers and Duties of Liquidator Appointing and Removing Liquidator Notice by Liquidator Binding on Creditors Power to Apply to Court Audit of Liquidator's Accounts Costs of Voluntary Winding up Saving for Rights of Creditors Debts of All Descriptions Application of Bankruptcy Rules Interest on Debts Extortionate Credit Transactions Preferential Payments Fraudulent Preference Fraudulently Preferred Persons Fraudulent Preference deemed to Effect of Floating Charge Disclaimer of Onerous Property Restriction of Rights of Creditor Duties of Bailiff as to Goods
Chapter: 32  COMPANIES ORDINANCE

Section Num: 168A  Version Date 15/07/2005

Alternative remedy to winding up in cases of unfair prejudice

Minorities

(1) Any member of a specified corporation who complains that the affairs of the specified corporation are being or have been conducted in a manner unfairly prejudicial to the interests of the members generally or of some part of the members (including himself) or, in a case falling within section 147(2)(b), the Financial Secretary, may make an application to the court by petition for an order under this section.  (Amended 72 of 1994 s. 8; 30 of 2004 s. 2)

(2) If on any petition under subsection (1) the court is of opinion that the specified corporationˇ¦s affairs are being or have been conducted in a manner unfairly prejudicial to the interests of the members generally or of some part of the members (including the member who presented the petition), whether or not such conduct consists of an isolated act or a series of acts

(a) the court may, with a view to bringing to an end the matters complained of

(i) make an order restraining the commission of any such act or the continuance of such conduct;

(ii) order that such proceedings as the court may think fit shall be brought in the name of the specified corporation against such person and on such terms as the court may so order;

(iii) appoint a receiver or manager of the whole or a part of a specified corporations property or business and may specify the powers and duties of the receiver or manager and fix his remuneration; and

(iv) make such other order as it thinks fit, whether for regulating the conduct of the specified corporations affairs in future, or for the purchase of the shares of any members of the specified corporation by other members of the specified corporation or by the specified corporation and, in the case of a purchase by the specified corporation, for the reduction accordingly of the specified corporations capital, or otherwise; and

(b) the court may order payment by any person of such damages and interest on those damages as the court may think fit to any members (including the member who presented the petition) of the specified corporation, whose interests have been unfairly prejudiced by the act or conduct.  (Replaced 30 of 2004 s. 2)

(2A) Any past member of a specified corporation who complains that the affairs of the specified corporation were, at the time when he was a member of the specified corporation, conducted in a manner unfairly prejudicial to the interests of the then members generally or of some part of the then members (including himself), may make an application to the court by petition for an order under this section.  (Added 30 of 2004 s. 2)

(2B) If on any petition under subsection (2A) the court is of opinion that the specified corporations affairs were conducted in a manner unfairly prejudicial to the interests of the then members generally or of some part of the then members (including the past member who presented the petition), whether or not such conduct consists of an isolated act or a series of acts, the court may order payment by any person of such damages and interest on those damages as the court may think fit to any then members (including the past member who presented the petition) of the specified corporation, whose interests were unfairly prejudiced by the act or conduct.  (Added 30 of 2004 s. 2)

(2C) For the avoidance of doubt, the damages that may be ordered by the court under subsections (2)(b) and (2B) does not entitle a member, past member or then member of a specified corporation to recover by way of damages any loss that is solely reflective of the loss suffered by the specified corporation which only the specified corporation is entitled to recover under the common law.  (Added 30 of 2004 s. 2)

(3) Where an order under this section makes any alteration in or addition to the memorandum or articles of a specified corporation, then, notwithstanding anything in any other provision of this Ordinance but subject to the provisions of the order, the specified corporation shall not have power without the leave of the court to make any further alteration in or addition to the memorandum or articles inconsistent with the provisions of the order; but, subject to the provisions of this subsection, the alterations or additions made by the order shall be of the same effect as if duly made by resolution of the specified corporation and the provisions of this Ordinance shall apply to the memorandum or articles as so altered or added to accordingly.  (Amended 30 of 2004 s. 2)

(4) An office copy of any order under this section altering or adding to, or giving leave to alter or add to, a specified corporations memorandum or articles shall, within 14 days after the making thereof, be delivered by the specified corporation to the Registrar for registration; and if a specified corporation makes default in complying with this subsection, the specified corporation and every officer of the specified corporation who is in default shall be liable to a fine and, for continued default, to a daily default fine.  (Amended 7 of 1990 s. 2; 30 of 2004 s. 2)

(5) The personal representative of a person who, at the date of his death, was a member of a specified corporation, or any trustee of, or person beneficially interested in, the shares of a specified corporation by virtue of the will or intestacy of any such person, may apply to the court under subsection (1) for an order under this section and, accordingly, any reference in that subsection to a member of a specified corporation shall be construed as including a reference to any such personal representative, trustee or person beneficially interested.  (Amended 30 of 2004 s. 2)

(5A)  The personal representative of a person who, at the date of the persons death, was a past member of a specified corporation, may apply to the court under subsection (2A) for an order under this section and, accordingly, any reference in that subsection to a past member of a specified corporation shall be construed as including a reference to any such personal representative.  (Added 30 of 2004 s. 2)

(5B) For the purposes of this section, a person shall not be treated as a past member of a specified corporation if he ceased to be a member of the specified corporation before the commencement of section 4 of Schedule 3 to the Companies (Amendment) Ordinance 2004 (30 of 2004).

(Added 30 of 2004 s. 2)

(6) Section 296 shall apply in relation to a petition under this section as it applies in relation to a winding-up petition.

(7) Where before the commencement of section 4 of Schedule 3 to the Companies (Amendment) Ordinance 2004 (30 of 2004), a petition has been presented for an order under section 168A of the pre-amended Ordinance, that section of the pre-amended Ordinance shall continue to apply in relation to such a petition as if section 4 of Schedule 3 to the Companies (Amendment) Ordinance 2004 (30 of 2004) had not been enacted.  (Added 30 of 2004 s. 2)

(8) For the purpose of subsection (7), pre-amended Ordinance means the Companies Ordinance (Cap 32) that was in force immediately before it was amended by section 4 of Schedule 3 to the Companies (Amendment) Ordinance 2004 (30 of 2004).  (Added 30 of 2004 s. 2)

(Added 51 of 1978 s. 6)

[cf. 1948 c. 38 s. 210 U.K.]

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