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Kinlan & Anor v Crimmin & Anor

LTL 20/4/2006 (unreported elsewhere) 2006-04-20

An agreement between two shareholders of a company whereby the company bought back all the shares of one of the shareholders had not complied with the Companies Act 1985 s. 159(3) as the agreement had not provided for full payment on the acquisition of the shares. However, the agreement was not set aside as the shareholder whose shares had been purchased had changed his position in a fundamental respect in good faith in reliance on his assumption that the agreement was valid.