Dyxnet Holdings Limited (“Dyxnet” or, the “Company”) applied for security for costs in respect of winding up proceedings brought by one of its Shareholders (the “Petitioner”) on the heels of a Shareholder dispute. The relief sought by the Petitioner was for the purchase of its shares in Dyxnet by the other members of the Company as an alternative to a winding up order pursuant to Section 95(3)(d) of the Companies Law.
The Company sought security for its costs on the basis, it said, that the Court had inherent jurisdiction to make such an order and that there was reason to believe the Petitioner’s assets would be insufficient to pay the Company’s costs.
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In the matter of the Companies Law (2011) Revision (as amended) and in the matter of Dyxnet Holdings Limited FSD 8 of 2012, Cresswell J, 8 October 2013