Tarling -v- Mission Today Limited
(Chancery Division, Rimer J 15 May 2002, unreported)
Section 371 Companies Act 1985 – Power of Court to order meeting
Facts
The Claimant, Mr Tarling, was a 60% shareholder in the Defendant, Mission Today Limited ("the company"), a company which transmitted religious television programmes through its satellite channel.
The company was in a perilous financial position.
There was only one director of the company (who was also a 10% shareholder) who appeared to be mismanaging the company’s affairs. The director did not retain the confidence of the company’s creditors, on whom the company depended for the transmission of its television programmes, and the creditors made it clear that unless new management was brought in and some arrangement was come to with them within a very short time period, they would cease the company’s transmission of its programmes and the company would be forced into liquidation.
