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Aveling Barford Ltd v Perion Ltd : ウィキペディア英語版 | Aveling Barford Ltd v Perion Ltd
''Aveling Barford Ltd v Perion Ltd'' () BCLC 626 is a UK company law case concerning reduction of capital. It held that a sale at an undervalue of an asset was a dress up (and unlawful) reduction of capital. The proper procedure for reduction of capital is now found in CA 2006 sections 641-653. ==Facts== Mr Lee owned and controlled both Aveling Barford Ltd and Perion Ltd. Aveling Barford had a sports ground and with it, residential planning permission, but it did not have enough money to make a distribution to its shareholders. So the property of Aveling Barford was conveyed to Perion for £350,000, when its actual resale value was £1,520,000. Aveling Barford then went into liquidation. The liquidator sued to have Perion be declared a constructive trustee of the resale proceeds price.
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