Prejudicial interest meaning

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This Practice Note explains the nature of an unfair prejudice claim or petition and identifies when it ought to be deployed to safeguard a minority shareholder’s rights. It further outlines illustrations of unfair prejudice and addresses the remedies that are on offer, with particular regard to section 996 of the Companies Act 2006 (CA 2006). What is an unfair prejudice claim (a section 994 petition)? An unfair prejudice claim is a statutory remedy for company members, set out in CA 2006, ss 994–999. Such claims proceed by way of petition and are therefore commonly known as section 994 petitions. A section 994 petition is the principal procedural mechanism by which a minority shareholder may obtain relief from the court due to ‘unfairly prejudicial’ behaviour by the majority. A glossary of the technical expressions employed in this Practice Note appears in the main section headed Terminology below...