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In the Matter of Capitalhold Limited

In the Grand Court of the Cayman Islands, contributories of the Company sought a direction that all documents and all communications between the Company, agents and any other persons including attorneys concerning an Agreement and Plan of Merger, be disclosed.

The Company argued that correspondence between the Company and attorneys is privileged. The contributories argued that where a company expends money on legal advice then that advice should be disclosed to shareholders unless the advice is for the director himself. On this issue of privilege, the contributories relied on the English case of CAS (Nominees) Ltd v Nottingham Forest plc [2001] 1 All ER 954. The principle is that the directors owe a fiduciary duty to the shareholders only to apply the assets of the company for the proper purposes of the company.

The Grand Court held that this application fell under the specific disclosure category, therefore under Order 24 rule 7 and could be made “any time” during the proceedings. The judge made the order in favour of the contributories.

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