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construction to prevent someone being paid during absences for illness, but although it was irrelevant that she was paid when the company was unprofitable, it appeared that some of the sums could not really be considered remuneration and she would have to restore the excessive sums. Those were not "a genuine award of remuneration" but rather a "disguised gift out of capital".
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said that creditors are entitled to assume that what is paid as remuneration is so in substance, and not a disguised distribution to shareholders. Here it was a genuine payment of remuneration to Mr
Charlesworth. For Mrs Charlesworth, the facts were more problematic. There was nothing as a matter of
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I do not think that, in the absence of evidence that the payments made were patently excessive or unreasonable, the court can or should engage on a minute examination of whether it would have been more appropriate or beneficial to the company to fix the remuneration at £X rather than £Y, so long as
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it is satisfied that it was indeed drawn as remuneration. That is a matter left by the company’s constitution to its members... I find it really impossible on the facts to hold that the whole of these sums… can be treated as genuine director’s remuneration in any real sense of the term...
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in 1971. From 1968 to 1971 Mr
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Insurance Corp v Wilsons & Clyde Coal Ltd
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181:Reduction of capital
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398:3 All ER 1016 is a
427:Companies Act 2006
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260:1 Ch 279
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155:Citation
106:May 2017
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