9911796707
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Issues:
1. Whether a defunct foreign corporation can continue to use its name as a plaintiff in an action for the recovery of assets after dissolution. Analysis: The judgment in this case revolves around the question of whether a defunct foreign corporation can maintain an action for the recovery of assets post its dissolution. The court considered the implications of the dissolution of a Russian corporation that had been carrying on business in England, with English shareholders, assets, and liabilities. The court analyzed the statements made by Lord Finlay in a previous case and the opinions expressed by various Lords in that case. The court highlighted the importance of determining the effect of the dissolution of a corporation under the law of its origin country and its implications on its ability to sue in English courts. The court referred to the principle that a non-existent corporation cannot maintain an action in English courts, as established by previous judgments. The court emphasized that once it is established that the plaintiff corporation is non-existent, the action must be terminated. The judgment also addressed the concerns regarding the ownership of property belonging to the defunct corporation. The court acknowledged the complexities involved in determining the legal position of individuals involved in handling the assets of the branch after the parent bank's dissolution. The court considered the risks posed to those who had dealt with the branch's assets post-dissolution, emphasizing that a non-existent entity cannot transfer title to any property. Furthermore, the court suggested a potential solution to regularize the acts of those involved in the affairs and assets of the branch post the parent company's dissolution. The court referred to the Companies Act, 1929, which provides for the winding up of a company incorporated outside Great Britain that ceases to carry on business in Great Britain. The court indicated that such winding up could potentially address the issues arising from the dissolution of the parent company and the handling of its assets. In conclusion, the court decided to stay the action and refrained from making any specific orders regarding costs, considering the complexities involved in interpreting the Soviet legislation and the delay in the defendant's application. The court highlighted the potential role of a liquidator in a winding up process under the Companies Act, 1929, to address the challenges arising from the dissolution of the foreign corporation and the handling of its assets.
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