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of <h1>Court declares guarantee clause void for reducing company capital. Impact on subrogation rights clarified.</h1> The court declared Clause 7 of the deed of guarantee as ultra vires and void. This clause allowed the defendant to seek repayment in a manner that could ... Requirements with respect to memorandum The judgment declared Clause 7 of the deed of guarantee as ultra vires and void, as it allowed the defendant to commence an action for repayment of sums paid to the trustee for preference shareholders, which could reduce the company's capital in a manner inconsistent with legal principles. The declaration did not affect the defendant's potential subrogation rights to preference shareholders' claims.
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