https://www.taxtmi.com/caselaws?id=98260 A direction under section 67(3) of the Companies Act 1948 may be made only where special circumstances show that the affected creditors will not be prejudiced. In the context of landlords with claims arising from leasehold covenants and future rent, the relevant claim is unascertained and must be protected on a notional winding-up basis. For long, non-onerous leases, the Court indicated that protection for about ten years' rent will ordinarily be sufficient, rather than coverage for the full remaining term. On the facts, the company's proposed protection fell short of that standard, so the statutory basis for dispensing with section 67(2) was not made out. en-us Mon, 08 Nov 1965 00:00:00 +0530 Thu, 19 Jan 2012 18:05:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98260 A direction under section 67(3) of the Companies Act 1948 may be made only where special circumstances show that the affected creditors will not be prejudiced. In the context of landlords with claims arising from leasehold covenants and future rent, the relevant claim is unascertained and must be protected on a notional winding-up basis. For long, non-onerous leases, the Court indicated that protection for about ten years' rent will ordinarily be sufficient, rather than coverage for the full remaining term. On the facts, the company's proposed protection fell short of that standard, so the statutory basis for dispensing with section 67(2) was not made out. Case-Laws Companies Law Mon, 08 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98260