Bank Voor Handel En Scheepvaart v. Slatford, [1951] 2 All E.R. 779

Devlin J. affirmed the principle that the assets of a company are not the assets of a shareholder and accepted as correct a statement by the Permanent Court of International Justice, in Standard Oil Co.'s Claim [1927] BY Int'l L156, at 162:

"'... The decisions of principle of the highest courts of most countries continue to hold that neither the shareholders nor their creditors have any right to the corporate assets other than to receive, during the existence of the company, a share of the profits, the distribution of which has been decided by a majority of the shareholders, and, after its winding-up, a proportional share of the assets'."

Devlin J. affirmed the principle that the assets of a company are not the assets of a shareholder and accepted as correct a statement by the Permanent Court of International Justice, in Standard Oil Co.'s Claim [1927] BY Int'l L156, at 162:

"'... The decisions of principle of the highest courts of most countries continue to hold that neither the shareholders nor their creditors have any right to the corporate assets other than to receive, during the existence of the company, a share of the profits, the distribution of which has been decided by a majority of the shareholders, and, after its winding-up, a proportional share of the assets'."