Company-A is a waste disposal company. Company-B hired company-A to dispose their waste. Company-B have also invested in the shares of Company-A. Company-A agreed to dispose the waste and completed the task. Company-B incurred huge losses and liquidated. All the secured creditors and debentureholders' claims were settled and there was no cash or property left to pay the fees to Company-A(for the job of waste disposal). Can company-A have a lien on the shares invested by company-B in them?
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Lien on shares
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Refer provision in Articles of Association of the company. Article 9 of model Articles provided in the Act. It provides that lien is possible only in partly paid-up shares.
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