n Without Prejudice - The true face of simulated transactions : company law




It is trite that the adoption of creative drafting methods in order to genuinely and honestly arrange a particular transaction in a manner which lawfully outwits the purview of the law is not only permissible but it also encourages legal development. However, when such legal ingenuity is left unbridled, to the extent that the transaction or suite of transactions manifests an intention which is not truly representative of the actual terms of the agreement, the courts will not hesitate to place precedence on the substance of such an arrangement rather than its purported form.


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