What is the ratio in O'Neill v Phillips?

Unfair prejudice under s.994 requires breach of legitimate expectations founded on equitable considerations, not merely conduct prejudicial to minority interests.

What did the court decide in O'Neill v Phillips?

The House of Lords dismissed the petition, finding no unfair prejudice as there was no binding commitment to the profit-sharing arrangement.

Why is O'Neill v Phillips important for company law?

It established the authoritative test for unfair prejudice and clarified the scope of minority protection in shareholder disputes.

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