A 50% shareholder may obtain relief under s 232 of the Corporations Act where the other 50% shareholder has de facto control of the company through management of its day-to-day affairs. Where oppression is established, the appropriate remedy under s 233 is ordinarily for the oppressor to purchase the shares of the oppressed, consistent with the policy that the oppressed are entitled to be released from the company. The purchase price should be assessed on a net asset value basis with adjustments to place the oppressed party in the position as if there had been no oppression, including treating unauthorised payments as loans to the oppressor's entity.
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