The Court dismissed proceedings brought by a majority shareholder personally claiming damages for the destruction of his company's business value, holding that any such cause of action belonged to the company, not the shareholder, applying Salomon v Salomon and Foss v Harbottle. The Court further noted that derivative proceedings under Part 2F.1A of the Corporations Act 2001 (Cth) were unavailable because the company had been deregistered.
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