Can anyone explain what standing Buchler has to take proceedings, against whom, and under what head?
If the company never had any assets it cannot have suffered any loss, so there is no cause of action there. The persons who have suffered loss are individual shareholders, but Buchler has no authority to take proceedings on their behalf.
He could sue Lambert for the subscription money. That'll lead to a couple of years legal, accountancy and directors' fees and end up with no recovery when Lambert is liquidated without assets.
nav1000 seems to have come round to the view that we should sue Pearson, Wood and so on. Would you put your money where your mouth is? $30,000+ just for the simple preliminary step of presenting a winding up petition shows you'd be talking about a very serious commitment.
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