In June 1988 the Paul Dunstall Organisation Ltd awarded a bonus of £800,000 to Mr Dunstall, who was a director of the company, on condition that it be paid in the form of land. The land was transferred to the director who sold it to a third party. The minute of the meeting at which the bonus was awarded read:

‘It was resolved that a bonus of £800,000 be paid to Mr Dunstall…on condition that the bonus be paid and accepted in the form of (and in no other form than) land transferred from the company to Mr Dunstall’.

Arguments

The company contended that:

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