Table of Cases |
|
xvii | |
Table of Legislation |
|
xlv | |
Abbreviations |
|
lix | |
Introduction |
|
|
|
Minority Shareholder Rights: Sources and Remedies |
|
|
|
|
1 Directors' Duties |
|
|
|
The Common Law and the Companies Act 2006* |
|
|
|
Duty to Act within Powers |
|
|
|
Duty to Promote the Success of the Company |
|
|
|
Duty to Exercise Independent Judgement |
|
|
|
Duty to Exercise Reasonable Care, Skill, and Diligence |
|
|
|
Conflicts, Profits, Disclosure, and Consent |
|
|
|
The Duty to Avoid Conflicts of Interest |
|
|
|
The Duty Not to Accept Benefits from Third Parties |
|
|
|
The Duty to Declare an Interest in a Proposed Transaction or Arrangement |
|
|
|
Authorization and Ratification |
|
|
|
Other Duties and Liabilities |
|
|
2 Derivative Claims |
|
|
|
Personal Rights of the Shareholder and Rights of the Company |
|
|
|
Control of Litigation in the Name of the Company |
|
|
|
The Common Law Derivative Claim |
|
|
|
|
|
The Statutory Derivative Claim |
|
|
|
|
|
|
|
Parties to the Proceedings |
|
|
|
Commencement of Proceedings |
|
|
|
The Application for Permission to Continue |
|
|
|
|
|
|
|
|
|
|
|
The Role of the Company at the Permission Stage |
|
|
|
Legal Aid/Conditional Fee Agreements |
|
|
|
|
|
Using Section 996(2)(c) to Bring a Derivative Claim |
|
|
|
The Relationship between a Personal Claim and a Derivative Claim |
|
|
|
The Use of the Statutory Derivative Claim |
|
|
|
Companies in Receivership or Liquidation |
|
|
|
|
|
Multiple Derivative Claims |
|
|
3 Personal Claims |
|
|
|
|
Nature of Personal Claims |
|
|
|
|
|
Objections to Alterations to the Articles |
|
|
|
Enforcement of Directors' Duties |
|
|
|
|
|
|
|
|
|
|
|
Derivative Claims and Personal Claims |
|
|
|
The No Reflective Loss Principle |
|
|
|
Basis and Operation of the No Reflective Loss Principle |
|
|
|
Applicability of the No Reflective Loss Principle |
|
|
|
|
|
Pre-Trial Application of the No Reflective Loss Principle |
|
|
|
|
|
Limits to the No Reflective Loss Principle |
|
|
|
|
4 Rights Conferred on Shareholders by the Companies Act 2006* |
|
|
|
|
|
|
|
Inspection of Registers and Documents |
|
|
|
Rectification of the Register of Members |
|
|
|
The 'Squeeze-out' and 'Sell-out' Provisions of CA 2006, Part 28* |
|
|
|
|
5 Just and Equitable Winding Up |
|
|
|
|
|
|
|
When may Contributories Petition? |
|
|
|
|
|
The Relationship between 'Just and Equitable Winding Up' and 'Unfair Prejudice' |
|
|
|
Cases where the Remedy is Available |
|
|
|
Exclusion of the Just and Equitable Regime |
|
|
|
|
|
Circumstances in which a Winding Up Will Not be Granted |
|
|
|
The Existence of an Alternative Remedy |
|
|
|
|
|
|
6 Unfair Prejudice: The Statutory Remedy |
|
|
|
|
Introduction: The Statutory Provisions |
|
|
|
The Meaning of 'Member': Who may Petition |
|
|
|
The Meaning of 'Company': Organizations in Respect of which the Remedy may be Granted |
|
|
|
|
|
The Time of Occurrence of the Complaints Made in the Petition |
|
|
|
The Meaning of 'Interests' |
|
|
|
The Meaning of 'Unfairly Prejudicial' |
|
|
|
Equitable Considerations and Third Parties |
|
|
|
Objective Nature of Conduct |
|
|
|
'No-fault Divorce' and Deadlock |
|
|
|
Examples of Unfairly Prejudicial Conduct |
|
|
|
The Relationship of Derivative Claims to Section 994* |
|
|
|
The Operation of Compulsory Purchase Provisions |
|
|
|
Effect of Agreement by the Petitioner for Sale of his Shares |
|
|
|
The Effect on the Petition of the Petitioner's Conduct |
|
|
|
|
7 Companies Act 2006, Section 994 Petitions: Procedure |
|
|
|
|
Letter/Offer before Action |
|
|
|
Disclosure before Presentation of Petition |
|
|
|
|
|
|
|
Presentation of the Petition |
|
|
|
|
|
|
|
Return Day and Directions for the Further Conduct of the Petition |
|
|
|
|
|
|
|
Amendment of Petition and Statements of Case |
|
|
|
Counterclaims and Other Additional Claims |
|
|
|
Applications for Interim Relief and Summary Judgment |
|
|
|
|
|
|
|
The Striking Out of Claims which are Misconceived, Hopeless, or Inappropriate in Substance |
|
|
|
Delay and Other Procedural Default |
|
|
|
Offers for the Purchase of the Petitioner's Shares |
|
|
|
|
|
|
|
Funding of the Costs of the Proceedings |
|
|
|
|
8 Foreign Aspects |
|
|
|
|
|
|
Winding Up on the Just and Equitable Ground |
|
|
|
|
|
|
|
|
Appendix: Forms and Precedents |
|
539 | (64) |
|
Index |
|
603 | |