Sealy and Worthington's text, cases, and materials in company law:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford University Press
[2016]
|
| Ausgabe: | Eleventh edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | lvii, 893 Seiten |
| ISBN: | 9780198722052 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV043755436 | ||
| 003 | DE-604 | ||
| 005 | 20161028 | ||
| 007 | t | ||
| 008 | 160907s2016 xxk |||| 00||| eng d | ||
| 020 | |a 9780198722052 |9 978-0-19-872205-2 | ||
| 035 | |a (OCoLC)960423560 | ||
| 035 | |a (DE-599)BVBBV043755436 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 044 | |a xxk |c GB | ||
| 049 | |a DE-739 | ||
| 084 | |a PU 4364 |0 (DE-625)140570: |2 rvk | ||
| 100 | 1 | |a Sealy, Leonard S. |d 1930- |e Verfasser |0 (DE-588)13702567X |4 aut | |
| 245 | 1 | 0 | |a Sealy and Worthington's text, cases, and materials in company law |c Sarah Worthington |
| 246 | 1 | 3 | |a Sealy & Worthington's text, cases, & materials in company law |
| 246 | 1 | 3 | |a Text, cases, and materials in company law |
| 246 | 1 | 3 | |a Company law |
| 250 | |a Eleventh edition | ||
| 264 | 1 | |a Oxford |b Oxford University Press |c [2016] | |
| 300 | |a lvii, 893 Seiten | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Corporation law |z Great Britain | |
| 651 | 4 | |a Großbritannien | |
| 700 | 1 | |a Worthington, Sarah |d 1955- |e Verfasser |0 (DE-588)138508763 |4 aut | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029166910&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-029166910 | ||
Datensatz im Suchindex
| _version_ | 1804176567245471744 |
|---|---|
| adam_text | Contents
List of abbreviations..................................................................xix
Table of statutes ......................................................................xx
Table of secondary legislation ......................................................xxxii
Table of cases.......................................................................xxxiv
1 THE COMPANY AND ITS INCORPORATION ...................................................I
Introduction........................................................................1
Companies in action: special features and key parties ............................2
Sources of company law..............................................................3
UK Companies Acts...............................................................4
Regulatory amendments to CA 2006 ...........................................5
History of legislative reform...............................................5
The Company Law Review (CLR)................................................6
Case law...................................................................... 7
European law....................................................................7
Directives .................................................................8
Regulations ................................................................9
European Directives and Regulations relating to company law ...............12
European law harmonisation.................................................13
The market for corporate law: country of incorporation, ‘seat’ and ‘COMP ..13
Human rights legislation.......................................................16
Self-regulation................................................................17
The process of company law reform .................................................18
The purpose of company law: enabling or regulatory?...............................21
Classification of companies........................................................21
Limited and unlimited companies: CA 2006 s 3...................................21
Companies limited by shares and companies limited by guarantee.................22
Public and private companies: CA 2006 s 4......................................22
Change of company status.......................................................23
Charitable and community interest companies ...................................23
European public limited-liability companies (SEs)..............................23
Classifications based on size .................................................23
‘Single member1 companies......................................................24
Parent and subsidiary companies: CA 2006 s 1159................................24
Companies and other business structures ...........................................24
Incorporation, registration and the role of the registrar..........................25
Incorporation .................................................................25
Memorandum of association......................................................26
Constitutional documents: articles of association and the company s objects .... 26
History........................................................................27
Company names..................................................................27
The registrar s decision to register ..........................................28
2 CORPORATE PERSONALITY AND LIMITED LIABILITY .......................................34
General issues ....................................................................34
Separate corporate personality.....................................................36
The consequences of separate legal personality.....................................42
The company owns its own property..............................................43
The company enters into its own contracts.....................................45
The company runs its own business..............................................46
The company sues and is sued on its own liabilities...........................48
Corporate groups: do they warrant special treatment?......................51
General recognition that the company is a legal person........................52
Presumption that the law applies to corporate persons as it does
to human persons...........................................................53
The Human Rights Act 1998 and companies...................................54
Nationality, domicile and residence........................................55
Status questions...........................................................57
Limits to the idea of a company as a person*?....................................62
Piercing the corporate veil* vs separate legal personality.......................63
The meaning of piercing the corporate veil’...................................64
The current position......................................................... 69
Illustrating concealment* ....................................................70
Illustrating evasion’ ........................................................71
Remedies ......................................................................74
Connections between the company and other persons..................................75
Control of the company is not enough ..........................................76
Contractual agreements and third parties..................................... 76
Agency rules and third parties.................................................76
Property law and third parties.................................................78
Property held on trust ....................................................78
Unjust enrichment..........................................................79
Freezing orders and restraint orders.......................................79
Tort law and third parties ....................................................80
Statutory rules and third parties..............................................81
Summary............................................................................81
3 CORPORATE ACTIVITY AND LEGAL LIABILITY.............................................83
Introduction.......................................................................83
Rules of attribution: how does a company act?......................................85
Contractual liability .............................................................90
General issues............................................................. ... 90
The framework for assessing effective contractual engagement...............91
Capacity: what is a company legally set up to do?.............................92
Agency and authority in corporate contracting .................................93
Overview of agency principles.............................................93
Agency and actual authority—who is ‘actually’ allowed to act for the company? ... 94
1. implied actual authority from appointment to a specific role in the company ... 94
2. Implied actual authority from a course of dealing ................98
Deemed authority I: statutory deeming provisions to avoid constitutional
limitations on directors’ authority—CA 2006 s 40............................ 100
1. Meaning of ‘a person’ in CA 2006 s 40................................ 101
2. Meaning of ‘a dealing with the company’ in CA 2006 s 40.............. 104
3. Meaning of *good faith’ in CA 2006 s 40.............................. 105
4. Meaning of ‘directors’ and ‘limitation under the constitution’ m CA 2006 s 40 . . 107
Deemed authority II: common law intervention in the absence of actual
authority—relying on ostensible (or apparent) authority .................... 107
1. The representation .................................................. 112
2. The authority of the representor .................................... 112
3. Reliance—no notice of the agents want of actual authority and causal links ... 112
4. Bars on ‘self-authorising agents1.................................... 116
Deemed authority III: common law intervention in the absence of actual
authority—the residual role of the ‘indoor management rule’ or ‘the rule
in Turquand’s case’.......................................................... 116
1. The interaction between the indoor management rule and agency rules.. 118
Examples .................................................................... 118
Transactions involving directors..............................................122
Ratification by the company of unauthorised transactions .....................123
Formalities...................................................................123
Particular problems in this area .............................................124
1. Directors1 authority and breach of directors duties...................124
2. The problem of forged documents .......................................126
3. An amendment of the company s articles will not excuse a breach of contract ... 130
Summary of corporate contracting ............................................ 131
Pre-incorporation contracts ...................................................... 131
Corporate gifts .......................................................................135
Tort liability.........................................................................136
Criminal liability ....................................................................146
Establishing corporate mental states, mens rea and criminal liability............148
What does a company know? .............................................................158
Denying attribution ...................................................................164
Certain acts should not be attributed to the company at all......................164
Certain acts, knowledge or intentions should not be attributed in
these particular circumstances.....................................................165
Summary.......................................................................177
Despite attribution, the usual legal consequences should not prevail in
these circumstances ...............................................................177
Attribution and illegality: companies and the ex turpi causa principle ................180
Litigation: procedural issues..........................................................184
Conduct of litigation..............................................................184
SHAREHOLDERS AS AN ORGAN OF THE COMPANY................................................187
General issues ....................................................................... 187
Dividing corporate power between members and directors.................................189
Orthodox constitutional division of powers ............................................190
Articles and the rules governing their interpretation................................. 191
Practical consequences of the constitutional allocation of powers......................196
Formal decision-making by members..................................................... 202
General issues ................................................................... 202
Voting majorities: ordinary and special resolutions ........................ 202
Who can propose a written resolution?....................................... 203
What are the essentials of a ‘meeting’?.....................................204
The role of the chairman....................................................206
Who can call a meeting? ....................................................208
What sort of notice must be given if a meeting is proposed?................. 210
Who can propose a resolution (or circulate a statement) at a meeting? ...... 211
Are members’ meetings compulsory? .......................................... 211
How must meetings be conducted?.............................................. 212
‘Voice’ in decision-making .................................................. 213
Reform of the law relating to general meetings .............................. 213
Informal decision-making—the ‘Duomatic5 principle .............................. 214
Limitations on the free exercise of members’ voting rights......................222
General issues................................................................222
Alteration of the articles ...................................................228
CA 2006 s 21: alteration of articles .....................................228
Predecessor provisions....................................................228
Variation of class rights...................................................247
Members’ decisions concerning directors’ breaches.............................247
CA 2006 s 180: consent, approval or authorisation by members............248
CA 2006 s 239: ratification of acts of directors........................248
Summary of limitations on members’ voting................................... 254
Shareholders’ agreements..........................................................256
Members’ personal rights......................................................... 261
CORPORATE GOVERNANCE..............................................................273
General issues ...................................................................273
FRC and the UK Corporate Governance Code for listed companies ..................275
Regulation of listed companies by the UK Corporate Governance Code..........276
Qualities of boards and board members ....................................276
Separation of the roles of chairman and managing director.................277
Balance of executive and non-executive directors........................ 277
Directors’ remuneration ..................................................278
Nomination committees................................................... 278
Gender diversity..........................................................279
Regulation of institutional investors by the UK Stewardship Code .............280
Client and beneficiary-primacy........................................... 281
Enhanced interaction with investee companies............................. 281
Enhanced publicity....................................................... 281
Review and amendment .................................................... 281
Narrative reporting reforms.......................................................282
Role of the company secretary.....................................................282
Directors’ service contracts......................................................283
Remuneration of directors.........................................................284
Binding contracts to provide remuneration.....................................284
Common law rules on setting directors’ remuneration...........................287
Statutory rules on setting directors’ remuneration............................291
6 THE BOARD OF DIRECTORS AS AN ORGAN OF THE COMPANY ................................294
Introduction.......................................................................294
Appointment of directors ........................................................295
Eligibility for appointment as a director........................................298
Defective appointments and the validity of acts of directors: CA 2006 s 161......298
Publicity and the appointment of directors: CA 2006 ss 162 and 167 .............. 299
Acting as a board of directors: meetings and decisions...........................299
Removal of directors...............................................................300
Removal by the members ........................................................300
Dismissal by the board........................................................ 303
Directors acting after their office is vacated................................... 303
Rights of directors on termination of appointment ............................... 303
Compensation claims for loss of office ....................................... 303
Other payments for loss of office..............................................309
Directors disqualification........................................................309
Outline of the statutory jurisdiction..........................................309
Jurisdiction to disqualify for unfitness under CDDA ss 6 and 8............. 312
Permitting disqualified directors to act...................................... 319
Cross-fertilisation: CDDA and directors general duties .....................320
Disqualification orders and the disqualification period .....................323
7 DIRECTORS DUTIES...................................................................326
General issues .................................................................. 326
Overview of codified directors duties (the general duties)................327
Other duties owned by directors................................................328
Directors’ general duties are also owed by de facto and shadow directors ........328
Shadow directors: s 251 ...................................................... 329
De facto directors ............................................................330
People who are not typically directors ........................................335
Persons connected with a director: s252 ..................................... 336
Directors duties are owed to the company..........................................336
Claims that directors owe duties to particular individuals ..................337
Duties to shareholders?....................................................338
Duties to creditors? ......................................................340
Duties to employees?...................................................... 341
Scope and nature of directors general duties: CA 2006 s 170 .................... 341
Duty to act within powers: CA 2006 s 171 ...................................... 341
Duty to act in accordance with the company s constitution’: s 171(a) .......342
Duty to act for proper purposes: s 171 (b) ..................................342
Duty to promote the success of the company: CA 2006 si 72 ........................ 355
The crucial elements of s 172 ................................................ 356
The director’s ‘good faith’................................................356
‘The success of the company for the benefit of its members as a whole ...356
A defence rather than duty?................................................357
Illustrations of the duty to act in good faith for the success of the company ... 358
Duty to disclose own misconduct? ................................................... 361
Regard for other stakeholders?.......................................................366
The interests of members .......................................................366
The interests of creditors......................................................367
The interests of employees ................................................... 372
Duty to exercise independent judgement: CA 2006 s 173 ................................. 373
Duty to exercise reasonable care, skill and diligence: CA 2006 si 74 .................. 375
The old subjective test..............................................................376
The subjective/objective test...................................................... 378
‘Reasonable directors: keeping informed and delegating responsibilities .... 380
Proving causative loss in negligence cases ........................................385
Duty to avoid conflicts of interest: CA 2006 s 175 .................................... 385
Context—three sections dealing with fiduciary loyalty: CA 2006 ss 175-177 . . . 385
The earlier equitable principles ....................................................386
Statutory changes to the equitable rules...........................................387
Illustrations of the ‘conflicts rules...............................................387
Irrelevant that company cannot or would not pursue the opportunity............390
Which conflicts does CA 2006 s 175 catch?..........................................394
What counts as a ‘conflict’?....................................................394
What does not count as a conflict? ...........................................395
1. No possibility of a conflict..........................................395
2. Prior authorisation by the directors .................................397
3. Subsequent ratification by the company ...............................398
Which ‘opportunities’ are caught by the conflicts rule? ........................398
1. Scope issues ...........................................................398
2. Resigning to take up a corporate opportunity ...........................412
Remedies for breach of the conflicts rule ...........................................420
Conflicts of duty and duty...........................................................423
Duty not to accept benefits from third parties: CA 2006 s 176 ......................... 426
Duty to declare an interest in a proposed or existing transaction
or arrangement: CA 2006 ss 177 and 182 ................................................ 427
Remedies for breach of the general duties: CA 2006 s 178 .............................. 431
General issues ..................................................................... 431
Remedial options............................................................... 431
Equitable compensation......................................................... 431
Disgorgement of profits—personal remedy.........................................432
Disgorgement of profits—proprietary remedy .....................................433
Rescission......................................................................433
Limitation periods..............................................................433
Specific examples ...................................................................434
Relief from liability.................................................................. 452
The available options ...............................................................452
Consent, approval or authorisation by the company: CA 2006 s 180 .................. 452
Equitable rules for authorisation by the company................................452
Ratification of acts of directors: CA 2006 s 239 .................................. 454
Relief from liability granted by the court: CA 2006 s 1157 ........................ 460
Contracting out of liability: CA 2006 ss 232-238 .................................. 462
Special rules on notice requirements and members’ approval for certain
transactions: CA 2006 ss 182-231 ............................................ 462
Declarations of interest in existing transactions or arrangements:
ss 182-187 .............................................................. 462
Transactions with directors requiring the approval of members ...........464
Enhanced range of statutory remedies for these transactions..............465
Secondary liability (liability of third parties associated with directors’ wrongs) . . . 468
Required knowledge for secondary liability...............................469
Remedies associated with secondary liability ............................475
8 COMPANY AUDITORS AND PROMOTERS...............................................481
Introduction..................................................................481
Auditors and their relationship with the company.............................481
General policy and regulatory issues ....................................482
Auditors’ liability ......................................................484
Promoters and their dealings with the company................................498
9 THE RAISING OF CAPITAL .......................................................506
Company ‘capital’ and its importance..........................................506
Attracting and protecting shareholders and creditors ........................508
Terminology associated with legal capital ....................................509
The legal nature of shares .................................................. 512
Minimum capital requirements for company formation .......................... 514
Limiting access to shares: directors’ allotment rights and shareholders’
pre-emption rights......................................................... 514
Allotment................................................................ 514
Pre-emption rights governing the issue of new shares .................... 515
Pre-emption rights governing the transfer of existing shares............. 516
Offers to the public to purchase shares and remedies for misleading offers...519
Misrepresentation.........................................................520
Loss of the remedy of rescission..........................................522
Availability of the remedy of damages ...................................523
Collecting in the company’s capital: payment for shares......................525
Issue of shares at a discount ...........................................525
Issue of debentures at a discount.........................................527
Issue of shares at a premium..............................................527
Issue of shares in exchange for property..................................529
Rules for public companies............................................530
Rules for private companies.......................................... 531
10 DISTRIBUTIONS AND CAPITAL MAINTENANCE.........................................533
Controls over a company’s distribution of capital.............................533
Permitted reductions of capital ..............................................534
Redemptions and repurchases of shares...........................................542
General exceptions to the prohibition in CA 2006 s 658 .................... 543
Redeemable shares....................................................... 543
Repurchase of shares........................................................544
Protection of shareholders..................................................545
Financial assistance by a company for the acquisition of its own shares........546
The meaning of financial assistance*.......................................548
Further guidance on the meaning of ‘financial assistance ............553
Exceptions to the statutory prohibition.....................................554
Consequences when a transaction breaches the prohibition...................558
Dividend distributions .........................................................565
Permitted distributions ....................................................565
Requirement to pay dividends.............................................. 566
Payment of a dividend.......................................................567
Distributions in kind.......................................................567
Consequences of an unauthorised distribution ...............................567
Capitalisations and bonus shares .......................................... 571
Disguised returns of capital................................................572
11 SHARES .........................................................................580
The nature and classification of shares ........................................580
Classes of shares and class rights............................................. 581
Variation of class rights.......................................................587
Statutory requirements ................................................... 587
Additional common law requirements .........................................588
Meaning of class right*....................................................588
Defining a variation* of class rights......................................588
Right of dissenting member to object to court...............................589
Transfer of shares..............................................................599
Share certificates, uncertificated shares and dematerialised securities.....600
Transfer of certificated securities ........................................600
Transfer of uncertificated shares.......................................... 601
Restrictions on transfer: directors* approval and pre-emption rights ...... 601
Forged and fraudulent transfers.............................................604
Equitable interests in shares ..............................................608
Competing claims to shares ................*................................... 610
Disclosure of substantial interests in shares ................................. 614
Valuation of shares............................................................ 614
12 BORROWING, DEBENTURES AND CHARGES ..............................................619
General issues ................................................................ 619
Debentures......................................................................622
Secured debt: mortgages, fixed and floating charges.............................623
Mortgages...................................................................624
Charges ......................................................................624
Fixed charges.............................................................624
Floating charges .........................................................625
Debenture holders’ remedies and the protection afforded by charges ..............626
Different protections afforded to fixed and floating charge holders..........626
Requirement to register charges ..................................................627
Statutory requirements .......................................................627
Certificate of registration...................................................628
Effect of failure to register.................................................628
Extension of the registration period and rectification of the register.......629
Registration, priority and constructive notice of registered charges.........629
Company’s own register of charges ............................................630
Further reform of the registration system ....................................630
Fixed and floating charges: definitions...........................................632
Floating charges: creation and effect.............................................634
Creation of floating charges and impact of failure to register...............634
Limitations on the assets which may be made subject to a floating charge .... 636
Dealings with assets subject to a floating charge............................638
Crystallisation of floating charges ......................................... 641
Treatment of floating charges on the company’s liquidation...................646
Distinguishing between fixed and floating charges.................................650
Avoiding the statutory regime for company securities ............................660
Retention of title agreements.................................................660
13 REMEDIES FOR MALADMINISTRATION OF THE COMPANY ....................................664
General issues ................................................................. 664
Pursuing claims for maladministration ............................................665
Actionable wrongs committed against the company ..............................665
Actionable wrongs committed against individual members ................... 666
Why is shareholder litigation such a problem?.....................................667
The old common law rule in Foss v Harbottle .....................................669
The rule in Foss v Harbottle..................................................669
Exceptions to the rule in Foss v Harbottle...................................670
Company claims and the statutory derivative action: CA 2006 ss 260ff ............ 671
In outline................................................................... 671
Grounds for bringing a derivative claim and parties to the claim ............672
Court permission to continue a derivative claim..............................674
Compulsory refusal of permission..........................................674
1. The action is not designed to promote the success of the company .675
2. Proper authorisation or ratification ..............................675
Discretionary refusal of permission.......................................675
Illustrations of the courts’ exercise of control over applications.......676
Residual use of common law derivative claims .....................................695
Domestic companies and ‘multiple’ derivative claims...........................695
Foreign-registered companies..................................................697
Personal claims by members ...................................................... 700
The sources of members’ personal rights...................................... 700
The procedural form of members’ personal claims.............................. 701
Establishing the member’s personal right: personal and corporate claims
can coexist................................................................... 702
Can the member’s personal right be enforced?................................. 706
The ‘no reflective loss’ principle............................................ 706
Unfairly prejudicial conduct of the company’s affairs ........................... 715
The pros and cons of CA 2006 s 994 claims.................................... 716
Basic principles: comprehensive overview...................................... 717
Who may apply............................................................. 717
Respondents............................................................. 718
Procedure................................................................ 719
Grounds ...................................................................720
Meaning of ‘the company s affairs’.........................................720
Meaning of ‘unfairly prejudicial’......................................... 721
Meaning of ‘interests of members’ .........................................722
Members in their capacity as members ......................................722
Use of CA 2006 s 994 to protect non-member interests ....................723
Remedies.................................................................. 725
Buy-out orders.............................................................725
Relevance of alternative remedies..........................................726
Examples of ‘unfairly prejudicial’ conduct ....................................727
Analysis of conduct which amounts to ‘unfair prejudice’........................729
A special approach to ‘legitimate expectations’? ..............................734
Remedies: valuing shares in buy-out orders.................................... 741
Unfair prejudice and other remedies............................................749
14 PUBLIC DISCLOSURE, MARKET REGULATION AND PUBLIC
INVESTIGATIONS OF COMPANIES .......................................................751
Public disclosure and the disclosure philosophy..............................., . 751
General disclosure obligations.....................................................752
The Registrar of Companies.....................................................752
Errors on the register.....................................................753
Register of ‘people with significant control’: the PSC Register .............753
Publication in the Gazette ....................................................754
Publicity at the company’s own registered office...............................755
Specific provision of information to members...................................755
Publicity on business documents................................................756
Enforcement of the disclosure regime...........................................756
Listed companies and the Stock Exchange .......................................757
Public regulation of securities markets ...........................................757
Transparency obligations: investigation and notification of major voting
shareholdings in certain public companies ....................................759
The Transparency Directive.....................................................759
Substantial holdings.......................................................759
Consequences of infringement of transparency obligations...................760
Liability for false or misleading statements concerning the transparency rules ... 760
Company investigations into share ownership and the disclosure register...... 761
Disclosure and public offerings of shares..........................................762
History........................................................................762
Securities markets.............................................................763
Official listing...............................................................764
Prospectuses...................................................................764
Restrictions on public offers by private companies.........................765
Content of prospectuses....................................................765
Exemptions from the prospectus requirements................................765
FCA sanctions ........................................................... 766
Liability for misleading statements and omissions in prospectuses..........766
Under-subscription for the new issue.......................................767
Market abuse: insider dealing and market manipulation .............................767
Controlling market abuse.......................................................767
Insider dealing ...............................................................768
Insider dealing: common law protection.....................................768
Insider dealing: statutory civil protection (FSMA 2000 s 118) ...........769
Insider dealing: criminal protection (Criminal Justice Act 1993 Pt V) ...769
Market abuse...................................................................769
Public investigation of companies................................................. 770
Powers of investigation....................................................... 770
Conduct of the investigation.................................................. 771
Inspections and the privilege against self-incrimination...................777
Inspections and subsequent fair trials—criminal and civil cases .........777
15 RECONSTRUCTIONS, MERGERS AND TAKEOVERS..............................................779
General issues ....................................................................779
Meaning of the terms ..........................................................779
Schemes of reconstruction under IA 1986 ss 110-111 .............................. 781
Arrangements and reconstructions under CA 2006 ss 895-901 ....................... 784
What is a ‘compromise or arrangement ? ........................................785
Defining the classes for member or creditor meetings ..........................786
Court sanctioning of the scheme ...............................................792
Scheme jurisdiction: use of CA 2006 by foreign companies ......................794
Proposals for reform of the law ...............................................794
Takeovers..........................................................................796
Regulation of takeovers........................................................796
The Panel on Takeovers and Mergers ............................................797
Restricting barriers to takeovers ............................................ 801
Disclosure requirements .......................................................801
‘Virtual bids .................................................................802
Mandatory offer rules .........................................................802
Deal protection measures and inducement fees...................................802
Position of minority members following a takeover..............................802
Directors’ role in a takeover..................................................806
Enforcement . .................................................................808
16 RESCUE AND INSOLVENCY PROCEDURES....................................................810
General issues................................................................... 810
Insolvency and rescue........................................................ 811
‘Commercial insolvency ................................................. 811
‘Balance sheet insolvency .............................................. 811
‘Ultimate’ insolvency.................................................... 811
Statutory framework.......................................................... 811
Company voluntary arrangements (CVAs) ........................................... 812
Administration................................................................... 813
Purpose of administration.................................................... 813
Appointment of the administrator............................................. 814
Powers and duties of the administrator....................................... 817
Effect of appointment on directors .......................................... 821
Termination of administration................................................ 821
Priority of expenses of administration....................................... 821
Receivership and administrative receivership.....................................822
Receivership generally........................................................822
Administrative receivership...................................................824
Enterprise Act 2002 reforms—limited scope for administrative receiverships .... 824
Powers of management—company contracts....................................825
Duties of administrative receivers........................................827
Distribution of assets subject to the receivership ...............................832
Liquidation or winding up ........................................................834
Voluntary winding up .........................................................834
Compulsory winding up generally...............................................834
Permitted petitioners for a compulsory winding up.......................... 835
Grounds for compulsory winding up ............................................838
Compulsory winding up because the company is unable to pay its debts.....838
Compulsory winding up on the ‘just and equitable ground ................840
The courts discretion to order a compulsory winding up .....................850
The functions, powers and duties of the liquidator ..........................850
The conduct of the liquidation .............................................. 851
‘Commencement’ of winding up............................................. 851
The liquidator’s ability to ‘claw back property—unwinding transactions .852
The liquidator s ability to require wrongdoers to make personal contributions
to the assets of the company..............................................853
Re-use of company names and the ‘phoenix syndrome’.......................854
Insolvency and corporate groups ..........................................855
The common law ‘anti-deprivation principle’ ..............................855
Cases illustrating the conduct of the liquidation.........................855
Assets available for distribution by the liquidator...........................866
Application of assets by the liquidator ......................................867
Investigating and reporting the affairs of the company............................870
Investigations................................................................870
Reporting................................................................. 870
Dissolution of the company........................................................871
Restoration to the register.......................................................872
Index
875
|
| any_adam_object | 1 |
| author | Sealy, Leonard S. 1930- Worthington, Sarah 1955- |
| author_GND | (DE-588)13702567X (DE-588)138508763 |
| author_facet | Sealy, Leonard S. 1930- Worthington, Sarah 1955- |
| author_role | aut aut |
| author_sort | Sealy, Leonard S. 1930- |
| author_variant | l s s ls lss s w sw |
| building | Verbundindex |
| bvnumber | BV043755436 |
| classification_rvk | PU 4364 |
| ctrlnum | (OCoLC)960423560 (DE-599)BVBBV043755436 |
| discipline | Rechtswissenschaft |
| edition | Eleventh edition |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01475nam a2200373 c 4500</leader><controlfield tag="001">BV043755436</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20161028 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">160907s2016 xxk |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780198722052</subfield><subfield code="9">978-0-19-872205-2</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)960423560</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV043755436</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxk</subfield><subfield code="c">GB</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-739</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">PU 4364</subfield><subfield code="0">(DE-625)140570:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Sealy, Leonard S.</subfield><subfield code="d">1930-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)13702567X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Sealy and Worthington's text, cases, and materials in company law</subfield><subfield code="c">Sarah Worthington</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">Sealy & Worthington's text, cases, & materials in company law</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">Text, cases, and materials in company law</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">Company law</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">Eleventh edition</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Oxford</subfield><subfield code="b">Oxford University Press</subfield><subfield code="c">[2016]</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">lvii, 893 Seiten</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporation law</subfield><subfield code="z">Great Britain</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Großbritannien</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Worthington, Sarah</subfield><subfield code="d">1955-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)138508763</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Passau - ADAM Catalogue Enrichment</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029166910&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-029166910</subfield></datafield></record></collection> |
| geographic | Großbritannien |
| geographic_facet | Großbritannien |
| id | DE-604.BV043755436 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:34:14Z |
| institution | BVB |
| isbn | 9780198722052 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029166910 |
| oclc_num | 960423560 |
| open_access_boolean | |
| owner | DE-739 |
| owner_facet | DE-739 |
| physical | lvii, 893 Seiten |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | Oxford University Press |
| record_format | marc |
| spelling | Sealy, Leonard S. 1930- Verfasser (DE-588)13702567X aut Sealy and Worthington's text, cases, and materials in company law Sarah Worthington Sealy & Worthington's text, cases, & materials in company law Text, cases, and materials in company law Company law Eleventh edition Oxford Oxford University Press [2016] lvii, 893 Seiten txt rdacontent n rdamedia nc rdacarrier Corporation law Great Britain Großbritannien Worthington, Sarah 1955- Verfasser (DE-588)138508763 aut Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029166910&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sealy, Leonard S. 1930- Worthington, Sarah 1955- Sealy and Worthington's text, cases, and materials in company law Corporation law Great Britain |
| title | Sealy and Worthington's text, cases, and materials in company law |
| title_alt | Sealy & Worthington's text, cases, & materials in company law Text, cases, and materials in company law Company law |
| title_auth | Sealy and Worthington's text, cases, and materials in company law |
| title_exact_search | Sealy and Worthington's text, cases, and materials in company law |
| title_full | Sealy and Worthington's text, cases, and materials in company law Sarah Worthington |
| title_fullStr | Sealy and Worthington's text, cases, and materials in company law Sarah Worthington |
| title_full_unstemmed | Sealy and Worthington's text, cases, and materials in company law Sarah Worthington |
| title_short | Sealy and Worthington's text, cases, and materials in company law |
| title_sort | sealy and worthington s text cases and materials in company law |
| topic | Corporation law Great Britain |
| topic_facet | Corporation law Great Britain Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029166910&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT sealyleonards sealyandworthingtonstextcasesandmaterialsincompanylaw AT worthingtonsarah sealyandworthingtonstextcasesandmaterialsincompanylaw AT sealyleonards sealyworthingtonstextcasesmaterialsincompanylaw AT worthingtonsarah sealyworthingtonstextcasesmaterialsincompanylaw AT sealyleonards textcasesandmaterialsincompanylaw AT worthingtonsarah textcasesandmaterialsincompanylaw AT sealyleonards companylaw AT worthingtonsarah companylaw |