Company directors : duties, liabilities, and remedies / edited by Simon Mortimore, QC.
2017
KD2089 .C66 2017 (Map It)
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Title
Company directors : duties, liabilities, and remedies / edited by Simon Mortimore, QC.
Published
Oxford, United Kingdom : Oxford University Press, 2017.
Copyright
©2017
Call Number
KD2089 .C66 2017
Edition
Third edition.
ISBN
9780198754398 (hbk.)
0198754396 (hbk.)
0198754396 (hbk.)
Description
clxxxvi, 1,206 pages ; 26 cm
System Control No.
(OCoLC)980369643
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Added Author
Table of Contents
Table of Cases
xxxv
Table of Statutes
cxi
Table of Statutory Instruments
clxi
Table of European Council Directives and Regulations
clxxv
Table of International Legislation
clxxix
Glossary
clxxxi
I. Introduction
1.
Historical Introduction to the Law Relating to the Duties and Liabilities of Directors
3
A.
Introduction / Simon Mortimore
B.
Articles of Association Relating to Directors / Simon Mortimore
C.
Common Law Rules and Equitable Principles Relating to the Management of Companies / Simon Mortimore
1.
ultra vires doctrine / Simon Mortimore
2.
indoor management rule / Simon Mortimore
3.
Attribution / Simon Mortimore
4.
duties of directors / Simon Mortimore
5.
Shareholders' remedies / Simon Mortimore
6.
Decision-making of members / Simon Mortimore
7.
Accounts / Simon Mortimore
8.
Maintenance of capital / Simon Mortimore
D.
Development of Statute Law Affecting Directors before the Companies Act 2006 / Simon Mortimore
1.
Legislation for companies 1844 to 1890 / Simon Mortimore
2.
Companies Acts 1900 to 1985 / Simon Mortimore
3.
Insolvency Act and CDDA / Simon Mortimore
4.
Reforms to the 1985 Act regime / Simon Mortimore
E.
Genesis of the Companies Act 2006 / Simon Mortimore
F.
Reforms Made by the Companies Act 2006 / Simon Mortimore
G.
Reforms Made by the Small Business, Enterprise and Employment Act 2015 / Simon Mortimore
2.
Current Legal Framework Relating to Directors / Simon Mortimore
37
B.
Companies and Other Bodies / Simon Mortimore
1.
Company / Simon Mortimore
2.
Types of company / Simon Mortimore
3.
'Body corporate' and 'corporation' / Simon Mortimore
C.
Companies Act 2006 and Other Legislation / Simon Mortimore
1.
Companies Act / Simon Mortimore
2.
Other legislation / Simon Mortimore
D.
Interpretation of the Companies Act 2006 / Simon Mortimore
E.
Interpretation of the Company's Constitution / Simon Mortimore
II. The Office Of Director / Simon Mortimore
3.
Directors and Other Officers: Requirement and Definitions / Simon Mortimore
55
A.
Requirement for a Company to Have Directors / Adam Goodison
B.
Statutory Meaning / Adam Goodison
C.
Types of Director / Adam Goodison
1.
Appointed directors / Adam Goodison
2.
De facto directors / Adam Goodison
3.
Shadow directors / Adam Goodison
4.
Alternate directors / Adam Goodison
5.
Nominee directors / Adam Goodison
6.
Managing and executive directors / Adam Goodison
7.
chairman of a listed company / Adam Goodison
8.
Non-executive directors / Adam Goodison
D.
Persons Connected with a Director / Adam Goodison
1.
Family members / Adam Goodison
2.
Connected companies / Adam Goodison
3.
Trusts / Adam Goodison
4.
Partners / Adam Goodison
5.
Firms / Adam Goodison
E.
Secretary / Adam Goodison
1.
Private companies / Adam Goodison
2.
Public companies / Adam Goodison
F.
Officers / Adam Goodison
4.
Directors' Powers and Responsibilities / Adam Goodison
81
A.
Introduction / Adam Goodison
B.
Directors' Authority to Manage Companies / Adam Goodison
1.
Directors' general authority / Adam Goodison
2.
Shareholders' reserve power / Adam Goodison
3.
Particular responsibilities of directors / Adam Goodison
4.
Directors' powers and responsibilities in relation to dissolution / Adam Goodison
C.
Power of Directors to Bind the Company / Adam Goodison
1.
company's capacity / Adam Goodison
2.
power of the directors to bind the company / Adam Goodison
3.
Transactions involving directors or their associates / Adam Goodison
4.
Charities / Adam Goodison
5.
Transactions of individual directors / Adam Goodison
D.
Formalities of Doing Business / Adam Goodison
1.
Company contracts / Adam Goodison
2.
Execution of documents: the company seal / Adam Goodison
3.
Execution of deeds and documents otherwise than under seal / Adam Goodison
E.
Attribution / Adam Goodison
1.
rules of attribution / Adam Goodison
2.
Conduct of director attributed to company / Adam Goodison
3.
Intention of director attributed to company / Adam Goodison
4.
Knowledge of director attributed to company / Adam Goodison
5.
Director of more than one company / Adam Goodison
6.
Ex turpi causa non oritur actio / Adam Goodison
5.
Directors' Decision-making and Delegation / Adam Goodison
115
A.
Introduction / William Willson
B.
Decisions to Be Taken Collectively / William Willson
C.
Private Companies: Unanimous Decisions / William Willson
D.
Decisions Taken at Meetings / William Willson
1.
Calling the meeting / William Willson
2.
Conduct of the meeting / William Willson
E.
Public Companies: Written Resolutions / William Willson
F.
Records of Decisions / William Willson
G.
Delegation / William Willson
1.
Managing director / William Willson
2.
Committee / William Willson
H.
Listed Companies: Committees / William Willson
1.
Nomination committee / William Willson
2.
Audit committee / William Willson
3.
Remuneration committee / William Willson
6.
Appointment of Directors / William Willson
141
A.
Introduction / Martin Griffiths
B.
Numbers of Directors / Martin Griffiths
C.
Eligibility for Appointment as a Director / Martin Griffiths
1.
Private and public companies / Martin Griffiths
2.
Additional requirements for listed companies / Martin Griffiths
D.
Appointment of Directors / Martin Griffiths
1.
Private companies / Martin Griffiths
2.
Additional rules for public companies / Martin Griffiths
3.
Additional requirements for listed companies / Martin Griffiths
E.
Validity of Acts and Defective Appointments / Martin Griffiths
F.
Publication of Appointment of Directors / Martin Griffiths
1.
Register of directors, etc / Martin Griffiths
2.
Filing requirements with the Registrar of Companies / Martin Griffiths
3.
Directors' residential addresses: protection from disclosure / Martin Griffiths
4.
Additional publicity rules applying to listed companies / Martin Griffiths
7.
Termination of Appointment of Directors / Martin Griffiths
169
A.
Termination of Appointment of Directors of Private Companies / Edward Brown
1.
Introduction / Edward Brown
2.
Vacation of office under the Companies Act / Edward Brown
3.
Termination under the articles / Edward Brown
B.
Additional Rules for Public Companies / Edward Brown
1.
Dismissal by unanimous decision of directors / Edward Brown
2.
Retirement by rotation / Edward Brown
3.
Listed companies / Edward Brown
4.
Financial institutions: special rules / Edward Brown
C.
Effect of Termination of Appointment / Edward Brown
D.
Rights and Liabilities in the Event of Termination / Edward Brown
1.
Rights arising under the service contract / Edward Brown
2.
Statutory rights in the event of termination / Edward Brown
8.
Directors' Terms of Service / Edward Brown
187
A.
Introduction / Edward Brown
B.
Employment Status of Directors / Edward Brown
1.
Personal service companies / Edward Brown
C.
Sources of Contractual Terms / Edward Brown
D.
Terms of Employment / Edward Brown
1.
Remuneration / Edward Brown
2.
Expenses / Edward Brown
3.
Confidentiality / Edward Brown
4.
Restrictive covenants / Edward Brown
E.
Listed Companies: Control of Remuneration / Edward Brown
9.
Taxation of Directors' Earnings and Benefits / Edward Brown
209
A.
Introduction / Thomas Chacko
B.
Directors as Employees: General / Thomas Chacko
1.
Income tax and National Insurance / Thomas Chacko
2.
Golden hellos and termination payments / Thomas Chacko
3.
Reimbursement of expenses and alternative forms of remuneration / Thomas Chacko
4.
Loans / Thomas Chacko
5.
Pensions / Thomas Chacko
C.
Rewarding the Director with Shares / Thomas Chacko
1.
Share schemes / Thomas Chacko
2.
Share options / Thomas Chacko
D.
Remuneration Involving Third Parties / Thomas Chacko
E.
Companies Where Directors Are Extremely Influential / Thomas Chacko
1.
Close companies / Thomas Chacko
2.
Excessive remuneration / Thomas Chacko
3.
Personal expenditure / Thomas Chacko
F.
Liabilities of Directors / Thomas Chacko
1.
Failure to pay PAYE and National Insurance contributions / Thomas Chacko
2.
Receipts by a director in breach of duty / Thomas Chacko
III. The General Duties Of Directors / Thomas Chacko
10.
General Duties of Directors / Thomas Chacko
237
A.
Scope and Nature of General Duties / Mark Arnold
1.
Introduction / Mark Arnold
2.
Distinction between fiduciary duties and other duties / Mark Arnold
3.
relevance of common law rules and equitable principles / Mark Arnold
4.
Directors as trustees / Mark Arnold
5.
duties are owed to the company / Mark Arnold
6.
More than one of the general duties may apply / Mark Arnold
B.
Application of the General Duties to Former Directors / Mark Arnold
C.
Application of the General Duties to Shadow Directors / Mark Arnold
D.
Consent, Approval, or Authorization by Members / Mark Arnold
1.
general rule / Mark Arnold
2.
duty to avoid conflicts of interest / Mark Arnold
3.
duty to declare an interest in a proposed transaction or arrangement / Mark Arnold
4.
duty not to accept benefits from third parties / Mark Arnold
E.
Modifications for Charitable Companies / Mark Arnold
11.
Duty to Act Within Powers / Mark Arnold
259
A.
Introduction / Marcus Haywood
B.
Duty to Act in Accordance with the Company's Constitution / Marcus Haywood
1.
Meaning of the company's constitution / Marcus Haywood
2.
Ultra vires / Marcus Haywood
3.
Breach of the company's constitution / Marcus Haywood
C.
Duty to Only Exercise Powers for the Purposes for Which They Are Conferred / Marcus Haywood
1.
Misapplication of company funds / Marcus Haywood
2.
Issue of shares / Marcus Haywood
3.
Restrictions on shares / Marcus Haywood
4.
Other examples / Marcus Haywood
5.
Extent to which court will substitute its own view for that of the director / Marcus Haywood
6.
Effect of breach of the duty / Marcus Haywood
12.
Duty to Promote the Success of the Company / Marcus Haywood
279
A.
Introduction / Mark Arnold Marcus Haywood
B.
Director's Judgment / Mark Arnold Marcus Haywood
1.
Subjectivity / Mark Arnold Marcus Haywood
2.
Rationality / Mark Arnold Marcus Haywood
3.
Success of the company / Mark Arnold Marcus Haywood
4.
Duty to report / Mark Arnold Marcus Haywood
5.
Non-executive directors / Mark Arnold Marcus Haywood
C.
Matters to which the Directors Should Have Regard / Marcus Haywood Mark Arnold
1.
Likely consequences of any decision in the long term / Mark Arnold Marcus Haywood
2.
interests of the company's employees / Mark Arnold Marcus Haywood
3.
need to foster the company's business relationships with suppliers, customers, and others / Marcus Haywood Mark Arnold
4.
impact of the company's operations on the community and the environment / Mark Arnold Marcus Haywood
5.
desirability of the company maintaining a reputation for high standards of business conduct / Mark Arnold Marcus Haywood
6.
Need to act fairly as between members of the company / Marcus Haywood Mark Arnold
7.
Practical effect on boardroom practice / Mark Arnold Marcus Haywood
D.
Special Purpose Companies / Mark Arnold Marcus Haywood
E.
Duty to Take Account of the Interests of Creditors / Mark Arnold Marcus Haywood
1.
Consideration by the CLR and government / Mark Arnold Marcus Haywood
2.
interests of creditors / Mark Arnold Marcus Haywood
3.
Enactments requiring consideration of interests of creditors / Mark Arnold Marcus Haywood
4.
Rule of law requiring consideration of interests of creditors / Mark Arnold Marcus Haywood
5.
When the duty to consider the interests of creditors arises / Mark Arnold Marcus Haywood
6.
Conduct required of the directors when the duty arises / Mark Arnold Marcus Haywood
7.
Weight to be given to creditors' interests / Mark Arnold Marcus Haywood
8.
Authorization and ratification / Marcus Haywood Mark Arnold
13.
Duty to Exercise Independent Judgment / Mark Arnold Marcus Haywood
315
B.
Duty / Marcus Haywood
1.
Obedience to controllers / Marcus Haywood
2.
Group companies / Marcus Haywood
3.
Nominee directors / Marcus Haywood
4.
Delegation / Marcus Haywood
5.
Acting on advice / Marcus Haywood
C.
Contracts Restricting Future Exercise of Discretion / Marcus Haywood
D.
Authorization by the Constitution / Marcus Haywood
14.
Duty to Exercise Reasonable Care, Skill, and Diligence / Marcus Haywood
327
A.
Introduction / Mark Arnold
B.
Nature of the Duty / Mark Arnold
C.
Scope of the Duty / Mark Arnold
1.
Care / Mark Arnold
2.
Skill / Mark Arnold
3.
Diligence / Mark Arnold
D.
Errors of Judgment / Mark Arnold
E.
Delegation to and Reliance on Others / Mark Arnold
F.
Non-executive Directors / Mark Arnold
15.
Duty to Avoid Conflicts of Interest / Mark Arnold
345
1.
'no conflict rule' and the 'no profit rule' / Mark Arnold Marcus Haywood
2.
Reform / Mark Arnold Marcus Haywood
B.
Scope of the Duty to Avoid Conflicts of Interest / Mark Arnold Marcus Haywood
C.
Avoidance of Situations of Conflict / Mark Arnold Marcus Haywood
1.
principle / Mark Arnold Marcus Haywood
2.
Decision-making / Mark Arnold Marcus Haywood
3.
Competing directorships / Mark Arnold Marcus Haywood
4.
Exploitation of property / Mark Arnold Marcus Haywood
5.
Exploitation of information / Mark Arnold Marcus Haywood
6.
Exploitation of an opportunity / Mark Arnold Marcus Haywood
D.
Situations Where the Duty Is Not Infringed / Mark Arnold Marcus Haywood
1.
Where there is no reasonable likelihood of a conflict / Mark Arnold Marcus Haywood
2.
Authorization by the directors / Mark Arnold Marcus Haywood
3.
Compliance with the company's articles / Mark Arnold Marcus Haywood
4.
Consent, approval, or authorization of members / Mark Arnold Marcus Haywood
E.
Application to Former Directors / Mark Arnold Marcus Haywood
1.
Common law authorities / Mark Arnold Marcus Haywood
2.
Section 175 cases / Mark Arnold Marcus Haywood
F.
Charitable Companies / Mark Arnold Marcus Haywood
16.
Duty Not to Accept Benefits from Third Parties / Mark Arnold Marcus Haywood
373
B.
Scope of the Duty / Marcus Haywood
1.
Bribes / Marcus Haywood
2.
Acceptance of a benefit / Marcus Haywood
3.
Third party / Marcus Haywood
4.
By reason of his being a director or his conduct as a director / Marcus Haywood
C.
Situations Where the Duty Is Not Infringed / Marcus Haywood
D.
Consent, Approval, or Authorization of Members / Marcus Haywood
E.
Application to Former Directors / Marcus Haywood
F.
Remedies / Marcus Haywood
17.
Duty to Declare Interest in Transaction or Arrangement / Marcus Haywood
383
A.
Introduction / Lloyd Tamlyn Marcus Haywood
1.
former law / Lloyd Tamlyn Marcus Haywood
2.
new provisions in the 2006 Act / Lloyd Tamlyn Marcus Haywood
B.
Duty in Relation to a Proposed Transaction or Arrangement / Lloyd Tamlyn Marcus Haywood
1.
Scope of the duty / Lloyd Tamlyn Marcus Haywood
2.
declaration / Lloyd Tamlyn Marcus Haywood
3.
Where a declaration is not required / Lloyd Tamlyn Marcus Haywood
4.
Decision of the directors / Lloyd Tamlyn Marcus Haywood
5.
Companies with a sole director / Lloyd Tamlyn Marcus Haywood
6.
Shadow directors / Lloyd Tamlyn Marcus Haywood
7.
Consent, approval, or ratification of members / Lloyd Tamlyn Marcus Haywood
8.
Civil consequences of failure to declare / Lloyd Tamlyn Marcus Haywood
C.
Duty in Relation to an Existing Transaction or Arrangement / Lloyd Tamlyn Marcus Haywood
7.
Criminal consequences of failure to declare / Lloyd Tamlyn Marcus Haywood
18.
Transactions with Directors Requiring Approval of Members / Lloyd Tamlyn Marcus Haywood
401
A.
Introduction / Lloyd Tamlyn
B.
Directors' Service Contracts / Lloyd Tamlyn
1.
Requirement of approval of members / Lloyd Tamlyn
2.
Service contracts to be available for inspection / Lloyd Tamlyn
C.
Substantial Property Transactions / Lloyd Tamlyn
1.
substantive provisions / Lloyd Tamlyn
2.
Changes made by the 2006 Act, s 190 / Lloyd Tamlyn
3.
prohibition: essential elements / Lloyd Tamlyn
4.
Exceptions to the requirements for member approval / Lloyd Tamlyn
5.
Approval by the members / Lloyd Tamlyn
6.
Subsequent affirmation / Lloyd Tamlyn
7.
Civil consequences of contravention / Lloyd Tamlyn
D.
Loans and Quasi-loans, Credit Transactions, and Related Arrangements / Lloyd Tamlyn
1.
Loans to directors: requirement of members' approval / Lloyd Tamlyn
2.
Quasi-loans to directors: requirement of members' approval / Lloyd Tamlyn
3.
Loans or quasi-loans to persons connected with directors: requirement of members' approval / Lloyd Tamlyn
4.
Credit transactions: requirement of members' approval / Lloyd Tamlyn
5.
Related arrangements: requirements of members' approval / Lloyd Tamlyn
6.
Exceptions / Lloyd Tamlyn
8.
Effect of subsequent affirmation / Lloyd Tamlyn
E.
Payments for Loss of Office / Lloyd Tamlyn
1.
meaning of 'payment for loss of office' / Lloyd Tamlyn
2.
Payments by company / Lloyd Tamlyn
3.
Payment in connection with transfer of undertaking etc / Lloyd Tamlyn
4.
Payment in connection with share transfer: requirement of members' approval / Lloyd Tamlyn
F.
Directors of Quoted Companies: Special Provision / Lloyd Tamlyn
1.
Definitions / Lloyd Tamlyn
2.
Remuneration payments / Lloyd Tamlyn
3.
Loss bf office payments / Lloyd Tamlyn
4.
Resolution to approve payments / Lloyd Tamlyn
5.
Civil consequences of payments without approval / Lloyd Tamlyn
G.
Contracts with Sole Members who Are Directors / Lloyd Tamlyn
IV. Liabilities Of Directors / Lloyd Tamlyn
19.
Company's Remedies for Breach of Directors' General Duties / Lloyd Tamlyn
461
A.
Introduction / Antony Zacaroli
B.
Remedies for Breach of Fiduciary Duty / Antony Zacaroli
1.
Introduction / Antony Zacaroli
2.
Avoiding the transaction / Antony Zacaroli
3.
Proprietary claims to recover the company's property / Antony Zacaroli
4.
Personal remedies against a director / Antony Zacaroli
5.
Personal claims against third parties / Antony Zacaroli
C.
Remedies for Breach of Duty of Care / Antony Zacaroli
D.
Relief from Liability / Antony Zacaroli
E.
Defences / Antony Zacaroli
1.
Limitation / Antony Zacaroli
2.
Set-off / Antony Zacaroli
3.
Contributory negligence / Antony Zacaroli
4.
Ex turpi causa / Antony Zacaroli
20.
Directors' Liabilities: Exemption, Indemnification, and Ratification / Antony Zacaroli
503
A.
Introduction / Blair Leahy Andrew Feld
B.
General Prohibition on Exemptions and Indemnities / Andrew Feld Blair Leahy
C.
Qualifying Indemnity Provision / Blair Leahy Andrew Feld
1.
Qualifying third party indemnity provision / Andrew Feld Blair Leahy
2.
Qualifying pension scheme indemnity provision / Andrew Feld Blair Leahy
3.
Disclosure and inspection of qualifying indemnity provision / Andrew Feld Blair Leahy
D.
Ratification of Acts of Directors / Blair Leahy Andrew Feld
1.
reform made by section 239 / Blair Leahy Andrew Feld
2.
effect of ratification / Blair Leahy Andrew Feld
3.
decision of the company to ratify / Blair Leahy Andrew Feld
4.
Limits on ratification / Blair Leahy Andrew Feld
21.
Directors' Liabilities: Provision of Insurance / Blair Leahy Andrew Feld
529
A.
Introduction / Stuart Hill
B.
Policy / Stuart Hill
1.
Available cover / Stuart Hill
2.
risks covered / Stuart Hill
3.
period of cover / Stuart Hill
4.
structure of D&O Insurance / Stuart Hill
5.
level of cover / Stuart Hill
6.
insured under the policy / Stuart Hill
C.
Pre-contractual Disclosure / Stuart Hill
D.
Interaction between D&O Insurance and Indemnities from the Company / Stuart Hill
E.
Policy in Operation / Stuart Hill
1.
Claims by the company / Stuart Hill
2.
funding of a director's defence / Stuart Hill
3.
Continuing obligations of the company / Stuart Hill
4.
Conduct of claims / Stuart Hill
F.
Conclusions / Stuart Hill
22.
Members' Personal and Derivative Claims / Stuart Hill
551
A.
Introduction / Georgina Peters
B.
Personal Claims: Reflective Loss / Georgina Peters
C.
Derivative Claims at Common Law / Georgina Peters
1.
nature of a derivative claim / Georgina Peters
2.
rule in Foss v Harbottle and its exceptions / Georgina Peters
3.
Procedural restrictions on bringing a derivative claim / Georgina Peters
4.
need for reform / Georgina Peters
D.
Derivative Claims under Part 11 / Georgina Peters
1.
Introduction / Georgina Peters
2.
Scope of Part 11 / Georgina Peters
3.
Application for permission to continue the claim / Georgina Peters
4.
Change of carriage of claim / Georgina Peters
5.
Whether permission must be refused / Georgina Peters
6.
Whether permission should be given: discretionary factors / Georgina Peters
E.
Unauthorized Political Donations or Expenditure / Georgina Peters
1.
requirement for authorization by resolution of the members / Georgina Peters
2.
Enforcement of directors' liability / Georgina Peters
23.
Members' Unfair Prejudice Claims and Winding-up Petitions / Georgina Peters
591
A.
Unfair Prejudice Petition / Adam Al-Attar
1.
Introduction / Adam Al-Attar
2.
statutory provisions / Adam Al-Attar
3.
concept of unfair prejudice / Adam Al-Attar
4.
company's affairs / Adam Al-Attar
5.
Prejudice / Adam Al-Attar
6.
Unfairness / Adam Al-Attar
7.
Remedies / Adam Al-Attar
8.
Procedure / Adam Al-Attar
B.
Just and Equitable Winding Up / Adam Al-Attar
1.
Standing to petition / Adam Al-Attar
2.
just and equitable ground / Adam Al-Attar
3.
Alternative remedy / Adam Al-Attar
4.
Procedure / Adam Al-Attar
24.
Liabilities of Directors to Third Parties / Adam Al-Attar
631
A.
Introduction / Lexa Hilliard
B.
Piercing the Veil / Lexa Hilliard
C.
Liabilities of Directors in Relation to Contracts / Lexa Hilliard
1.
Company contracts / Lexa Hilliard
2.
Pre-incorporation contracts / Lexa Hilliard
3.
Breach of warranty of authority / Lexa Hilliard
D.
Liabilities of Directors in Relation to Torts / Lexa Hilliard
1.
Introduction / Lexa Hilliard
2.
Liability for the director's own torts / Lexa Hilliard
3.
Assumption of responsibility for the company's torts / Lexa Hilliard
4.
Liability for the company's torts procured or directed by the director / Lexa Hilliard
E.
Liabilities of Directors and Contribution / Lexa Hilliard
F.
Liabilities of Directors Created by Statute / Lexa Hilliard
1.
Companies Acts / Lexa Hilliard
2.
Financial Services and Markets Act 2000 / Lexa Hilliard
3.
Tax statutes / Lexa Hilliard
4.
Insolvency Act / Lexa Hilliard
5.
Company Directors Disqualification Act 1986 / Lexa Hilliard
G.
Liabilities of Directors Arising from Legal Proceedings / Lexa Hilliard
1.
Costs / Lexa Hilliard
2.
Civil contempt / Lexa Hilliard
V. Directors' Particular Functions And Duties / Lexa Hilliard
25.
Decision-making by Members / Lexa Hilliard
659
A.
Introduction / Hannah Thornley
1.
Overview / Hannah Thornley
2.
Types of company / Hannah Thornley
3.
Reforms / Hannah Thornley
B.
General Provisions about Resolutions / Hannah Thornley
1.
Means of passing resolutions / Hannah Thornley
2.
Ordinary resolutions / Hannah Thornley
3.
Special resolutions / Hannah Thornley
4.
Informal unanimous consent / Hannah Thornley
C.
Written Resolutions / Hannah Thornley
1.
General provisions about written resolutions / Hannah Thornley
2.
Circulation of written resolutions / Hannah Thornley
3.
Agreeing to written resolutions / Hannah Thornley
D.
Resolutions at Meetings / Hannah Thornley
1.
Calling meetings / Hannah Thornley
2.
Notice of meetings / Hannah Thornley
3.
Members' statements / Hannah Thornley
4.
Procedure at meetings / Hannah Thornley
E.
Public Companies and Traded Companies: AGMs / Hannah Thornley
1.
obligation to hold an AGM / Hannah Thornley
2.
Public companies / Hannah Thornley
3.
Traded companies / Hannah Thornley
F.
Quoted Companies and Traded Companies: Polls / Hannah Thornley
1.
Publication of poll results / Hannah Thornley
2.
Independent report on poll / Hannah Thornley
G.
Records of Resolutions and Meetings / Hannah Thornley
26.
Accounting Records and Disclosure Requirements / Hannah Thornley
701
A.
Introduction / Stephen Robins
1.
Scope of the chapter / Stephen Robins
2.
Key concepts / Stephen Robins
B.
Accounting Records / Stephen Robins
1.
Introduction / Stephen Robins
2.
Duty to keep accounting records / Stephen Robins
3.
Liabilities of directors in relation to accounting records / Stephen Robins
C.
Annual Accounts and Reports / Stephen Robins
2.
Preparation of annual accounts / Stephen Robins
3.
strategic report / Stephen Robins
4.
directors' report / Stephen Robins
5.
Quoted companies: directors' remuneration report / Stephen Robins
6.
Duty to publish accounts and reports / Stephen Robins
7.
Public companies: laying accounts before general meeting / Stephen Robins
8.
Quoted companies: approval of directors' remuneration report / Stephen Robins
9.
Filing of accounts and reports / Stephen Robins
10.
Revision of defective accounts and reports / Stephen Robins
D.
Quoted Companies; Transferable Securities: Additional Transparency and Disclosure Requirements / Stephen Robins
E.
Audit / Stephen Robins
2.
Requirement for audited accounts / Stephen Robins
3.
Appointment of auditors / Stephen Robins
4.
Auditors' terms of engagement / Stephen Robins
5.
Auditors' functions / Stephen Robins
6.
Removal or resignation of auditors / Stephen Robins
7.
Quoted companies: right of members to raise concerns at Accounts meeting / Stephen Robins
F.
Provision of Information to the Registrar / Stephen Robins
1.
Delivery and notification duties / Stephen Robins
2.
Failure to deliver confirmation statement / Stephen Robins
27.
Capital and Distributions / Stephen Robins
743
B.
Allotment and Issue of Shares / Stephen Robins
1.
nature of a share / Stephen Robins
2.
General rules / Stephen Robins
3.
Pre-emption rights / Stephen Robins
4.
Private companies: prohibition of public offers / Stephen Robins
5.
Public companies: particular rules / Stephen Robins
6.
Quoted companies and transferable securities: particular rules / Stephen Robins
C.
Alteration of Share Capital / Stephen Robins
1.
Class rights / Stephen Robins
2.
Reduction of share capital / Stephen Robins
3.
Public companies: serious loss of capital / Stephen Robins
4.
Acquisition by limited company of its own shares / Stephen Robins
5.
Financial assistance for purchase of own shares / Stephen Robins
6.
Redemption or purchase of own shares / Stephen Robins
D.
Transfer of Shares / Stephen Robins
1.
Directors' functions and responsibilities on allotment / Stephen Robins
2.
Directors' functions and responsibilities on transfer / Stephen Robins
3.
Provisions in the articles / Stephen Robins
E.
Information about People with Significant Control / Stephen Robins
1.
PSC register / Stephen Robins
2.
Persons with significant control / Stephen Robins
3.
Information-gathering / Stephen Robins
4.
Criminal liability F Public Companies: Obtaining Information about Interests in Shares / Stephen Robins
G.
Distributions / Stephen Robins
1.
Meaning of 'distribution' / Stephen Robins
3.
Additional provisions for public companies / Stephen Robins
4.
Liability for unlawful dividends / Stephen Robins
28.
Reorganizations and Takeovers / Stephen Robins
815
A.
Introduction / Tom Smith
B.
Arrangements and Reconstructions / Tom Smith
1.
scope of the provisions / Tom Smith
2.
Summary of the procedure / Tom Smith
3.
Directors' particular responsibilities / Tom Smith
C.
Mergers and Divisions of Public Companies / Tom Smith
2.
Summary of the procedure for mergers / Tom Smith
3.
Directors' particular functions and duties in relation to mergers / Tom Smith
4.
Summary of the procedure for divisions / Tom Smith
5.
Directors' particular functions and duties in relation to divisions / Tom Smith
D.
Takeovers / Tom Smith
2.
Directors' particular functions and duties / Tom Smith
29.
Pension Schemes / Tom Smith
845
A.
Overview of Pensions Law / Henry Legge
1.
Surplus to deficit / Henry Legge
2.
Security of members' benefits and the Pensions Act 2004 / Henry Legge
3.
types of pension promise / Henry Legge
4.
classic defined benefit scheme / Henry Legge
B.
Position of the Trustee / Henry Legge
1.
Identity and capability of the directors / Henry Legge
2.
Duties of the trustee / Henry Legge
3.
Liability of directors of trustee company / Henry Legge
C.
Obligations of the Employer / Henry Legge
1.
Duty of good faith / Henry Legge
2.
Duty of disclosure / Henry Legge
3.
Powers of the Regulator: civil penalties and moral hazard / Henry Legge
VI. Public Interest And Insolvency Proceedings / Henry Legge
30.
Investigations and Public Interest Winding-up Petitions / Henry Legge
867
A.
Introduction / Glen Davis
B.
Investigations / Glen Davis
1.
Initiating an investigation / Glen Davis
2.
Appointment of inspectors / Glen Davis
3.
Investigation by the inspectors and report / Glen Davis
C.
Public Interest Winding-up Petitions / Glen Davis
1.
Companies that may be wound up in the public interest / Glen Davis
2.
Secretary of State's decision / Glen Davis
3.
court's discretion / Glen Davis
4.
Provisional liquidator and procedural matters / Glen Davis
31.
Disqualification Proceedings / Glen Davis
895
A.
Introduction / Robert Amey
B.
Disqualification Orders and Undertakings / Robert Amey
1.
disqualification order / Robert Amey
2.
Disqualification undertakings / Robert Amey
3.
Periods of disqualification / Robert Amey
C.
Disqualification for Misconduct in Connection with Companies / Robert Amey
1.
Conviction of indictable offence / Robert Amey
2.
Persistent breaches of companies legislation / Robert Amey
3.
Fraud etc in winding up / Robert Amey
4.
Summary conviction / Robert Amey
5.
Conviction abroad for offences in connection with companies / Robert Amey
6.
Participation in wrongful trading / Robert Amey
D.
Disqualification for Unfitness / Robert Amey
1.
Mandatory disqualification for unfitness / Robert Amey
2.
Office-holder's report on conduct / Robert Amey
3.
Determination by the Secretary of State / Robert Amey
4.
Expedient in the public interest / Robert Amey
5.
Persons instructing unfit directors / Robert Amey
6.
Matters for determining unfitness: the general approach / Robert Amey
7.
Matters for determining unfitness, etc in all cases / Robert Amey
8.
Additional matters where a person is or has been a director / Robert Amey
E.
Mandatory Competition Disqualification Orders / Robert Amey
F.
Procedure for Obtaining Disqualification Orders / Robert Amey
1.
Notice of intention to apply / Robert Amey
2.
Time limits / Robert Amey
3.
Courts and applicants / Robert Amey
4.
General procedure / Robert Amey
5.
Appeals / Robert Amey
G.
Consequences of Disqualification / Robert Amey
1.
Criminal consequences / Robert Amey
2.
Personal liability for company's debts / Robert Amey
3.
Compensation orders and undertakings / Robert Amey
H.
Applications for Leave / Robert Amey
1.
Disqualification orders and undertakings / Robert Amey
2.
Bankruptcy / Robert Amey
32.
Civil Penalties for Market Abuse / Robert Amey
951
A.
Introduction / Glen Davis Robert Amey
1.
History of market abuse legislation / Glen Davis Robert Amey
2.
pre-2016 FSMA regims / Glen Davis Robert Amey
3.
2016 reforms / Glen Davis Robert Amey
4.
Scope of this chapter / Glen Davis Robert Amey
B.
Market Abuse Regulation / Glen Davis Robert Amey
C.
Unlawful Disclosure of Inside Information / Glen Davis Robert Amey
1.
general prohibition / Glen Davis Robert Amey
2.
What is inside information? / Glen Davis Robert Amey
3.
When is disclosure unlawful? / Glen Davis Robert Amey
4.
Market soundings / Glen Davis Robert Amey
D.
Insider Dealing / Glen Davis Robert Amey
2.
What is insider dealing? / Glen Davis Robert Amey
3.
Legitimate behaviour / Glen Davis Robert Amey
4.
Safe harbours / Glen Davis Robert Amey
E.
Market Manipulation / Glen Davis Robert Amey
2.
What is market manipulation? / Glen Davis Robert Amey
3.
Indicia of market manipulation / Glen Davis Robert Amey
4.
Accepted market practices / Glen Davis Robert Amey
F.
Managers' Transactions / Glen Davis Robert Amey
1.
obligation to disclose / Glen Davis Robert Amey
2.
What types of transaction should be disclosed? / Glen Davis Robert Amey
3.
Managers' transactions during the closed period / Glen Davis Robert Amey
G.
Sanctions / Glen Davis Robert Amey
1.
Relevant provisions of MAR / Glen Davis Robert Amey
2.
Administrative sanctions under FSMA / Glen Davis Robert Amey
3.
Injunctions under FSMA / Glen Davis Robert Amey
4.
Restitution under FSMA / Glen Davis Robert Amey
33.
Directors' Functions and Duties in Insolvency Proceedings / Glen Davis Robert Amey
975
A.
Introduction / Charlotte Cooke
B.
Company Voluntary Arrangement / Charlotte Cooke
1.
Proposal by directors / Charlotte Cooke
2.
Consideration and implementation of the proposal / Charlotte Cooke
3.
Moratorium / Charlotte Cooke
C.
Administration / Charlotte Cooke
1.
new administration regime / Charlotte Cooke
2.
Appointment of administrator by directors / Charlotte Cooke
3.
Directors' application for an administration order / Charlotte Cooke
4.
Pre-packs / Charlotte Cooke
5.
Effect of appointment of administrator on directors' powers / Charlotte Cooke
D.
Administrative Receivership / Charlotte Cooke
E.
Voluntary Winding Up / Charlotte Cooke
1.
Voluntary winding up: general / Charlotte Cooke
2.
Members' voluntary winding up / Charlotte Cooke
3.
Creditors' voluntary winding up / Charlotte Cooke
4.
Effect of voluntary winding up on directors' powers / Charlotte Cooke
F.
Winding Up by the Court / Charlotte Cooke
1.
Power of directors to present petition / Charlotte Cooke
2.
Effect of petition on directors' powers of management / Charlotte Cooke
3.
Effect of appointment of provisional liquidator and winding-up order on directors' powers / Charlotte Cooke
G.
Directors' Duties in Relation to Investigation Procedures / Charlotte Cooke
1.
Directors' duty to provide statement of affairs and accounts / Charlotte Cooke
2.
Directors' duties in investigation procedures in winding up by the court: public examination / Charlotte Cooke
3.
Directors' liability to deliver up the company's property, books, papers, and records / Charlotte Cooke
4.
Directors' duty to cooperate with office-holder / Charlotte Cooke
5.
Private examination / Charlotte Cooke
6.
Use of evidence obtained from directors / Charlotte Cooke
34.
Directors' Liabilities in Insolvency Proceedings / Charlotte Cooke
1017
B.
Claims against Directors Brought in the Name of the Company / Charlotte Cooke
1.
Power of office-holder to bring proceedings in the name of the company / Charlotte Cooke
2.
Defence of set-off / Charlotte Cooke
3.
Other defences / Charlotte Cooke
C.
Claims against Directors Brought in the Liquidation or Administration / Charlotte Cooke
1.
Summary remedy against delinquent directors / Charlotte Cooke
2.
Fraudulent trading / Charlotte Cooke
3.
Wrongful trading / Charlotte Cooke
D.
Liability on Contravention of Restriction on Reuse of Company Name / Charlotte Cooke
1.
restriction / Charlotte Cooke
2.
Application for leave / Charlotte Cooke
3.
Excepted cases / Charlotte Cooke
4.
Personal liability and penalty / Charlotte Cooke
E.
Liabilities of Directors in Relation to the Adjustment of Prior Transactions / Charlotte Cooke
1.
Transactions at undervalue / Charlotte Cooke
2.
Preferences / Charlotte Cooke
3.
Avoidance of certain floating charges / Charlotte Cooke
4.
Transactions defrauding creditors / Charlotte Cooke
35.
Criminal Liability of Directors / Charlotte Cooke
1065
A.
Introduction / Clare Sibson
1.
Scope of the chapter / Clare Sibson
2.
Basic principles of criminal liability / Clare Sibson
B.
Production of Information for Criminal Investigations / Clare Sibson
1.
PACE search warrants / Clare Sibson
2.
Compelled information / Clare Sibson
C.
Fraud / Clare Sibson
1.
Introduction / Clare Sibson
2.
Common law conspiracy to defraud / Clare Sibson
3.
Fraud Act substantive fraud / Clare Sibson
D.
Theft and Deception / Clare Sibson
1.
Theft / Clare Sibson
2.
Offences of deception / Clare Sibson
E.
False Accounting and Forgery / Clare Sibson
2.
False accounting under the Theft Act 1968 / Clare Sibson
3.
Forgery / Clare Sibson
4.
Directors' accounting liabilities / Clare Sibson
F.
Bribery and Corruption / Clare Sibson
2.
Substantive offences / Clare Sibson
3.
Failure to prevent bribery / Clare Sibson
4.
Penalties / Clare Sibson
G.
Insider Dealing and Market Rigging / Clare Sibson
1.
Insider dealing / Clare Sibson
2.
Market rigging / Clare Sibson
H.
Causing a Financial Institution to Fail / Clare Sibson
I.
Companies Act Offences / Clare Sibson
2.
Classification / Clare Sibson
3.
Serious offences under the Companies Act 2006 / Clare Sibson
4.
Fraudulent trading / Clare Sibson
J.
Insolvency Act Offences / Clare Sibson
2.
Directors' liabilities / Clare Sibson
3.
Principal offences under Insolvency Act, Part IV / Clare Sibson
4.
Sentence / Clare Sibson
K.
Company Directors Disqualification Act 1986 / Clare Sibson
2.
penalty of disqualification / Clare Sibson
3.
Undischarged bankrupts: contravention of a disqualification order / Clare Sibson
4.
Disqualification in respect of overseas convictions / Clare Sibson
5.
Sentence / Clare Sibson
VII. Directors Of Foreign Companies / Clare Sibson
36.
Duties and Liabilities of Directors of Foreign Companies / Clare Sibson
1125
B.
Directors' Functions and Responsibilities in Relation to Registration Requirements / Tom Smith
C.
Capacity and Internal Management / Tom Smith
1.
Capacity / Tom Smith
2.
Internal management / Tom Smith
3.
Financial assistance / Tom Smith
D.
Execution of Documents on Behalf of a Foreign Company / Tom Smith
E.
Duties Owed by Directors of a Foreign Company / Tom Smith
1.
Equitable duties / Tom Smith
2.
Comnhon law duties / Tom Smith
3.
Contractual duties / Tom Smith
4.
Effect of insolvency / Tom Smith
F.
Civil Litigation / Tom Smith
G.
Remedies of Shareholders in a Foreign Company in England / Tom Smith
1.
Derivative proceedings / Tom Smith
2.
Just and equitable winding up / Tom Smith
H.
Insolvency Proceedings / Tom Smith
1.
Availability of English insolvency proceedings for foreign companies / Tom Smith
2.
Insolvency Regulation / Tom Smith
3.
Cross-Border Regulations / Tom Smith
4.
Section 426 / Tom Smith
5.
Administration / Tom Smith
6.
Winding up / Tom Smith
7.
Company voluntary arrangements / Tom Smith
8.
Schemes of arrangement / Tom Smith
9.
Obligations of directors in insolvency proceedings / Tom Smith
10.
Liabilities of directors arising from English insolvency proceedings / Tom Smith
11.
Liabilities of directors arising from foreign insolvency proceedings / Tom Smith
I.
Foreign Disqualification / Tom Smith
Index / Tom Smith
1151