Gower – Davies, Paul

Take account of client and beneficiary needs and communicate the activities and outcomes of stewardship and investment to them (Principle 6). In essence, this resembles the type of conduct- of-business rule found in the Financial Conduct Authority’s Handbook,129 albeit that it takes the form of a principle in the Code. Systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil responsibilities (Principle 7). This requires a contextual approach to the integration process depending on “funds, asset classes and geographies”.

Monitor and hold to account managers and/or service providers (Principle 8); engage with issuers to maintain or enhance the value of assets (Principle 9); and, where necessary, participate in collaborative engagement to influence issuers (Principle 10). These principles go to the heart of the Code as there needs to be an explanation as to how engagement has occurred consistently with investment objectives.

Escalate, where necessary, stewardship activities to influence users (Principle 11) and actively exercise rights and responsibilities (Principle 12). This highlights the need to constantly engage and improve upon stewardship activities. While the ambition is clear, the Financial Reporting Council’s own assessment in 2015 was that there was still some way to go in enticing greater participation, encouraging closer adherence to best practice, and ensuring more informative reporting generally.130 With the introduction of a new Code, the Financial Reporting Council’s tone is more positive.131 It is also worth noting that the Main Principles in the latest iteration of the Code put a new emphasis on the shareholders’ role in inducing companies to promote climate change and other ESG (environmental, social and governance) goals, as well as promoting corporate value by ensuring managerial efficiency.132 The role of indirect investors 12–018 Under the typical arrangement for pension funds, the shares in the portfolio company are held by a custodian company.

That custodian company will appear on the portfolio company’s share register as the holder of the shares, even though it holds them as a nominee, either for the fund manager or for the pension fund. Clearly, the custodian has no interest in voting the shares in question.

Published in 2021 by Thomson Reuters, trading as Sweet & Maxwell. Thomson Reuters is registered in England & Wales, Company No.1679046. Registered Office and address for service: 5 Canada Square, Canary Wharf, London, E14 5AQ. For further information on our products and services, visit http://www.sweetandmaxwell.co.uk Typeset by Letterpart Limited, Caterham on the Hill, Surrey, CR3 5XL. Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY. No natural forests were destroyed to make this product: only farmed timber was used and replanted. A CIP catalogue record of this book is available from the British Library.

The right of Paul L. Davies, Sarah Worthington and Christopher Hare to be identified as the authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. For orders and enquiries, go to: http://www.tr.com/uki-legal-contact; Tel: 0345 600 9355. Material is contained in this publication for which publishing permission has been sought and for which copyright is acknowledged.

Permission to reproduce such material cannot be granted by the publishers and application must be made to the copyright-holder. ISBN (print): 978-0-414-08811-5 ISBN (proview): 978-0-414-08815-3 ISBN (e-book): 978-0-414-08813-9 ISBN (print and e-book): 978-0-414-08812-2 Thomson Reuters, the Thomson Reuters Logo and Sweet & Maxwell ® are trademarks of Thomson Reuters. Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen’s Printer for Scotland.

All rights reserved. No part of this publication may be reproduced, or transmitted in any form, or by any means, or stored in any retrieval system of any nature, without prior written permission, except for permitted fair dealing under the Copyright, Designs and Patents Act 1988, or in accordance with the terms of a licence issued by the Copyright Licensing Agency in respect of photocopying and/or reprographic reproduction. Application for permission for other use of copyright material, including permission to reproduce extracts in other published works should be made to the publishers.

Full acknowledgement of the author, publisher and source must be given. © 2021 Thomson Reuters • • • • • • • • • • • • • • • Acknowledgements Grateful acknowledgment is made to the Incorporated Council of Law Reporting for England and Wales (ICLR) for permission to quote extracts from the following: Salomon v Salomon & Co Ltd [1897] A.C.

22 Shaw & Sons (Salford) Ltd v Shaw [1935] 2 K.B. 113 Bray v Ford [1896] A.C.

This is a short excerpt from the opening of “Gower” by Davies, Paul, quoted for review and introduction purposes. All rights belong to the copyright holders.

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• Title: Gower
• Author: Davies, Paul
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Table of Contents

• Page 2: Cover
• Page 3: Halftitle Page
• Page 4: Title Page
• Page 6: Copyright Page
• Page 7: Acknowledgements
• Page 8: Preface
• Page 10: Table of Abbreviations
• Page 15: Contents
• Page 53: Table of Cases
• Page 205: Table of Statutes
• Page 347: Table of Statutory Instruments
• Page 367: Table of European Material
• Page 384: Table of Takeovers Code
• Page 392: Part 1. Introductory
•     Page 394: Chapter 1. Types and Functions of Companies
•         Page 394: Uses to Which the Company May Be Put
•             Page 395: Business vehicles: companies and partnerships (limited and unlimited)
•                 Page 395: Partnership Act 1890 and Companies Act 2006
•                 Page 397: Limited Liability Partnerships Act 2000
•                 Page 398: Limited Partnership Act 1907
•             Page 398: Non-business vehicles: charitable, community interest and limited by guarantee companies
•                 Page 399: Not-for-profit companies
•                 Page 400: Company limited by guarantee
•                 Page 401: Company limited by shares
•                 Page 402: Community Interest Company (CIC)
•             Page 403: The advantages of the modern corporate form
•         Page 406: Different Types of Registered Company
•             Page 406: Public and private companies
•             Page 408: Officially listed and other publicly traded companies
•             Page 410: Limited and unlimited companies
•             Page 411: Classification according to size: large, medium and micro companies
•             Page 412: Classification according to activity: for-profit and not-for-profit companies
•         Page 413: Unregistered Companies and Other Forms of Incorporation
•             Page 413: Statutory and chartered companies
•             Page 416: Building societies, friendly societies and co-operatives
•             Page 417: Open-ended investment and protected cell companies
•         Page 419: European Union Forms of Incorporation
•             Page 419: European Economic Interest Grouping and UK Economic Interest Grouping
•             Page 421: The European Company (societas europaea or SE) and the UK Societas
•         Page 424: Conclusion
•     Page 433: Chapter 2. Advantages and Disadvantages of Incorporation
•         Page 433: Legal Entity Distinct From its Members
•         Page 437: Limited Liability
•         Page 441: Property
•         Page 442: Suing and Being Sued
•         Page 443: Perpetual Succession
•         Page 445: Transferable Shares
•         Page 447: Management Under a Board Structure
•         Page 450: Borrowing
•         Page 451: Taxation
•         Page 452: Formalities and Expense
•         Page 454: Publicity
•             Page 454: The company’s affairs
•             Page 454: The company’s members and directors
•         Page 454: Conclusion
•     Page 462: Chapter 3. Sources of Company Law
•         Page 462: Introduction
•             Page 466: Primary legislation
•             Page 468: Secondary legislation
•             Page 469: Delegated rule-making 3–006
•                 Page 469: Financial Conduct Authority
•             Page 470: Financial Reporting Council
•             Page 470: Common law
•         Page 472: The Company’s Constitution
•             Page 472: The significance of the constitution
•                 Page 474: Model articles of association
•                 Page 475: Scope of the company’s constitution
•         Page 476: Foreign and EU Law
•         Page 480: Conclusion
•     Page 486: Chapter 4. Formation Procedures
•         Page 487: Formation of Different Types of Company
•             Page 487: Statutory companies
•             Page 488: Chartered companies
•             Page 488: Registered companies
•         Page 489: Forming a Company by Registration
•             Page 489: Registration documents
•             Page 491: Certificate of incorporation
•             Page 492: Purchase of a shelf-company
•         Page 492: Choice of Type of Registered Company
•         Page 494: Choice of Company Name
•             Page 494: Warning the public about limited liability or other status
•             Page 495: Prohibition on illegal or offensive names
•             Page 496: Names requiring special approval
•             Page 496: Prohibition on using a name already allocated
•             Page 497: Restrictions on using defunct company names and phoenix companies
•             Page 497: Use of a business name other than the corporate name
•         Page 498: Mandatory and Elective Name Changes
•             Page 499: Requirements to change a name
•             Page 500: Passing off actions
•             Page 501: Company names adjudicators
•             Page 503: Company’s election to change its name
•             Page 503: Effect of a name change
•         Page 503: Choice of Appropriate Articles
•         Page 504: Challenging the Certificate of Incorporation
•         Page 506: Commencement of Business
•         Page 507: Re-Registration of an Existing Company
•             Page 507: (i) Private company becoming public
•             Page 509: (ii) Public company becoming private limited company
•             Page 510: (iii) Private or public limited company becoming unlimited
•             Page 511: (iv) Unlimited company becoming a private limited company
•             Page 512: (v) Becoming or ceasing to be a community interest company
•         Page 512: Conclusion
•     Page 524: Chapter 5. Corporate Mobility
•         Page 524: Introduction
•         Page 527: Overseas Companies
•             Page 529: Establishment: branch and place of business
•             Page 530: Disclosure obligations
•             Page 532: Execution of documents and names
•             Page 532: Other mandatory provisions
•         Page 533: Choosing and Changing Jurisdictions
•             Page 535: Subsequent transfer
•             Page 537: Reform?
•         Page 538: Conclusion
•     Page 544: Chapter 6. The Nature and Classification of Shares
•         Page 544: Legal Nature of Shares
•         Page 549: The Presumption of Equality Between Shareholders
•         Page 552: Classes of Shares
•             Page 553: Preference shares
•                 Page 555: Canons of construction
•             Page 557: Ordinary shares
•             Page 558: Special classes
•             Page 559: Conversion of shares into stock
• Page 565: Part 2. Separate Legal Personality in Action
•     Page 567: Chapter 7. The Limits of Separate Legal Personality and Limited Liability
•         Page 567: Introduction
•         Page 568: The Rationale For Limited Liability
•         Page 574: General Law Routes to Member Liability to Third Parties
•             Page 575: Contract, including agency
•             Page 576: Tort
•             Page 580: Statute
•             Page 581: Property
•         Page 581: “Piercing the Corporate Veil”
•         Page 584: Company Groups
•             Page 584: Limited liability
•             Page 588: Ignoring separate legal personality without compromising limited liability
•         Page 590: Conclusion
•     Page 597: Chapter 8. Corporate Actions
•         Page 598: General Principles
•         Page 602: Contractual Rights and Liabilities
•             Page 602: Contracting through the board or the shareholders collectively
•             Page 604: Constructive notice and the rule in Turquand’s case
•             Page 606: Statutory protection for third parties dealing with the board
•                 Page 607: (a) “In favour of a person dealing with a company in good faith”
•                 Page 608: (b) “Dealing with a company”
•                 Page 608: (c) Persons
•                 Page 610: (d) The directors
•                 Page 611: (e) Any limitation under the company’s constitution
•                 Page 611: (f) The internal effects of lack of authority
•             Page 612: Contracting through agents
•                 Page 614: Agency principles in outline
•                 Page 616: Establishing the ostensible authority of corporate agents
•                 Page 619: The relevance of the third party’s knowledge
•                 Page 622: Knowledge of the constitution as an aid to third parties: endeavours to build authority on the “indoor management rule”
•             Page 622: Ratification by the company of unauthorised contracting
•             Page 623: The ultra vires doctrine and the objects clause
•             Page 624: Pre-incorporation and post-dissolution contracts
•             Page 628: Overview of the rules on corporate contracting
•         Page 629: Tort Liability
•             Page 630: Vicarious liability of the company
•             Page 632: Direct liability of the company
•         Page 634: Criminal Liability and Statutory Liability
•             Page 634: Regulatory offences imposing strict liability
•             Page 635: Direct liability: “directing mind and will”
•             Page 635: Broader justifications for direct liability: beyond “directing mind and will”
•             Page 637: Corporate manslaughter
•             Page 639: The Bribery Act 2010
•         Page 640: Attributing Knowledge to the Company in Contract, Tort and Crime
•         Page 641: Attribution Issues When the Company is the Claimant
•         Page 646: Personal Liability of Directors and Other Agents
•             Page 647: Liability of corporate agents when the company is vicariously liable
•             Page 648: Liability of non-involved directors
•             Page 648: Liability of directors and agents as accessories or for their own torts
•             Page 651: Liability of directors when the company has committed a crime
•         Page 653: Conclusion
• Page 669: Part 3. Regulating Boards and Individual Directors
•     Page 676: Chapter 9. The Board and its Directors
•         Page 676: The Role of the Board
•             Page 678: The legal effect of the articles
•                 Page 678: The board and shareholders
•                 Page 681: Collective decision-making and delegation: the board and senior management
•             Page 682: The mandatory functions of the directors
•         Page 683: Appointment of Directors
•             Page 686: Consequences of defective appointments
•         Page 687: Remuneration and Removal of Directors
•         Page 688: Structure and Composition of the Board
•             Page 688: Legal rules on board structure
•             Page 689: Legal rules on board composition: diversity and inclusion
•         Page 692: The UK Corporate Governance Code: Alternative Measures to Improve Corporate Governance
•             Page 692: History of the UK’s corporate governance codes
•             Page 694: The requirements of the UK Corporate Governance Code
•             Page 698: Enforcement of the UK Corporate Governance Code
•         Page 700: The Wates Corporate Governance Principles for Large Private Companies
•         Page 701: Conclusion
•     Page 710: Chapter 10. Directors’ Duties
•         Page 712: Introduction
•         Page 714: The Scope and General Nature of the Duties Owed: S.170
•         Page 715: Introduction to the Directors’ Various Duties
•             Page 715: Historical background
•             Page 717: Categories of duties
•         Page 718: To Whom and by Whom are the Duties Owed?
•             Page 718: To whom are the general duties owed and who can sue for their breach?
•                 Page 718: The company
•                 Page 719: Individual shareholders
•                 Page 721: Other stakeholders
•             Page 722: By whom are the general duties owed?
•                 Page 722: De facto and shadow directors
•                 Page 726: Senior managers
•                 Page 728: Former directors
•                 Page 728: Directors of insolvent companies
•         Page 728: Duty to Act Within Powers: S.171
•             Page 729: Acting in accordance with the constitution
•                 Page 729: Constitutional limitations
•             Page 730: Improper purposes
•                 Page 730: The rule
•                 Page 731: Which purposes are improper?
•                 Page 734: When is a power exercised for improper purposes?
•             Page 736: Remedies
•             Page 738: Beyond s.171: limitations on directors’ powers imposed by the general law
•         Page 741: Duty to Promote the Success of the Company: S.172
•             Page 741: Settling the statutory formula
•             Page 745: Interpreting the statutory formula
•                 Page 745: Defining the company’s success
•                 Page 747: Failure to have regard, or due regard, to relevant matters
•                 Page 750: A duty to disclose wrongdoing
•                 Page 753: The problem of “short-termism”
•                 Page 754: Corporate groups
•                 Page 754: Employees
•                 Page 755: Creditors
•                 Page 755: Donations
•         Page 756: Duty to Exercise Independent Judgment: S.173
•             Page 757: Taking advice and delegating authority
•             Page 757: Exercise of future discretion
•             Page 759: Duties of strenuously dissenting directors
•             Page 760: Nominee directors
•         Page 760: Directors’ Duties of Skill, Care and Diligence: S.174
•             Page 760: Historical development
•             Page 762: The statutory standard
•             Page 766: Remedies
•         Page 767: Overview of the No-Conflict Rules: SS.175–177
•         Page 768: Transactions with the Company (Self-Dealing): SS.175(3) and 177
•             Page 768: The scope of the relevant provisions
•             Page 770: Approval mechanisms
•             Page 772: Duty to declare interests in relation to proposed transactions or arrangements: s.177
•                 Page 772: Purpose of the disclosure requirement
•                 Page 773: Who is subject to this duty?
•                 Page 773: The interests to be disclosed
•                 Page 774: Methods of disclosure
•                 Page 775: Remedies
•                 Page 776: A continuing role for the articles in setting tighter constraints
•             Page 777: Duty to declare interests in relation to existing transactions or arrangements: s.182
•                 Page 777: Methods of disclosure
•                 Page 778: Remedies
•         Page 778: Transactions Between the Company and Directors Requiring Special Approval of Members: pt 10, Chs 4 and 4A
•             Page 779: Relationship with the general duties
•             Page 781: Substantial property transactions
•                 Page 781: The scope of the requirement for shareholder approval
•                 Page 783: Exceptions
•                 Page 784: Remedies
•                 Page 787: Additional rules for listed companies
•             Page 788: Loans, quasi-loans and credit transactions
•                 Page 788: Arrangements covered
•                 Page 791: Method of approval and related disclosures
•                 Page 792: Exceptions
•                 Page 793: Remedies
•             Page 793: Directors’ service contracts and gratuitous payments to directors
•         Page 794: Conflicts of Interest and the Use of Corporate Property, Information and Opportunity: S.175
•             Page 794: The scope and functioning of s.175
•             Page 795: A strict approach to conflicts of interest
•             Page 797: The limits of “corporate” opportunities
•                 Page 797: Basic issues of scope: when is an “opportunity” a “corporate opportunity”?
•                 Page 801: Effect of director’s resignation
•                 Page 802: Effect of board determinations of the scope of a company’s activities
•             Page 807: Competing and multiple directorships
•                 Page 808: Competing with the company
•                 Page 811: Multiple directorships
•             Page 811: Approval by the board
•             Page 814: A conceptual issue: is there invariably a duty to report the “opportunity” to the company?
•             Page 815: Remedies
•         Page 816: Political Donations and Expenditure
•         Page 817: Duty Not to Accept Benefits from Third Parties: s.176
•             Page 817: The scope of s.176
•             Page 819: Remedies
•         Page 820: Remedies For Breach of Duty
•             Page 821: (a) Declaration or injunction
•             Page 821: (b) Damages or compensation
•             Page 821: (c) Equitable compensation: “restoration” of property
•             Page 823: (d) Avoidance of contracts
•             Page 824: (e) Accounting for profits: disgorgement of disloyal gains
•             Page 827: (f) Summary dismissal
•         Page 827: Shareholder Approval or “Whitewash” of Specific Breaches of Duty
•             Page 827: What is being decided?
•             Page 829: Who can take the decision for the company?
•             Page 831: Disenfranchising particular voters
•             Page 833: Voting majorities
•             Page 833: “Non-ratifiable breaches”?
•         Page 836: General Rules Exempting Directors From Liability
•             Page 836: Statutory constraints on providing exemptions from liability
•                 Page 836: Different treatment of conflicts of interest
•             Page 839: Arrangements providing directors with an indemnity
•                 Page 840: Insurance
•                 Page 841: Third party indemnities
•                 Page 844: Pension scheme indemnity
•             Page 844: Limitation of actions
•             Page 846: Relief granted by the court: s.1175
•         Page 847: Liability of Third Parties
•         Page 850: Liability of Promoters
•             Page 851: Meaning of “promoter”
•             Page 852: Duties of promoters
•                 Page 853: (a) Statutory rules
•                 Page 853: (b) Common law and equitable rules
•                 Page 854: (c) Full disclosure and consent
•             Page 855: Remedies for breach of promoters’ duties
•             Page 858: Remuneration of promoters
•         Page 859: Conclusion
• Page 899: Part 4. Shareholders
•     Page 902: Chapter 11. The Constitutional Role of Shareholders
•         Page 902: Introduction
•         Page 903: Shareholders’ Contractual Rights
•             Page 903: The company’s constitution
•             Page 906: Shareholder agreements
•         Page 908: Constitutional Powers of the General Meeting at Common Law
•         Page 911: Statutory Powers of the General Meeting
•             Page 913: Remuneration of directors
•                 Page 915: Remuneration committees
•                 Page 915: Mandatory shareholder approval of certain aspects of the remuneration package
•             Page 922: Removal of directors
•                 Page 923: Shareholders’ statutory termination rights
•                 Page 926: Control of termination payments
•                 Page 927: Disclosure
•                 Page 928: Shareholder approval
•         Page 930: Conclusion
•     Page 941: Chapter 12. Shareholder Decision-Making
•         Page 941: The Role of the Shareholders
•         Page 943: Shareholder Decision-Making Without Shareholder Meetings
•             Page 943: The nature of the problem
•             Page 944: Written resolutions
•                 Page 945: Where written resolutions not available
•                 Page 945: The procedure for passing written resolutions
•                 Page 947: Written resolutions proposed by members
•                 Page 947: Wider written resolution provisions under the articles
•             Page 948: Unanimous consent at common law
•         Page 952: Improving Shareholder Participation
•             Page 952: Analyses of shareholder participation
•             Page 954: The role of institutional investors
•                 Page 955: Conflicts of interest and inactivity
•                 Page 958: “Fiduciary investors”
•                 Page 959: The UK Stewardship Code
•             Page 961: The role of indirect investors
•                 Page 963: Governance rights—voluntary transfer arrangements for all companies
•                 Page 966: Information rights—mandatory transfer options in traded companies
•         Page 968: The Mechanics of Meetings
•             Page 968: What happens at meetings?
•                 Page 969: Types of resolution
•                 Page 971: Wording and notice of proposed resolutions
•             Page 973: Convening a meeting of the shareholders
•                 Page 974: Annual general meetings
•                 Page 975: Other general meetings
•                 Page 976: Meetings convened by the court
•             Page 978: What is a meeting?
•             Page 978: Getting items onto the agenda and expressing views on agenda items
•                 Page 978: Placing an item on the agenda
•                 Page 981: Circulation of members’ statements
•             Page 982: Notice of meetings and information about the agenda
•                 Page 982: Length of notice
•                 Page 983: Special notice
•                 Page 984: The contents of the notice of the meeting and circulars
•                 Page 986: Communicating notice of the meeting to the members
•             Page 987: Attending the meeting
•                 Page 987: Proxies
•                 Page 991: Corporations’ representatives
•             Page 991: Voting and verification of votes
•                 Page 991: Voting as a governance issue
•                 Page 992: Votes on a show of hands and polls
•                 Page 995: Verifying votes
•                 Page 997: Establishing who is entitled to vote
•                 Page 997: Publicity for votes and resolutions
•                 Page 998: “Empty” voting
•             Page 1000: Miscellaneous matters
•                 Page 1000: Chairman
•                 Page 1001: Adjournments
•                 Page 1003: Class meetings
•                 Page 1003: Forms of communication by the company
•                 Page 1005: Forms of communication to the company
•         Page 1006: Conclusion
•     Page 1029: Chapter 13. Controlling Members’ Voting
•         Page 1029: Introduction
•         Page 1034: Review of Shareholders’ Decisions: Bona Fide For the Benefit of the Company as a Whole
•             Page 1034: The starting point
•             Page 1036: Resolutions where the company’s interests are centre stage
•             Page 1036: Resolutions more generally
•             Page 1037: Resolutions to expropriate members’ shares
•             Page 1040: Other (non-expropriatory) resolutions
•             Page 1042: The future
•             Page 1043: Voting at class meetings
•         Page 1045: Class Rights
•             Page 1045: The procedure for varying class rights
•             Page 1047: What constitutes a “variation”
•             Page 1050: The definition of class rights
•             Page 1053: Other cases
•             Page 1053: “People with significant control”—the PSC Register
•         Page 1056: Self-Help
•             Page 1057: Provisions in the constitution
•             Page 1059: Shareholder agreements
•                 Page 1059: Prior contracts
•                 Page 1061: Binding only the shareholders
•         Page 1062: Conclusion
•     Page 1072: Chapter 14. Personal Claims and Unfair Prejudice
•         Page 1072: Introduction
•         Page 1073: Shareholders’ Personal Rights
•             Page 1073: Enforcement of the company’s constitution
•                 Page 1073: Only rights held “as a member”
•                 Page 1076: Only matters which are not “mere internal irregularities”
•                 Page 1079: Altering the statutory contract
•             Page 1080: Enforcement of shareholders’ other personal claims
•                 Page 1080: Types of claims
•                 Page 1081: Reflective loss
•         Page 1087: Relief From Unfair Prejudice
•             Page 1089: Parties able to petition
•             Page 1090: Scope of the provisions
•             Page 1092: “Prejudice” and “unfairness”
•                 Page 1094: Informal arrangements between members
•                 Page 1099: The balance between dividends and directors’ remuneration
•                 Page 1100: Other categories of unfair prejudice
•             Page 1101: Unfair prejudice and the derivative action
•             Page 1107: Reducing litigation costs
•             Page 1108: Remedies
•         Page 1110: Winding up on the Just and Equitable Ground
•         Page 1114: Conclusion
•     Page 1129: Chapter 15. Corporate Litigation and the Derivative Action
•         Page 1129: The Nature of the Problem and the Potential Solutions
•             Page 1131: The board and litigation
•             Page 1132: The shareholders collectively and litigation
•             Page 1135: Derivative claims
•             Page 1139: Other possible solutions
•         Page 1141: The General Statutory Derivative Claim
•             Page 1141: The scope of the statutory derivative claim
•                 Page 1141: The court’s gatekeeper role
•                 Page 1142: The types of claims covered by the statutory regime
•                 Page 1143: Shareholder claimants
•             Page 1144: Deciding whether to give permission for the derivative claim
•                 Page 1144: The prima facie case and judicial management of proceedings
•                 Page 1145: Mandatory refusal of permission
•                 Page 1146: Discretionary grant of permission
•             Page 1149: Varieties of derivative claim
•                 Page 1149: Taking over existing claims
•                 Page 1150: Multiple derivative claims
•             Page 1151: The subsequent conduct of the derivative claim
•                 Page 1151: General issues
•                 Page 1152: Information rights
•                 Page 1152: Costs
•                 Page 1153: Restrictions on settlement
•         Page 1153: The Statutory Derivative Claim For Unauthorised Political Expenditure
•         Page 1155: Conclusion
• Page 1164: Part 5. Creditors
•     Page 1169: Chapter 16. Legal Capital, Minimum Capital and Verification
•         Page 1169: Meaning and Functions of Capital
•         Page 1172: Nominal Value and Share Premiums
•             Page 1172: Nominal value
•             Page 1175: No allotment of shares at a discount
•             Page 1176: The share premium
•         Page 1179: Minimum Capital
•             Page 1181: Objections to the minimum capital requirement
•         Page 1183: Disclosure and Verification
•             Page 1184: Initial statement and return of allotments
•             Page 1184: Abolition of authorised capital
•             Page 1185: Consideration received upon allotment
•                 Page 1185: Rules applying to all companies
•                 Page 1187: Public companies
•                 Page 1188: Valuation of non-cash consideration
•                 Page 1190: Further provisions as to sanctions
•             Page 1191: Share capital and choice of currency
•         Page 1192: Turning Profits into Capital
•         Page 1194: Conclusion
•     Page 1202: Chapter 17. Capital Maintenance
•         Page 1203: Acquisitions of own Shares
•             Page 1203: The general prohibition
•                 Page 1204: Acquisition through a nominee
•                 Page 1205: Company may not be a member of its holding company
•                 Page 1205: Specific exceptions to the general prohibition
•         Page 1207: Redemption and Re-Purchase
•             Page 1207: Introduction
•                 Page 1208: Redemption and re-purchase
•                 Page 1209: Some history
•                 Page 1210: General restrictions on redeemable shares and on repurchases
•             Page 1212: Creditor protection: all companies
•             Page 1213: Private companies: redemption or purchase out of capital
•                 Page 1215: Directors’ statement
•                 Page 1216: Shareholder resolution
•                 Page 1217: Appeal to the court
•                 Page 1217: Legal capital consequences
•             Page 1218: Protection for shareholders
•                 Page 1218: Off-market purchases
•                 Page 1220: Market purchases
•                 Page 1220: Companies with a premium listing
•             Page 1222: Payments otherwise than by way of the price
•             Page 1222: Treasury shares
•                 Page 1224: Sale of treasury shares
•                 Page 1225: Whilst the shares are in treasury
•             Page 1225: Failure by the company to perform
•             Page 1228: Conclusion
•         Page 1228: Reduction of Capital
•             Page 1228: Why is reduction of capital allowed?
•             Page 1231: The statutory procedures
•             Page 1232: Procedure applying to all companies
•                 Page 1233: Creditor objection
•                 Page 1234: Confirmation by the court
•             Page 1236: Procedure available to private companies only
•                 Page 1237: Solvency statement
•                 Page 1239: Remedies
•                 Page 1241: Reduction, distributions and re-purchase
•         Page 1242: Financial Assistance
•             Page 1242: Rationale and history of the rule
•             Page 1245: The prohibition
•             Page 1249: The exceptions
•                 Page 1249: Specific exceptions
•                 Page 1249: General exceptions
•             Page 1252: Exemption for private companies
•             Page 1253: Civil remedies for breach of the prohibition
•         Page 1257: Conclusion
•     Page 1272: Chapter 18. Distributions and Transfers at an Undervalue
•         Page 1273: Distributions
•             Page 1274: The basic rules
•         Page 1277: Identifying the Amount Available For Distribution
•             Page 1278: Interim and initial accounts
•             Page 1279: Interim dividends
•             Page 1280: Adverse developments subsequent to the accounts
•         Page 1281: Consequences of Unlawful Distributions
•             Page 1281: Recovery from members
•             Page 1283: Recovery from directors
•         Page 1285: Transfers at an Undervalue
•             Page 1285: Statutory rules
•         Page 1288: Common Law
•             Page 1293: Intra-group transfers
•         Page 1293: Reform
•     Page 1304: Chapter 19. Undermining Creditors’ Claims
•         Page 1306: Fraudulent Trading
•         Page 1308: Wrongful Trading
•             Page 1310: Shadow directors
•             Page 1312: The declaration
•             Page 1314: No reasonable prospect of avoiding insolvent liquidation or administration
•             Page 1317: Funding litigation
•         Page 1318: The General Duty in Relation to Creditors
•             Page 1320: When the duty arises
•             Page 1322: Relationship to wrongful trading
•             Page 1324: The creditor duty and preferences
•             Page 1325: Remedies
•         Page 1326: Statutory Provisions on Preferences
•         Page 1328: Phoenix Companies and Prohibited Names
•             Page 1329: The “Phoenix” syndrome
•             Page 1331: Exceptions
•         Page 1333: Conclusion
• Page 1341: Part 6. Public Enforcement
•     Page 1343: Chapter 20. Disqualification of Directors
•         Page 1345: Disqualification Orders and Undertakings
•             Page 1346: Scope of disqualification orders and undertakings
•             Page 1348: Compensation
•         Page 1350: Disqualification on Grounds of Unfitness
•             Page 1351: The role of the Insolvency Service
•             Page 1353: The role of the court
•                 Page 1354: Breach of commercial morality
•                 Page 1355: Recklessness and incompetence
•         Page 1357: Disqualification on Grounds Other than Unfitness
•             Page 1357: Serious offences
•             Page 1358: Disqualification in connection with civil liability for fraudulent or wrongful trading
•             Page 1358: Failure to comply with reporting requirements
•         Page 1359: Register of Disqualification Orders
•         Page 1360: Bankrupts
•         Page 1360: Other Cases
•         Page 1361: Conclusion
•     Page 1371: Chapter 21. Breach of Corporate Duties: Administrative Remedies
•         Page 1371: Introduction
•         Page 1372: Informal Investigations: Disclosure of Documents and Information
•         Page 1376: Formal Investigations by Inspectors
•             Page 1376: When inspectors can be appointed
•             Page 1378: Conduct of inspections
•                 Page 1378: Extent of the inspectors’ powers
•                 Page 1378: Control of the inspectors’ powers
•                 Page 1380: Reports
•         Page 1381: Power of Investigation of Company Ownership
•         Page 1382: Liability For Costs of Investigations
•         Page 1382: Follow-Up to Investigations
•         Page 1385: Conclusion
• Page 1392: Part 7. Accounts and Audit
•     Page 1394: Chapter 22. Accounts and Reports
•         Page 1395: Introduction
•         Page 1397: Financial Reporting
•             Page 1397: The classification of companies for the purposes of annual reporting
•                 Page 1398: Micro companies
•                 Page 1399: Small companies
•                 Page 1400: Medium-sized companies
•                 Page 1400: Large companies and public interest entities
•             Page 1401: Accounting records
•             Page 1402: The financial year
•             Page 1403: Individual accounts and group accounts
•             Page 1405: Parent and subsidiary undertakings
•                 Page 1407: Parent companies which are part of a larger group
•                 Page 1408: Companies excluded from consolidation
•             Page 1408: Form and content of annual accounts
•                 Page 1408: Possible approaches
•                 Page 1410: True and fair view
•                 Page 1411: Going concern evaluation
•                 Page 1412: Companies Act accounts
•                 Page 1414: Accounting standards
•                 Page 1415: IAS accounts
•                 Page 1416: Applying the requirements to different sizes of company
•                 Page 1418: Notes to the accounts
•         Page 1419: Narrative Reporting
•             Page 1420: Directors’ report
•                 Page 1421: Corporate governance statement
•             Page 1422: The strategic report
•                 Page 1423: Rationale
•                 Page 1423: Contents of the Strategic Report
•             Page 1428: Verification of narrative reports
•                 Page 1428: Liability for misstatements in narrative reports
•         Page 1430: Approval of the Accounts and Reports by the Directors
•         Page 1431: The Auditor’s Report
•         Page 1431: Revision of Defective Accounts and Reports
•         Page 1433: Filing Accounts and Reports with the Registrar
•             Page 1433: Speed of filing
•             Page 1434: Modifications of the full filing requirements
•             Page 1436: Other information available from the Registrar
•                 Page 1436: Confirmation statement
•             Page 1438: Other forms of publicity for the accounts and reports
•         Page 1438: Consideration of the Accounts and Reports by the Members
•             Page 1439: Circulation to the members
•                 Page 1439: Circulation of the Strategic Report only
•             Page 1440: Laying the accounts and reports before the members
•         Page 1441: Conclusion
•     Page 1455: Chapter 23. Audits and Auditors
•         Page 1456: Introduction
•             Page 1456: Sources of audit law
•             Page 1457: The duties of the auditor
•             Page 1460: Overarching issues
•         Page 1460: Audit Exemption
•             Page 1460: Small companies
•             Page 1462: Subsidiaries
•             Page 1463: Dormant companies
•             Page 1463: Non-profit public sector companies
•         Page 1464: Auditor Independence and Competence
•             Page 1466: Regulatory structure
•         Page 1467: Direct Regulation of Auditor Independence
•             Page 1467: Non-independent persons
•             Page 1468: Non-audit remuneration of auditors
•             Page 1469: Auditors becoming non-independent
•             Page 1470: Auditors becoming prospectively non-independent
•         Page 1471: The Role of Shareholders and the Audit Authorities
•             Page 1471: Appointment and remuneration of auditors
•             Page 1473: Removal and resignation of auditors
•                 Page 1473: Requirement for shareholder resolution
•                 Page 1475: Notifications
•             Page 1477: Failure to re-appoint an auditor
•             Page 1477: Whistle blowing
•             Page 1478: Shareholders and the audit report
•         Page 1479: The Role of the Audit Committee of the Board
•             Page 1479: Introduction
•             Page 1480: Composition of the audit committee
•             Page 1481: Functions of the audit committee
•         Page 1483: Auditor Competence
•             Page 1483: Qualifications
•             Page 1484: Auditing standards
•             Page 1485: Quality assurance, investigation and discipline
•             Page 1486: Empowering auditors
•         Page 1488: Liability for Negligent Audit
•             Page 1488: The nature of the issue
•             Page 1490: Providing audit services through bodies with limited liability
•         Page 1493: Claims by the Audit Client
•             Page 1493: Establishing liability
•             Page 1497: Limiting liability
•                 Page 1497: General defences
•                 Page 1502: Limitation by contract
•             Page 1503: Criminal liability
•         Page 1504: Claims by Third Parties
•             Page 1504: The duty of care in principle
•             Page 1507: Assumption of responsibility
•             Page 1510: Other issues
•         Page 1511: Conclusion
• Page 1528: Part 8. Equity Finance
•     Page 1532: Chapter 24. Share Issues: General Rules
•         Page 1533: Public and Non-Public Offers
•         Page 1536: Directors’ Authority to Allot Shares
•         Page 1538: Pre-Emptive Rights
•             Page 1538: Policy issues
•             Page 1540: The scope of the statutory right
•             Page 1543: Waiver
•             Page 1545: Sanctions
•             Page 1545: Listed companies
•             Page 1547: Pre-emption guidelines
•             Page 1548: Criticism and further market developments
•         Page 1550: The Terms of Issue
•         Page 1551: Allotment
•             Page 1551: Renounceable allotments
•             Page 1552: Failure of the offer
•         Page 1553: Registration
•             Page 1553: Bearer shares
•         Page 1554: Conclusion
•     Page 1561: Chapter 25. Public Offers of Shares
•         Page 1561: Introduction
•             Page 1562: Public offers and introductions to public markets
•             Page 1564: Regulatory goals
•             Page 1567: Listing
•                 Page 1568: Premium and standard listing
•             Page 1569: Recognised exchanges, regulated markets and multi-lateral trading facilities
•                 Page 1570: Listing and regulated markets
•                 Page 1570: Competition and cross-listing
•             Page 1571: The regulatory structure
•             Page 1573: Types of public offer
•                 Page 1573: Offers for sale or subscription
•                 Page 1575: Placings
•                 Page 1576: Rights offers
•         Page 1577: Admission to Listing and to Trading on a Public Market
•             Page 1577: Eligibility criteria for the official list
•             Page 1579: Exchange admission standards
•         Page 1580: The Prospectus
•             Page 1582: The public offer trigger
•             Page 1583: Exemptions and reduced disclosure: public offers
•             Page 1586: The admission to trading trigger
•             Page 1587: Function of the prospectuses
•                 Page 1588: Summary
•                 Page 1589: Composition and content of the prospectus
•                 Page 1591: Supplementary prospectus
•             Page 1591: Verifying the prospectuses
•                 Page 1591: Reputational intermediaries
•                 Page 1592: Vetting by the FCA
•                 Page 1593: Authorisation to omit material
•             Page 1594: Publication of prospectuses and other material
•         Page 1595: Sanctions
•             Page 1595: Compensation under FSMA 2000
•                 Page 1596: Liability to compensate
•                 Page 1597: Defences
•                 Page 1598: Persons responsible
•             Page 1599: Civil remedies available elsewhere
•                 Page 1599: Damages
•                 Page 1602: Rescission
•                 Page 1603: Breach of contract
•             Page 1603: Criminal and regulatory sanctions
•                 Page 1604: Ex ante controls
•                 Page 1605: Ex post sanctions
•         Page 1606: Cross-Border Offers and Admissions
•         Page 1608: De-Listing
•         Page 1609: Conclusion
•     Page 1620: Chapter 26. Transfers of Shares
•         Page 1622: Certificated and Uncertificated Shares
•         Page 1625: Transfers of Certificated Shares
•             Page 1625: Legal ownership
•             Page 1626: Estoppel
•             Page 1627: Restrictions on transferability
•             Page 1630: The positions of transferor and transferee prior to registration
•             Page 1632: Priorities between competing transferees
•             Page 1633: The company’s lien
•         Page 1634: Transfers of Uncertificated Shares
•             Page 1636: Title to uncertificated shares and the protection of transferees
•         Page 1638: The Register
•             Page 1641: Rectification
•         Page 1642: Transmission of Shares by Operation of Law
•     Page 1652: Chapter 27. Continuing Obligations and Disclosure of Information to the Market
•         Page 1652: Introduction
•         Page 1655: Periodic Reporting Obligations
•         Page 1656: Episodic or AD HOC Reporting Requirements
•         Page 1659: Disclosure of Directors’ Interests
•             Page 1660: Who has to disclose?
•             Page 1661: What has to be disclosed, to whom and when?
•         Page 1662: Disclosure of Major Voting Shareholdings
•             Page 1662: Rationale and history
•             Page 1665: The scope of the disclosure obligation
•                 Page 1665: Which companies are subject to the regime?
•                 Page 1665: When does the disclosure obligation arise?
•                 Page 1667: Indirect holdings of voting rights
•                 Page 1669: Financial instruments
•                 Page 1670: Exemptions
•                 Page 1671: The disclosure process
•         Page 1672: Sanctions
•             Page 1672: Compensation for misleading statements to the market
•             Page 1676: Compensation via FCA action
•             Page 1678: Administrative penalties for breaches
•             Page 1680: Criminal sanctions
•         Page 1681: Conclusion
•     Page 1689: Chapter 28. Takeovers
•         Page 1690: Introduction
•         Page 1692: The Takeover Code and Panel
•             Page 1693: The Panel and its methods of operation
•                 Page 1693: The status and composition of the Panel
•                 Page 1694: Internal appeals
•                 Page 1696: Judicial review
•                 Page 1698: Powers of the Panel
•                 Page 1700: Sanctions
•                 Page 1702: The “cold shoulder”
•                 Page 1703: Criminal sanctions
•         Page 1704: The Scope of the City Code
•             Page 1704: Transactions in scope
•             Page 1705: Companies in scope
•         Page 1706: The Structure of the Code
•         Page 1708: Allocation of the Acceptance Decision
•             Page 1710: Post-bid defensive measures
•             Page 1712: Defensive measures in advance of the bid
•                 Page 1714: The break-through rule
•                 Page 1716: Disclosure of control structures
•         Page 1717: Target Management Promotion of an Offer
•             Page 1718: Disclosure and independent advice
•             Page 1719: Compensation for loss of office
•                 Page 1720: Gratuitous payments
•                 Page 1722: Contractual compensation
•             Page 1724: Competing bids
•                 Page 1725: A duty to auction or a duty to be even-handed?
•                 Page 1727: Binding the target board by contract
•         Page 1729: Equality of Treatment of Target Shareholders
•             Page 1730: Partial bids
•             Page 1732: Level and type of consideration
•             Page 1735: Mandatory offers
•                 Page 1738: Exemptions and relaxations
•                 Page 1739: Acting in concert
•                 Page 1741: Interests in shares
•                 Page 1743: Conclusion
•             Page 1744: To whom must an offer be made?
•             Page 1745: Wait and see
•         Page 1746: The Procedure for Making a Bid
•             Page 1747: Before any public announcement of a bid
•                 Page 1748: Company-triggered disclosures
•                 Page 1752: Insider trading
•             Page 1753: The firm intention to offer
•                 Page 1754: Put up or shut up
•             Page 1756: Evaluation of the offer
•                 Page 1756: Conditions
•                 Page 1757: Timetable
•                 Page 1759: Bid documentation
•                 Page 1760: Employees’ interests
•                 Page 1762: Profit forecasts and valuations
•                 Page 1763: Liability for misstatements
•                 Page 1766: Dealings in shares
•                 Page 1766: Solicitation
•             Page 1767: The post-offer period
•                 Page 1768: Bidding again
•                 Page 1769: The bidder’s right to squeeze out the minority
•                 Page 1773: Challenging the squeeze-out
•                 Page 1775: The sell-out right of non-accepting shareholders
•         Page 1778: Conclusion
•     Page 1795: Chapter 29. Arrangements, Reconstructions and Mergers
•         Page 1795: The Function of Schemes of Arrangement
•             Page 1796: Mergers
•             Page 1797: Takeovers
•             Page 1799: Other cases
•             Page 1799: Creditors’ schemes
•         Page 1801: The Mechanics of the Scheme of Arrangement
•             Page 1801: Proposing a scheme
•             Page 1802: Convening and conducting meetings
•             Page 1807: The sanction of the court
•             Page 1809: Companies in financial difficulty
•             Page 1810: Additional requirements for mergers and divisions of public companies
•         Page 1814: Cross-Border Mergers
•         Page 1815: Reorganisation Under ss.110 and 111 of the IA 1986
•         Page 1817: Conclusion
•     Page 1824: Chapter 30. Market Abuse
•         Page 1824: Introduction
•         Page 1828: Approaches to Regulating Insider Dealing
•             Page 1829: Disclosure
•             Page 1829: Prohibiting trading
•             Page 1830: Relying on the general law
•                 Page 1831: Directors’ fiduciary duties
•                 Page 1832: Breach of confidence
•                 Page 1833: Misrepresentation
•             Page 1834: Prohibiting insider dealing
•         Page 1835: The Criminal Justice Act 1993 PT V
•             Page 1835: Regulating markets
•             Page 1837: Regulating individuals
•             Page 1838: Inside information
•                 Page 1839: Particular securities or issuers
•                 Page 1840: Specific or precise
•                 Page 1840: Made public
•                 Page 1842: Impact on price
•             Page 1843: Insiders
•                 Page 1845: Recipients from insiders
•             Page 1845: Mental element
•             Page 1846: Prohibited acts
•             Page 1848: Defences
•                 Page 1848: General defences
•                 Page 1849: Special defences
•         Page 1851: Criminal Prohibitions on Market Manipulation
•         Page 1852: Regulatory Control of Market Abuse
•             Page 1852: Background
•             Page 1854: Insider dealing
•                 Page 1855: Dealing
•                 Page 1856: Inside information
•                 Page 1858: Persons covered and exemptions
•             Page 1860: Market manipulation
•                 Page 1860: Transactions and orders to trade
•                 Page 1861: Dissemination of information
•                 Page 1862: Misleading behaviour and market distortion
•                 Page 1862: Accepted market practices
•             Page 1862: Safe harbours
•                 Page 1863: Share buy-backs
•                 Page 1864: Price stabilisation
•         Page 1866: Enforcement and Sanctions
•             Page 1866: Investigation into market abuse
•             Page 1868: Sanctions for market abuse
•                 Page 1869: Administrative penalties
•                 Page 1870: Injunctions
•                 Page 1871: Restitution orders
•                 Page 1871: Criminal sanctions
•                 Page 1872: Disqualification
•         Page 1873: Conclusion
• Page 1885: Part 9. Debt Finance
•     Page 1887: Chapter 31. Debts and Debt Securities
•         Page 1888: Introduction
•             Page 1889: Difference between debt (loans), equity (shares) and hybrid instruments
•             Page 1890: Should a company use debt or equity in its financing?
•         Page 1891: Different Structures in Debt Financing
•             Page 1891: Terminology
•             Page 1892: Defining a “debenture”
•             Page 1894: Small and large scale loans
•             Page 1895: Debts and “debt securities”
•         Page 1896: Single and Multiple Lenders
•             Page 1896: Single lenders
•             Page 1897: Syndicated loans
•             Page 1898: Debt securities: distinguishing “bonds” and “stocks”
•             Page 1900: Debt securities: trustees for the bondholders or stockholders
•         Page 1901: Issue of Debt Securities
•             Page 1901: Private issues
•             Page 1903: Public issues of debt securities
•             Page 1904: Special rules
•         Page 1905: Transfer of Debts and Debt Securities
•             Page 1906: Transfer of simple debts
•             Page 1906: Transfer of debt securities
•         Page 1908: Protective Governance Regimes in Debts
•             Page 1908: General
•             Page 1909: Defining repayment terms
•             Page 1910: Protecting the debt holder against the borrower’s possible default
•             Page 1911: Protecting multiple lenders from their lead intermediary
•             Page 1913: Protecting multiple lenders from each other
•         Page 1916: Conclusion
•     Page 1925: Chapter 32. Company Charges
•         Page 1925: Introduction
•         Page 1926: Security Interests
•             Page 1926: The legal nature of security interests
•             Page 1930: The benefits of taking security
•         Page 1931: The Floating Charge
•             Page 1931: The practical differences between fixed and floating charges
•             Page 1933: Crystallisation
•                 Page 1934: Automatic crystallisation
•             Page 1936: Priority accorded to floating charges
•                 Page 1937: Negative pledge clauses
•                 Page 1938: Subordination agreements
•             Page 1938: Statutory limitations on the floating charge
•                 Page 1938: (i) Defective floating charges
•                 Page 1940: (ii) Preferential creditors
•                 Page 1941: (iii) Sharing with unsecured creditors—the “prescribed part”
•                 Page 1942: (iv) Costs of a moratorium and liquidation
•                 Page 1943: (v) Powers of the administrator
•             Page 1943: Distinguishing between fixed and floating charges
•         Page 1946: Registration of Charges
•             Page 1946: The purpose of a registration system
•             Page 1948: The reformed registration system
•                 Page 1948: What has to be registered
•                 Page 1949: The mechanics of registration
•                 Page 1950: Geographical reach of the registration provisions
•                 Page 1950: The effect of failure to register
•                 Page 1951: Late registration
•                 Page 1951: Defective registration
•                 Page 1952: Effect of registration
•             Page 1953: Reform proposals and registration systems elsewhere
•         Page 1953: Enforcement of Floating Charges
•             Page 1953: Receivers and administrators
•             Page 1956: Receivership
•                 Page 1956: Appointment of an administrative receiver
•                 Page 1957: Function and status of the receiver and administrative receiver
•                 Page 1961: The receiver’s liability with respect to contracts
•                 Page 1963: Publicity of appointment and reports
•             Page 1963: Administration
•                 Page 1963: Function
•                 Page 1964: Appointment
•                 Page 1965: Powers and duties
•                 Page 1968: Protections for creditors and members as against the administrator
•                 Page 1969: Publication of appointment
•                 Page 1969: Administration expenses
•                 Page 1970: End of administration
•         Page 1970: Conclusion
• Page 1990: Part 10. Winding Up and Its Consequences
•     Page 1992: Chapter 33. Managing Distressed or Defunct Companies
•         Page 1992: Introduction
•         Page 1994: Obtaining a Moratorium
•         Page 1995: Administration
•         Page 1998: Types of Winding Up
•             Page 1998: Winding up by the court
•                 Page 1998: Grounds for winding up
•                 Page 1999: Who may petition for a court ordered winding up?
•                 Page 1999: Proof that a company is unable to pay its debts
•                 Page 2000: The court’s discretion
•                 Page 2000: Liquidators, provisional liquidators and official receivers
•                 Page 2002: Timing of commencement of winding up
•             Page 2002: Voluntary winding up—general
•                 Page 2002: Instigation of winding up
•                 Page 2003: Timing of commencement of winding up
•             Page 2003: Members’ voluntary winding up
•                 Page 2003: Declaration of solvency
•                 Page 2004: Appointment and obligations of liquidator
•             Page 2005: Creditors’ voluntary winding up
•                 Page 2005: Instigation of winding up
•                 Page 2005: Appointment of liquidator
•                 Page 2006: “Liquidation committee”
•         Page 2007: Powers and Duties of the Liquidator
•         Page 2008: Collection, Realisation and Distribution of the Company’s Assets
•             Page 2008: Maximising the assets available for distribution
•                 Page 2008: Statutory “claw back” and avoidance provisions
•                 Page 2010: The common law “anti-deprivation principle”
•                 Page 2012: Benefit of the statutory claw backs and wrongdoer contributions
•             Page 2012: Proof of debts and mandatory insolvency set off
•             Page 2013: Distribution of the company’s assets
•         Page 2014: Dissolution
•             Page 2015: Dissolutions following winding up
•             Page 2016: Striking off of defunct companies
•             Page 2017: Court ordered dissolutions
•         Page 2017: Resurrection of Dissolved Companies
•             Page 2018: Administrative restoration
•             Page 2018: Restoration by the court
•         Page 2019: Conclusion
• Page 2027: Index
•     Page 2027: A
•     Page 2038: B
•     Page 2042: C
•     Page 2059: D
•     Page 2074: E
•     Page 2079: F
•     Page 2083: G
•     Page 2085: I
•     Page 2089: J
•     Page 2089: K
•     Page 2090: L
•     Page 2094: M
•     Page 2099: N
•     Page 2100: O
•     Page 2100: P
•     Page 2107: Q
•     Page 2107: R
•     Page 2113: S
•     Page 2125: T
•     Page 2130: U
•     Page 2131: V
•     Page 2132: W

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