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Background
The terms of the sale of a company’s shares are usually documented in a share purchase agreement (SPA). An SPA will typically list various warranties given by the seller to the buyer. Warranties...
Government stands firm on calls for takeover regulation reform
It appears that repercussions from the recent takeover of Cadbury PLC by Kraft Foods are still being felt following the publication of a government command paper setting out its position with regards to...
The end of the corporate board?
It has always been possible to appoint a company as a director of another company incorporated and registered in England and Wales. The Companies Act 2006, however, heralded an end to the practice...
It’s not personal…
An indemnity given by a financial advisor was not personal and therefore could be enforced by an assignee said the Court of Appeal in Shaw v Lighthousexpress Ltd [2010] EWCA Civ 161.
Berkeley...
Shareholder remedies – case update
Background
The statutory remedy for a company member who considers that the company's affairs are being conducted in an unfairly prejudicial manner is contained in section 994 of the Companies Act 2006....
“Cold shoulder” by Takeover Panel
The Takeover Panel has issued a formal statement to the effect that Brian Myerson and two others are persons who, in the opinion of the Hearings Committee of the Takeover Panel, are not likely to comply...
UK Corporate Governance Code – directors’ remuneration and re-election
Background
After an extensive consultation process, the Financial Reporting Council (FRC) has published the new UK Corporate Governance Code (Code). The Code applies to all companies with a premium...
Shareholder derivative actions – update
Background
A derivative action is an action brought by a shareholder on behalf of the company. Owing to the complexity of the previous law, very few derivative actions succeeded. When the Companies...
When does a partnership exist?
A recent case has considered whether the nature of a father and son’s business relationship constitutes a “partnership”.
Background
The Partnership Act 1890 defines a partnership as the relationship...
Valuation of partnership assets
Background
A court has ruled as a preliminary issue that where a partnership deed is silent as to the basis of valuation for the purpose of determining the amounts payable to outgoing partners,...