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New ruling on accounts warranties appears to favour sellers

19 August 2010 | Emma Cameron

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...

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Government stands firm on calls for takeover regulation reform

30 July 2010 | Emma Cameron

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...

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The end of the corporate board?

29 July 2010 | Samantha Lloyd

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...

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It’s not personal…

29 July 2010 | Samantha Lloyd

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...

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Shareholder remedies – case update

27 July 2010 | Emma Cameron

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....

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“Cold shoulder” by Takeover Panel

19 July 2010 | Emma Cameron

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...

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UK Corporate Governance Code – directors’ remuneration and re-election

14 July 2010 | Emma Cameron

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...

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Shareholder derivative actions – update

7 July 2010 | Emma Cameron

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...

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When does a partnership exist?

30 June 2010 | Emma Cameron

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...

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Valuation of partnership assets

21 June 2010 | Emma Cameron

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,...

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