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Macmillan Law Masters

Company Law

MACMILLAN LAW MASTERS Series Editor: Marise Cremona Business Law (2nd edn) Stephen Judge Company Law (3rd edn) Janet Dine Constitutional and Administrative Law (3rd edn) John Alder Contract Law (4th edn) Ewan McKendrick Conveyancing (3rd edn) Priscilla Sarton Criminal Law (2nd edn) Jonathan Herring and Marise Cremona Employment Law (3rd edn) Deborah J. Lockton Environmental Law and Ethics John Alder and David Wilkinson Evidence Raymond Emson Family Law (2nd edn) Kate Standley Housing Law and Policy David Cowan Intellectual Property Law (2nd edn) Tina Hart and Linda Fazzani Land Law (3rd edn) Kate Green Landlord and Tenant Law (4th edn) Margaret Wilkie and Godfrey Cole Law of the European Union (2nd edn) Jo Shaw Law of Succession Catherine Rendell Law of Tntsts Patrick McLoughlin and Catherine Rendell Legal Method (3rd edn) Ian McLeod Legal Theory Ian McLeod Social Security Law Robert East Torts (2nd edn) Alastair Mullis and Ken Oliphant

Company Law

Third edition

Janet Dine Professor of Law University of Essex

Law series editor: Marise Cremona Senior Fellow, Centre for Commercial Law Studies Queen Mary and Westfield College, University of London

~ MACMILLAN

© Janet Dine 1991, 1994, 1998

All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission.

No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE.

Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages.

The author has asserted her right to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988.

First edition 1991 Reprinted once Second edition 1994 Third edition 1998

Published by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world

ISBN 978-0-333-71095-1 ISBN 978-1-349-14583-6 (eBook) DOI 10.1007/978-1-349-14583-6 A catalogue record for this book is available from the British Library.

Copy-edited and typeset by Povey-Edmondson Tavistock and Rochdale, England

10 9 8 7 6 5 4 07 06 05 04 03 02 01 00

v

Contents

Preface xiii

Table of Cases xiv

Table of Statutes and Directives xxiii

1 The reasons for forming companies 1 1.1 The elements of a company 3 1.2 Outsiders 4 1.3 'Parent' and 'subsidiary' company 5 1.4 Single member companies 6

Summary 6 Casenotes 6 Exercises 8

2 Starting a company 9 2.1 Limited and unlimited companies 9 2.2 Public and private companies 10 2.3 Minimum capital requirements for a public

company 11 2.4 Change of status from public to private company

and vice versa II 2.5 Groups 12 2.6 The memorandum of association and registration 13 2.7 Incorporation 15 2.8 Duty of Registrar 15 2.9 Off-the-shelf companies 16


3 Corporate personality 20 3.1 The legal basis for the separate personality doctrine 20 3.2 Problems caused by the personality doctrine and

exceptions 26 3.3 Statutory intervention 27 3.4 Lifting the veil 27 3.5 Fraud 29 3.6 Groups 30 3.7 The criminal and civil liabilities of companies 37 3.8 What crimes? 38 3.9 Why convict companies? 38

VI Contents

3.10 Identification of the company's alter ego 39 3.11 Civil liability 40


4 The memorandum of association 43 4.1 Ultra vires - the old law 43 4.2 Constructive notice 44 4.3 Justification of the doctrine 44 4.4 How to determine whether an act is ultra vires 44 4.5 The new law 45 4.6 Ratification 46 4.7 The old case law 48 4.8 Objects and powers 50 4.9 Ultra vires and objects 50 4.10 Knowledge by an outsider that a transaction is

outside objects or powers 51 4.11 Can borrowing ever be an object? 51 4.12 Recent authorities 52 4.13 Alteration of the memorandum of association 55

Summary 55 Exercises 56

5 The articles of association 57 5.1 The articles as a contract 58 5.2 What rights are governed by the contract in the

articles? 58 5.3 Outsiders 59 5.4 The articles as evidence of a contract 62 5.5 Alteration of the articles of association 63 5.6 Bona fide for the benefit of the company 64 5.7 Remedies 67 5.8 Power of directors to bind the company 69 5.9 Protection 71 5.10 Transaction and dealing 71 5.11 Decided on by the directors 71 5.12 Good faith 72 5.13 Unauthorised agents 72 5.14 Usual authority 75


6 Promoters 78 6.1 Who are promoters? 78 6.2 Duties of promoters 79 6.3 Disclosure 80

7

8

Contents vii

6.4 The loss of the right to recission 6.5 Actions for damages 6.6 Remuneration of promoters 6. 7 Pre-incorporation contracts 6.8 Liability of the company

Summary Exercises

Public issue of securities 7.1 Shares 7.2 Direct offers, offers for sale, issuing houses 7.3 The two regimes 7.4 Rights offers and public offers 7.5 Placing 7.6 Pre-emption rights 7.7 Authority to issue shares 7.8 Director's duties 7.9 The structure of the rules 7.10 Admission to Stock Exchange listing 7.11 Contents of listing particulars 7.12 Continuing obligations 7.13 Remedies for defective listing particulars 7.14 Prospectus issues 7.15 Remedies for defective prospectuses 7.16 Liabilities for misstatements in prospectuses and

listing particulars 7.17 The EC Prospectus Directive 7.18 Aims of the Directive 7.19 Transferable securities

Summary Exercises

The regulation of investment business 8.1 The bodies involved 8.2 The important provisions 8.3 Futures contracts ~ an example of how the FSA

works 8.4 'In the United Kingdom' 8.5 Authorisation and Exemption, SROs and RPBs 8.6 Exempted persons 8.7 Unauthorised investment business 8.8 Conduct of investment business 8.9 Sanctions 8.10 The new approach to SIB and SRO rules 8.11 The Investment Services Directive

Summary Exercises

81 81 81 82 83 83 83

84 84 84 85 85 85 85 86 86 87 87 88 88 88 90 91

91 92 93 93 95 96

97 97 97

98 100 100 101 101 101 102 103 103 109 109

viii Contents

9 Maintenance of capital 110 9.1 Fundamental rule 110 9.2 Payment of money to members 110 9.3 Distributions Ill 9.4 Rules governing distributions 112 9.5 Dividends 112 9.6 Public companies 113 9.7 Members' liability 114 9.8 Other permitted payments to members 114 9.9 Reductions of capital 114 9.10 Interests of creditors 116 9.11 Procedure 117 9.12 Bonus shares 117 9.13 Redeemable shares and forfeiture of shares 117 9.14 Purchase of own shares 119 9.15 Permitted reductions of capital 120 9.16 Reissue 120 9.17 Public companies 120 9.18 Illegal transactions 121 9.19 Serious loss of capital by a public company 126 9.20 Accounts 127 9.21 Company accounts 127 9.22 FRSs and FREDs 127 9.23 The obligation to prepare accounts 128 9.24 Keeping the records 128 9.25 Accounting reference date 128 9.26 Duty to prepare individual company

accounts 129 9.27 Group accounts 129 9.28 Conclusion 130


10 The balance of power inside the company: corporate governance 132 10.1 Proxy voting 132 10.2 Solicitation of proxies 133 10.3 Formality of procedure 133 10.4 Elective regime 133 10.5 Meetings 134 10.6 The management of the company 140 10.7 Appointment of directors 142 10.8 Removal of a director 146 10.9 Disqualification 148 10.10 Directors' meetings 148 10.11 Managing director 149 10.12 Relationship between the board of directors and the

general meeting 150

10.13 10.14 10.15 10.16 10.17 10.18 10.19 10.20 10.21 10.22 10.23 10.24 10.25 10.26 10.27 10.28 10.29

Where the board of directors ceases to flJnction Single member companies The Secretary Employees Denmark France Germany The Netherlands Belgium Italy Luxembourg Spain Greece Portugal Ireland United Kingdom Creditors Summary Casenotes Exercises

11 Directors' duties 11.1 The Cadbury Report 11.2 Duty owed to the company 11.3 What is the company? 11.4 Duties of care and skill 11.5 Fiduciary duties 11.6 Are the prohibitions absolute? 11.7 The categories of prohibitions or disabilities 11.8 Consequences of a breach 11.9 Relief from liability 11.10 Relief by the court

Summary Casenotes Exercises

12 Statutory duties of directors 12.1 Prohibited transactions 12.2 Public companies 12.3 General exceptions 12.4 Civil remedies and criminal penalties 12.5 Disqualification of directors 12.6 Insider dealing

Summary Casenotes Exercises

Contents ix

152 153 153 154 154 154 155 155 155 156 156 156 156 157 157 157 158 158 159 178

179 180 182 183 184 189 190 190 197 197 197 198 198 202

203 203 204 204 204 204 217 226 226 235

X Contents

13 Suing the company, suing for the company, enforcing directors' duties 236 13.1 Suing the company 236 13.2 Suing for the company (the exceptions to the rule in

Foss v. Harbottle and derivative actions) 236 13.3 Ratification - the improper elevation of majority

rule 238 13.4 The statutory remedy in section 459 244 13.5 Unfair prejudice 244 13.6 The relief that can be granted 248 13.7 Winding-up orders 249 13.8 When a winding-up order is likely to be made 250 13.9 Department of Trade investigations 251 13.10 When inspectors have been appointed 252 13.11 Following investigations 252 13.12 Power to investigate share ownership 252


14 Shares 259 14.1 Ordinary shares 259 14.2 Preference shares 260 14.3 Voting rights 261 14.4 The exercise of voting powers 263 14.5 Variation of class rights 264 14.6 Class meetings 269 14.7 Alteration of articles to insert a variation clause 270 14.8 Statutory right to object 270


15 Lending money and securing loans 272 15.1 Debenture-holder's receiver 272 15.2 Fixed and floating charges 272 15.3 The characteristics of fixed and floating charges 276 15.4 Crystallisation of the floating charge 276 15.5 Legal and equitable charges 277 15.6 Floating charges and other claims against the

company 278 15.7 Retention of title clauses 279 15.8 Registration of company charges 280 15.9 Basic definitions 280 15.10 Which charges are registrable? 281 15.11 Salient points 282 15.12 Notice of crystallisation of floating charges 283 15.13 Delivery of particulars and priorities 283 15.14 Priorities under the registration scheme 284

Contents xi

15.15 The register and certification 284 15.16 Effect of registration 284 15.17 Duty to register and effect of non-registration 285 15.18 Payment of money secured by unregistered charge 285 15.19 Late delivery of particulars 286 15.20 Varying or supplementing registered particulars 286 15.21 Effect of errors and omissions 286 15.22 Registration of discharge 287 15.23 Oversea companies 287 15.24 The European Company Statute 288 15.25 Effect of Registrar's certificate 288


16 Takeovers, reconstructions, amalgamations 290 16.1 Public offers 290 16.2 Monopolies 290 16.3 The takeover panel 291 16.4 General principles and rules 291 16.5 Partial offers 291 16.6 Compulsory purchase provisions 292 16.7 Reconstructions 293 16.8 Meetings 293 16.9 Approval of the court 294 16.10 Reconstruction in a liquidation 294


17 Insolvency and corporate reconstruction 297 17.1 Administration 297 17.2 Limitation on jurisdiction 297 17.3 When an order can be made 297 17.4 The application 298 17.5 Service of petition 298 17.6 Hearing 299 17.7 Effect of presentation of a petition 300 17.8 Notice of order 300 17.9 Effect of administration order 300 17.10 Powers of the administrator 301 17.11 Duties of the administrator 301 17.12 Unfairly prejudicial management 302 17.13 Application to discharge the order 302 17.14 Voluntary arrangements 302 17.15 Proposal 302 17.16 The involvement of the court 303 17.17 Contents of the proposal 303

xii Contents

17.18 Meetings 303 17.19 Challenges 303 17.20 Administrative receivership 304 17.21 Liquidations 304 17.22 Voluntary winding-up 305 17.23 The liquidator 305 17.24 Order of payment of debts 306 17.25 A voiding antecedent transactions 306 17.26 Fraudulent trading 309 17.27 Summary remedy against delinquent directors 310 17.28 Wrongful trading 310 17.29 The destination of the money 312 17.30 Dissolution 312


18 The effect of the EU on English company law 321 18.1 The making of a Directive 321 18.2 The extent of the influence of EU rules 322 18.3 Sources of EU law 323 18.4 The institutions of the EU 324 18.5 The EU company law harmonisation programme 327 18.6 Company law directives 328 18.7 Securities regulation 342 18.8 Insolvency 344 18.9 Conclusion 348


19 The new company laws of Eastern Europe 350 19.1 The property of the enterprise 350 19.2 Structures of boards and shareholders 351 19.3 The Czech example 353 19.4 Employment laws 355 19.5 Foreign investors 356 19.6 Conclusion 357

Bibliography and Further Reading 358

Index 361

xiii

Preface

In accordance with the intentions behind the Mastering Law series, this book is intended as an introduction to the basic principles of company law. Like the other books in the series the book contains features designed to help those studying this subject for the first time. These include casenotes at the end of most chapters which give a short account of the facts and decisions in key cases. A number of points for further consideration are included in the exercises at the end of each chapter. In addition an attempt has been made to state the law in clear and simple terms. I hope it has succeeded.

JANET DINE

The publishers and authors are grateful to Butterworth Publishers London for the permission to reproduce material as casenotes taken from Butterworth's Company Law Handbook.

XlV

Table of Cases

Abbey Malvern Wells v. Minister of Local Government [1951] Ch 728

AB Trucking and BAW Commercials Ch D 3 June 1987 unreported

Aberdeen Railway Co. v. Blaikie Bros (1852) 1 Marq 461 Acatos v. Hutcheson pie v. Watson [1994] BCLC 218 Adams v. Cape Industries PLC [1990] BCLC AlB Finance Ltd v. Bank of Scotland [1995] 1 BCLC 185 Alexander v. Automatic Telephone Co.[l900] 2 cH 56 Alexander Ward Coach Ltd v. Samyang Navigation

36

210 192 125 35

278 86, 243

Co. Ltd[l975] 2 AllER 424 152 Allen v. Gold Reefs of West Africa Ltd [1900] 2 Ch 656 54, 76 Al-Nakib Investments (Jersey) Ltd v. Longcroft [1990] 1 WLR 676 92 Alpine Investments BY v. Minister van Financien [1995] 326 Aluminium Industrie Yaassen BY v. Romalpa Aluminium Ltd

[1976] 1 WLR 276 279 Arbuthnot Leasing International Ltd v. Havelet Leasing Ltd

(No. 2) [1990] BCC 636 308 Arctic Engineering Ltd [1986] 1 WLR 686 206 Ashbury v. Watson (1985) 30 CLD 376 267 Ashbury Railway Carriage and Iron Co. (1875) LR 7 HL 653 48 Attorney General's Reference (No. 1) of 1975 [1975] 2 All ER 684 221 Attorney General's Reference No.1 of 1988 [1989] BCLC 193 221 Atwool v. Merryweather (1967) 5 Eq 464 243 Augustus Barnett & Son Ltd [1986] BCLC 170 31 Automatic Self Cleansing Filter Syndicate Company Ltd v. Cunningham

[1906] 2 Ch 34 150

Baillie v. Oriental Telephone and Electric Company Ltd [1915] 1 Ch 503

Bamford v. Bamford [1970] Ch 212 136

237, 243 Barnett, Hoares & Co. v. South Longon Tramways Co. (1887)

18 QBD 815 Barrett v. Duckett and others [1995] 1 BCLC Beattie v. Beattie [1938] Ch 708 Bell Houses Ltd v. City Wall Properties Ltd [1966] 2 QB 656 Belmont Finance Corporation v. Williams Funriture Ltd (No. 2)

[1980] 1 AllER 393 Birch v. Sullivan [1958]1 AllER 56 Bisgood v. Henderson's Transvaal Estates [1908] 1 Ch 743 Bishopsgate Investment Management (in Liquidation) v. Maxwell

[1993] BCC 120

75 237

61, 76 49

122 239 294

196

Table of Cases xv

H. L. Bolton (Engineering) Co. Ltd v. T. J. Graham & I. Sons Ltd [1957] I QB I59 39

Borden (UK) Ltd v. Scottish Timber Products [I979] 3 WLR 672 279 Brady v. Brady [1988] 2 All ER 617 123, 125, 184 Breckland Group Holdings Ltd v. London and Suffolk

Properties Ltd [1989] BCLC 100 151 British America Nickel Corporation Ltd v. M. J.O'Brien Ltd

[I937] AC 707 264 British and American Trustee and Finance Corporation Ltd

v. Couper [I894] AC 399 II5, 116 British Murac Syndicate v. Alperton Rubber Co. [1915] 2 Ch 186 68 Broderip v. Salomon [I895] 2 Ch 323 21 Brown v. British Abrasive Wheel [I919]I Ch 290 65 Browne v. La Trinidad (1888) 37 ChD I 60 Bushell v. Faith [I970] AC 1099 3, 147-8, 152, 258

Campbell v. Paddington Corporation [1911]1 KB 869 Cane v. Jones [1980] 1 WLR 1451 Capital Finance Co Ltd v. Stokes [I968] I AllER 573 Carruth v. Imperial Chemical Industries Ltd [1937]

40 38, 133

312

AC 707 1I5, I36, 270, 294 Centrafarm Chequepoint SARL v. McClelland and another [1997] 1 BCLC 117 Chohan v. Saggar and another [I994] I BCLC 706 CIR v. Goldblatt [1972] Ch 498

32 327 308 272

City Equitable Fire Insurance [I925] Ch 407 185, 187, 198, 202, 205,

Clemens v. Clemens Bros Ltd [1976] 2 All ER 268 Clough Mill Ltd v. Geoffrey Martin [1985] 1 WLR Ill Cook v. Deeks [1916]1 AC 554 Cory Bros & Co. [1927] 1 KB 810 Cotman v. Brougham [1918] AC 514 Cotornic (UK) Ltd v. Dezonie [1991] BCLC 721

210, 213, 258 139 280

191. 242 276

48, 49, 50, 51 82

Cumbrian Newspapers Group Ltd v. Cumberland & Westmorland Herald Newspaper & Printing Co. Ltd [1987] Ch 1

Customs and Excise Commissioners v. Hedon Alpha Ltd [1981] 2 AllER 697

265

197

Dafen Tiknplate Co. Ltd v. Llanelly Steel Co. (1907) Ltd [1920] 2 Ch 124 65-6

37 243, 2549

Daimler v. Continental Tyre Co. [1916] AC 308 Daniels v. Daniels [1978] Ch 406 DHN Food Distributors v. Tower Hamlets Borough Council

[1976]1 WLR 852 Dimbula Valley (Ceylon) Tea Co. v. Laurie [1961] Ch 353 Dorchester Finance Co. Ltd v. Stebbing [1989] BCLC 498 Dovey v. Cory [1901] AC 477 DPP v. Kent and Sussex Contractors Ltd [1944] KB 146

35 266 185 184 39

xvi Table of Cases

El Ajou v. Dollar Land Holdings Pic [1994]1 BCLC 464 Elder v. Elder and Watson (1952) SC 49 Eley v. Positive Government Security Life Association (1876)

1 ExD 88 El Sombrero Ltd [1958] Ch 900 Erlanger v. New Sombrero Phosphate Co. (1878)

3 App.Case 1218 Estmanco (Kilner House) Ltd v. GLC [1982]1 WLR 2 Evans v. Brunner Mond [1921] 1 Ch 359

40 246-7

59--60 135

79, 80 243, 254

51 Exxon Corporation v. Exxon Insurance Consultants International

Ltd [1982] Ch 119 15

Fargo Ltd v. Godfroy [1986] 2 AllER 279 240 Firestone Tyre Co. v. Llewellin [1957] 1 WLR 464 35 Foss v. Harbottle (1843) 2 Hare 461 236-8, 24Q-4, 246, 253, 258, 334 Framlington Group Pic and another v. Anderson and others

[1995] 1 BCLC 475 193 Francovich and Boniface v. Italian Republic [1992] ECR 133 324, 346 Freeman & Lockyer v. Buckhurst Park Properties Ltd [1964]

2 QB 480 73 Fulham Football Club and others v. Cobra Estates Pic [1994]

I BCLC 363 195

Gilford Motor Co. v. Home [1933] Ch 935 Gluckstein v. Barnes [1900] AC 240 Gover's Case [1875] 1 Ch D 182 Gramophone and Typewriter Ltd v. Stanley [1908] 2KB 89 Greenhalgh v. Arderne Cinemas Ltd [1946] 1 All ER 512 Greenhalgh v. Arderne Cinemas Ltd [1951] Ch 286

Halifax Building Society v. Meridian Housing Associaton [1994] 2 BCLC

Halifax Sugar Refining Co. v. Franklyn (1890) 59 LJ Ch 591 Harman and another v. BML Group Ltd [1994]

30 80 81

152 265, 266

67, 76

55 148

1 BCLC 674 135, 137, 140 Harold Houldsworth & Co. (Wakefield) Ltd v. Caddies [1955]

1 WRR 352 Harrods v. Lemon [1931]2 KB 157 Hickman v. Kent and Romney Marsh Sheepbreeders [1915]

I Ch 881 Hogg v. Cramphom Ltd [1976] Ch 254 Houldsworth v. City of Glasgow Bank ( 1880) 5 App Cas 317 Howard v. Patent Ivory Co. (1888) 38 Ch D 156 Howard Smith Ltd v. Ampol Petroleum Ltd [1974]

149 27

60, 61 244

69, 91 83

AC 821 Huggins (1730) 2 Stra 883

4, 195-6, 258 37

Hutton v. West Cork Railway Company (1883) 23 Ch D 6544 7, 50

Table of Cases xvii

Industrial Developments v. Cooley [1972] I WLR 443 193, 258 International Sales and Agencies v. Marcus [1982] 3 AllER 551 72 Introductions Ltd v. National Provincial Bank Ltd [1970] Ch 199 52 Island Export Finance Ltd v. Umunna and Another [1986]

BCLC 460 193, 258

Jacobus Marler Estates v. Marler (1913) 85 LJPC John Morley Building Co. v. Barras [1891] 2 Ch 386 Jones v. Lipman [1962] 1 AllER 442 Jones v. H. F. Ahmanson & Co.(l993) 1 Cal 3d

Karella v. Minister of Industry, Energy and Technology (1991) OJ Cl66/12

The Lady Gwendolen [1965] P 294 Lagunas Nitrate v. Lagunas Syndicate [1899] 2 Ch 515 Lane's Case (1862) 1 De GJ & SM 504 Lee v. Lee's Air Farming [1916] AC 12 Lennard's Carrying Company Ltd v. Asiatic Petroleum Co. Ltd

[1915] AC 705 H. Leverton Ltd v. Crawford Offshore (Exploration) Ltd (1996) Levy v. Abercorris Slate and Slab Co. (1883) 37 Ch D 260 Littlewoods Stores v. CIR [1969]1 WLR 1241 London Sack and Bag v. Dixon [1943] AllER 763 London School of Electronics Ltd [1986] Ch 211 Lowe v. Fahey and others [1996]1 BCLC 262

Macaura v. Northern Assurance Co. [1925] AC 619 Maclaine Watson & Co. v. DTI Maclaine Watson & Co. v.

81 142 30 34

324, 329

40 80, 81

120 28, 36

40 30, 41

272 36 59

245 244

27

International Tin Council [1990] BCLC 102 35 Lonrho v. Shell Petroleum [1980] QB 358 35, 41, 183, 184 Malyon v. Plummer [1963] 2 All ER 344 28, 36 Marleasing SA v. La Comercial International de Alimentation SA

(1990) ECR 1-4135 The Marquis of Bute's Case [1892] 2 Ch 100 Marshall's Valve Gear Co. v. Manning Wardle & Co. [1909]

I Ch 267 McNulty's Interchange Ltd & Another (1988) 4 BCC 533 Melhado v. Porto Alegre Ry Co. (1874) LR 9 CP 503 Melton Medes v. SIB (1994) Menier v. Hooper's Telegraph Works [1874] LR 9 Ch D 350 Meridian Global Funds Management Asia Ltd v. Securities

Commission (PC) [1995] 2 BCLC 116 Mitchell & Hobbs (UK) v. Mill [1996] 2 BCLC 102 Moffat v. Farquhar (1878) 7 Ch D 591 Moore v. Bresler [1944] 2 All ER 559

328 184-5

153 214 60 97

191, 242

40, 41 150 68 40 27 Moseley v. Kollyfontein [1904] 2 Ch 108

Movitex v. Bulfield [1988] BCLC 104 190, 192, 258

xviii Table of Cases

National Dock Labour Board v. Pinn & Wheeler & Others [1989] BCLC 647 35

Nelson v. James Nelson & Sons Ltd [1914] 2 KB 770 63, 146, 149 Neptune (Vehicle Washing Equipment) Ltd v. Fitzgerald [1995]

1 BCLC 352 New British Iron Company, Ex Parte Beckwith [1898] 1 Ch 324 New Bullas Trading Ltd [1993] BCC 251

27 62, 145

275 Newhart Developments Ltd v. Co-operative Commercial Bank Ltd

[1978] QB 814 304 139

240, 254 North West Transportation v. Beatty (1887) 12 App.Cas 589 Nurcombe v. Nurcombe [1985] 1 AllER 65

Oakdale (Richmond) Ltd v. National Westminster Bank pic [1997] 1 BCLC 63 326

Omnium Electric Palace v. Baines [1914] 1 Ch 332 79 Oshkosh B'Gosh Inc v. Dab Marbel Inc Ltd [1989] BCLC 507 82

P & 0 European Ferries Ltd (1990) 93 CrAppR 72 38 Panorama Developments v. Fidelis Furnishing Fabrics [1971]

3 WLR 440 75, 153 Panagis Pafitis and Others v. Bank of Central Gereece and

others (12 March 1996 nyr) 329 Parke v. Daily News [1962] 2 AllER 929 5, 6-8 Parlett v. Guppys (Bridport) Ltd and Others [1993] 1 BCLC 35 126 Paul & Frank Ltd v. Discount Bank (Overseas) Ltd [1967] Ch 348 283 Parlides v. Jensen [1956] Ch 565 239, 243 Peel v. London and North Western Ry Co [1907] 1 Ch 5 133 Percival v. Wright [1902] 2 Ch 421 86 Phonogram v. Lane [1981] 3 WLR 736 82 Piercy v. S. M. Mills & Co. Ltd [1920] 1 Ch 77 195, 201 Possfund Custodian Trustee v. Diamond [1996] 2 BCLC 665 92 Prichard's Case (1873) LR 8 Ch 956 60 Produce Marketing Consortium Ltd [1989] 1 WLR 745 311 Prudential Assurance Co. Ltd v. Newman Industries Ltd

(No. 2) [19821] Ch 257 (first instance) Puddephatt v. Leith [1916] 1 Ch 200 Punt v. Symonds & Co. [1903] 2 Ch 506

R v. Farmizer (Products) Ltd [1995] 2 BCLC 462 R v. Gomez [1992] 3 WLR 1067 R v. Goodman [1994] BCLC 349 R v. Panel on Take-overs Ex Parte Datafin [1987] 2 WLR 699 R v. Panel on Take-overs and Mergers Ex Parte Guinness PLC

[1989] BCLC 25 R v. Phillipou [1989] Crim LR 585 R v. Secretary of State for Trade, Ex Parte Perestrello [1981]

QB 19 R v. SIB [1995] 2 BCLC 76

239, 241 140

195, 201

311 Ill, 189

205 291

291 189

252 97

Table of Cases XIX

R v. SIB [1996] 2 BCLC 342 R v. Smith [1996] 2 BCLC 109 R&H Electric and another v. Haden Bill Electrical Ltd [1995]

2 BCLC 280 Rayfield v. Hands [1960] Ch 1

97 310

247 59

J. H. Rayner (Mincing Lane) Ltd v. Department of Trade and Industry (Court of Appeal Judgment) [1988] 3 WLR 1033

Read v. Astoria Garage (Streatham) Ltd [1952] Ch 637 ReA Company No.00996 of 1979 [1980] Ch 138 ReA Company No.00175 of 1987 [1987] BCLC 467 ReA Company No.001761 of 1986 [1987] BCLC 141 ReA Company [1986] BCLC 376 1 Re A Company [1986] 2 BC 98 & 952 ReA Company [1983] Ch 178 ReA Company [1988]4 BCC 506 ReA Company [1983]1 WLR 927 Re Anglo Continental Supply Co. [1922] 2 Ch 723 Re Armagh Shoes Ltd [1982] NI 59 Re Attorney General's Reference No. 2 1982 [1984]

35, 41 62, 63, 146

207 299 245 245 248 248 248 250 295 273

2 WLR 447 189, 197 Re Automatic Bottlemakers Ltd [1926] Ch 412 278 Re M. C. Bacon Ltd [1990] BCLC 324 307 Re Bath Glass [1988] BCLC 329 210, 212-13 Re Benjamin Cope & Sons [1914] 1 Ch 800 278 Re Bond Worth [1980] Ch 228 280 Re Bovey Hotel Ventures (31 Julyl981) unreported 244 Re Brenfield Squash Racquets Club Ltd [1996] 2 BCLC 184 249 Re Brightlife [1987] Ch 200 275, 276-7, 282 Re BSB Holdings [1996] 1 BCLC 155 247 Re Bugle Press Ltd [1961] Ch 270 292, 293, 295 Re Cairney v. Black [1906] 2 KB 746 210. 212-213 Re Cape Breton (1885) 29 Ch D 795 81 Re Carrington Viyella PLC (1983) 1 BCC 98 246, 248 Re Chartmore [1990] BCLC 673 216 Re Civicia Investments Ltd [1983] BCLC 456 211 Re Climex Tissues [1995] 1 BCLC 409 276 Re Continental Assurance Co. of London pic, Secretary of State

for Trade and Industry v. Burrows and others [1997]1 BCLC 48 214 Re Cosslett (Contractors) Ltd, Clark v. Mid Glamorgan County

Council [1996] 1 BCLC 407 Re Crestjoy Products Ltd; Secretary of State for Trade and

Industry v. Goddard and Others, Ch D 18 Oct. 1989 (Lexis) Re Crichton's Oil [1902] 2 Ch 86 Re Crown Bank (1890) 44 Ch D 634 Re Curtain Dream Pic [1990] BCLC 925 Re Darby [1911] 1 KB 95 Re David Payne & Co. Ltd [1904] 2 Ch 608 Re Dawson Print Group [1987] BCLC 601

276

211 260

48, 49 280

30 51, 54

199, 209

xx Table of Cases

Re Destone Fabrics [1941] Ch 319 Re D'Jan of London Ltd [1993] BCC 646

30 186, 205, 258, 310

250, 257 Re Ebrahami v. Westbourne Galleries [1973] AC 360 ReELS Ltd; Ramsbottom v. Luton Borough Council [1994]

BCC 449 Re English, Scottish and Australian Chartered Bank [1893]

3 Ch 385 Re Expanded Plugs Ltd [1960]1 WLR 514 Re F. G. Films [1953] 1 WLR 483 Regal Hastings Ltd v. 273Gulliver [1942] 1 AllER 378

Re George Newman & Co. [1895] 1 Ch 674 Re Georgiou (1988) 4 BCC 322 Re German Date Coffee Co. (1882) 20 Ch D 169 Re Great Northern Salt and Chemical Works Co. (1890)

44 Ch D 472 Re Grierson, Oldham and Adams Ltd [1968] Ch 17 Re H [1996] 2 BCLC 500 Re Halt Garage Ltd [1982] 3 AllER 1016 Re Hellenic and General Trust Ltd [1976] 1 WLR 123 Re Holder's Investment Trust Ltd [1971] 1 WLR 583 Re Horsley and Weight Ltd [1982] Ch 442 Re Hydrodan (Corby) Ltd [1994] BCC 161 Re Jon Beaufort (London) Ltd [1953] Ch 131

277

294 251

36 192, 193, 242,

258 145 205

250, 251

142 292

30 52, 111

293 264

52

Re Jupiter House Investments (Cambridge) Ltd [1985] BCLC 222 Re Keenan Bros Ltd [1986] BCLC 242

143 51

116 274

8 245, 246

293 212

Re Lee, Behrens & Co. Ltd [1932] 2 Ch 46 Re Leeds United Holdings pic [1996] 2 BCLC 545 Re Lifecare International PLC [1990] BCLC 222 ReLiving Images Ltd [1996]1 BCLC 348 Re Lo-Line Electric Motors Ltd [1988] BCLC 698, (1988)

4 BCC 415 Re Looe Fish Ltd [1993] BCC 368 Re Mackenzie & Co. Ltd [1916] 2 Ch 450 Re Macro (Ipswich) Ltd [1984] 2 BCLC 354 Re Majestic Recording Studios [1989] BCLC 1 Re Matthew Ellis [1933] Ch 458 Re Meux's Brewery Co. Ltd [1919]1 Ch 28 Re Molton Finance [1968] Ch 325 Re National Motor Mail Coach Co. [1908]2 Ch 515 Re New Generation Engineers Ltd [1993] BCLC 435 Re R. A. Noble & Son (Clothing) Ltd [1983] BCLC 273 Re Northumberland Avenue Hotel Co (1866) 33 Ch D 16 Re Old Silkstone Collieries [1954] Ch 169 Re Pamstock Ltd [1994]1 BCLC 736 Re Pergamon Press [1970] 3 WLR 792

211, 214, 216 196 266 245

210, 215 309 116 281

81 210

244--5, 250 23

266 209 252

Re Peter's American Delicacy Company Ltd (High Court of Australia) (1939) 61 CLR 457 57, 66

Table of Cases xx1

Re Polly Peck International Pic (in administration) [1996] 2 AllER 433

Re Portuguese Copper Mines (1889) 42 ChD 160 Re Richmond Gate Property Co. Ltd [1965] 1 WLR 335 Re Rolus Properties Ltd & Another (1988) 4 BCC 446 Re Saltdean Estate Co. Ltd [1968] 1 WLR 1844 Re Sam Weller & Sons Ltd (ReA Company (No. 823 of 1987))

36 148

62, 145 213, 216

116

[1990] BCLC 80 246 Re Saul D. Harrison & Sons pic [1995] I BCLC 14 246, 247 Re Savoy Hotel Ltd [1981] Ch 351 293 Re Schweppes Ltd [1914] I Ch 322 266 Re Sevenoaks Stationers [1993] Ch 164 219, 214, 215, 216, 258 ReM. J. Shanley Contracting Ltd (1979) 124 SJ 239 137 Re Slavenburg's Bank NV v. Intercontinental Natural Resources

Ltd [1980] 1 All ER 955 Re Southard & Co. Ltd [1979] 3 AllER 556 Re Stanford Services [1987] BCLC 607 ReG. E. Tunbridge Ltd [1995] I BCLC 409 Re L. Todd (Swanscombe) Ltd [1990] BCC 125 Re Tottenham Hotspur pic Re Unisoft Group Ltd (No. 2) [1994] BCC 766 Re Welsh and Irish Ferries [1986] Ch 471 Re Wood Skinner & Co. [1944] Ch 323 Re Woodroffes (Musical Instruments) Ltd [1986] Ch 366 Re Yorkshire Woolcombers Association Ltd [1902]

287 31

200, 209 275-6

310 246

143-4 282 261 277

2 CH 284 273, 274, 289 Rights & Issue Investment Trust Ltd v. Stylo Shoes Ltd [1965] Ch 250 67 Robbie v. Whitney Warehouse [1963] 3 AllER 613 279 Rolled Steel Products v. British Steel Corporation [1985] Ch 246 53 Romalpa, see Aluminium Industrie Vaassen Royal Trust Bank v. National Westminster Bank pic and another

1996] 2 BCLC 682 Royal British Bank v. Turquand (1856) 6 E&B 327

276 69-70

Salisbury Gold Mining Co. v. Hathorn [1897] AC 268 140 Salmon v. Quinn & Axtens [1909]1 CH 311 Affd Subnom Quinn

& Axtens v. Salmon [1909] AC 442 (HL) 60, 61 Saloman v. Salomon [1897] AC 22 20-1, 26, 28, 30, 35, 80 Scott v. Frank F. Scott (London) Ltd [1940] Ch 794 69 Scottish Co-operative Society v. Meyer [1959] AC 324 31, 183, 192, 198 Secretary of State for Trade and Industry v. Ettinger, Re Swift

[1993] BCLC 899 215 Secretary of State for Trade and Industry v. Gray and Another

[1995]1 BCLC 276 209, 212, 214 Secretary of State for Trade and Insutry v. Hickling and Others

[1996] BCC 678 214 Secretary of State for Trade and Industry v. McTighe and Another

(No. 2) [1996] 2 BCLC 477 210

xxii Table of Cases

Selangor United Rubber Estates v. Craddock [12968] I WLR 1555 122 Shindler v. Northern Raincoat Co. [1960] 1 WLR 1038 68, 146 Shuttleworth v. Cox Bros & Co. (Maidenhead) Ltd [1927] 2 KB 9 66 Sidebottom v. Kershaw, Leese & Co. Ltd [1919] 1 Ch 290 65 Smith v. Croft (No.2) 5 [1988] Ch 114 240, 241, 253 Smith v. England and Scottish Mercantile Investment Trust [1896]

WN 86 278-9 Smith v. New Court Securities Ltd 96 Smith New Court Securities v. Scrimgeour Vickers (Asset

Management) Ltd and another Smith v. Van Gorkom 488 A 2d 8.58 (Supreme Court of

92

Delaware 1985) 188, 200, 258 Smith, Stone & Knight v. Birmingham Corporation [1939] 4 All

ER 116 Southern Foundries Ltd v. Shirlaw [1940] AC 701 Southern Pacific Co. v. Bogert (1919) 250 US 483 Specialist Plant Services Ltd v. Braithwaite Ltd [1987] BCLC 1 Standard Chartered Bank v. Walker [1992] 1 WLR 561 Stirling v. Maitland (1864) 5 B & S 840 Syndesmos EEC, Vasco et al. v. Greece et al ECR (1992)

ECR 1-2111

Teck Corporation v. Miller Tesco Supermarkets v. Nattrass [1972] AC 15 Thomas Marshall (Exports) Ltd v. Guinle [1979] Ch 227 Tomberger v. Gebruder von der Wettern GmbH [1996]

2 BCLC 457

34, 41 68, 146

33 280 184 146

329

258 39

194

330 Trevor v. Whitworth (1887) 12 App Cas 409 Tunstall v. Steigman [1962] 2 QB 593 Twycross v. Grant (1877) 2 CPD 469

110, 120, 121 29 79

Unit Construction Co. v. Bullock [1960] AC 351

Welch (1946) 62 LQR 385 Welton v. Saffery [1987] AC 299 The Liquidator of the Property of West Mercia Safetywear Ltd

v. Dodd and Another [1988] BCLC 250 Ex Parte Westburn Sugar Refiners Ltd [1951] AC 625 Wheatley v. Silkstone and Hough Moor Coal Company (1885)

29 Ch D 715 White v. Bristol Aeroplace Company [1953] Ch 65 Will v. Murray (1850) 4 Ex 843 William Gaskell Group v. Highley [1994] I BCLC 197 Williams v. Natural Life Health Foods Ltd [1997] 1 BCLC 131 Windward Islands (Enterprises) UK Ltd [1983] BCLC 293 Winkworth v. Edward Baron [1987] BCLC 193 Wood v. Odessa Waterworks (1889) 42 Ch D 636

Yenidje Tobacco Co. Ltd [1916]2 Ch 426

35

40 61

183-4 115

278 266 140 275

29 135 184

58, 60

251

xxiii

Table of Statutes and Directives

Business Names Act 1985

Charities Act 1960 Companies Act 1948

s.54 Companies Act 1967 Companies Act 1980

s.75 Companies Act 1981 Companies Act 1985 Table A

Table B Table C TableD Table E Table F Part VI Part VII Part X Part XV Schedule I Schedule 4 Schedule 4a Schedule 7 s.1 s.l(1) s.1(2)(a) s.1(2)(b) s.1(3) s.1(3)(a) s.l(4) s.2 s.2(1)(c) s.2(5) s.2(7) s.3A s.4 s.5 s.8 s.9 s.IO

14

45 151 123 251

110, 112, 328, 330 244 330

8, 22, 85, 94, 110, 185, 208 57, 117, 119, 120, 135, 137,

138, 140, 142, 143, 145, 148-51, 159-78 14, 17

57 9, 57

57 14, 18

292 329-30 6, 203

252 15, 22

113, 127, 128, 129 128, 129

158 2

13 9 9

10 14 9

9, 13 43

9, 10, 14 55 46 55 55 9

58, 63 15

xxiv Table of Statutes and Directives

s.l2 s.l3 s.l4 s.l6 s.l7 s.l7(2)(b) s.23 s.25(1) s.25(2) s.26 s.26(I)(c) s.29 s.35 s.35(A) s.35(A)(I) s.35(A)(2)(a) s.35(A)(2)(b) s.35B s.35(I) s.35(2) s.35(3) s.36C s.43 s.47(2) s.47(5) s.53 s.54 s.54(5) s.60(I) s.60(4) s.60(5) s.80 s.8I ss.89-96 s.95 s.97 s.IOI s.l11A s.II7 s.II8 s.l25 s.I25(2) s.I23(3) s.125(4) s.l25(6) s.I25(7) s.I27 s.I30(2)

I5 I5

58-9, 6I, 62 63

55, 267 267

126, 262 IO, I4

I4 I4 I4 I4

45, 48, 55, 72, 237, 24I, 328 70, 7I, 72

7I 7I 72 70 46 46

46,47 82 II 11 I2 II I2 I2 84 84 84

86, I34, 268, 269 IO, 84 85, 86

86 97 11

69, 92 II, 304

11 63-4, 137, 265-7, 27I

269 268, 269 268, 269

269 269 270 117

s.l35 s.l35(2) s.136 s.136(2) s.l36(5) s.136(6) s.137 s.137(1) s.138 s.138(4) s.139 s.140 s.l41 s.142 s.143 s.144(3) s.l44(4) s.l46 s.151 s.l51(3) s.152(1) s.152(3(a) s.l53 s.l53(1) s.153(3) s.l53(4) s.155 s.156 s.158 s.159 s.159A s.159(A)(2) s.159(3) s.l62(1) s.164 s.164(4) s.166 s.l66(4) s.170(4) s.l71(3) s.173 s.173(6) s.l74(1) s.l75 s.196 s.2l0 s.214 s.221

Table of Statutes and Directives xxv

114, 116, 120, 125,268,269 115 114 116 117 116

114, 125 116 114 117 114 114

114, 116 126, 135

121 197 197 120

121, 123, 124, 125, 125-6 126 122 121

123, 124 123 125 125 125 125 125 119

117-18 118 118 ll9 120 119 120 119 117 118 119 119 liS 277 272 199 258 128

xxvi Table of Statutes and Directives

ss. 221~62 s.222 s.224(2) s.226 s.227 s.228 s.229 s.230 s.236 s.258 s.260 s.263(2) s.263(3) s.264 s.270(4) s.271(3) s.271(4) s.272(4) s.273 s.275(1) s.277(1) s.282 s.283 s.286 s.286(1)(c) s.293 s.293(5) s.294 s.300 s.303 s.303(5) s.309 s.310 S.310(3) s.319 s.319(6) s.320 ss.320-30 s.320(1) s.321 S.322 s.322A s.322A(5) s.322a(7) s323 s324 s.325 s.326

128 128 128 129 129 332 332 332 130

6, 12, 129 130

112, 114 112, 113

113 130 130 130 130 130 113 114 142 153 153 153 144 144 144

199, 200, 208, 115 133, 136, 146-9, 159, 258

146 5, 24, 25, 154, 157, 183

57, 188, 190, 197, 198 197

147, 259 147

203, 226-7 203, 258

203 203

203, 227 45~8, 70, 227~9

47 47

229 229 231 231

s.328 s.330 s.330(2) s.331(4) s.334 s.336 s.337 s.338 s.339 s.346 s.348-9 s.364 s.366 s.366(4) s.368 s.369 s.369(4) s.370 s.370(4) s.370(6) s.371 s.372(1) s.373 s.376 s.377 s.378(1) s.378(2) s.379 s.379A s.381 s.381(A) s.381(B) s.382(A) s.391 s.395(2) s.396(1) s. 396(1 )(a) s.396(1)(c) s.396(1)(d) s.396(1)(e) s. 396(1 )(g) s.396(2)(a) s.396(2)(b) s.396(2)(c) s.396(2)( d) s.396(2)(e) s.396(2)(t) s.396(2)(g)

Table of Statutes and Directives xxvii

232 203, 234-5

203 204 204 204 204 204 204

144, 203 14

203 134 134 135

136, 137, 269 137 269 137 261

135, 137 132 133

136, 269 269 137 137 136 133 140 133 133 133 133 280 280 281 281 282 282 282 281 281 281 281 282

281, 282 281

xxviii Table of Statutes and Directives

s.396(4) s.397 s.397(3) s.397(5) s.398 s.398(1) s.398(4) s.399 s.399(1) s.399(2) s.399(3) s.400 s.400(2) s.401 s.402 s.402(4) s.402(5) s.402(6) s.403 s.403(3) s.407(1) s.410 s.414(4) s.415(2) s.416 s.416(1) s.416(2) s.419(1) s.419(5) s.420 s.425 s.426 s.427 s.428 s.429 s.429(1) s.429(3) s.430 s.430(C) s.431(2)c s.432(1) s.432( 1 )(b) s.436 s.438 s.440 s.441(1) s.447 s.448

282 284 288 284 285 283 284 286

285, 286 285 285 286 286 286 286 287 287 287 287 287 285

277, 283 283 284 284 284 284 280 285

280, 282 125, 267, 293, 294-5, 298

293 293 292 292 292 293 292 292 251 251 251 252 252 252 252 252 252

s.449 s.450 s.451 s.452 s.458 s.459 s.459(2) s.460 s.461 s.464(1) s.464(4) s.691 s.703A-N s.703D(l) s.703D(2) s.703D(3) s.703L(l) s.711A s.711A(l) s.711A(4) s.714 s.719 s.736 s.736(A) s. 736( 1 )(a )(ii) s.741

Companies Act 1987 s.727

Companies Act 1989 Part I Schedule I Schedule 15 s.3 s.l08 s.ll2(3) s.ll3 s.ll6 s.l31 s.l33 s.l45 s.322A

Table of Statutes and Directives XXIX

252 252 252 252 309

41, 67, 91, 182, 244, 246-50, 258, 295, 302 91, 247

91 91, 248

278 278

287, 288 287 288 288 288 288

44, 70 284 284

14 5, 8

12, 13, 130 130

12 142, 143

197, 201-2 13, 43, 44, 69, 74, 276, 280, 289, 330

128 129 287 128 328 45

133 133

91-2 117

244, 248 45

Companies and Business Names Regulations 1981 Companies (Single Member Private Limited Companies)

18-19

Regulations 1992, SI 1992/1699 Company Directors Disqualification Act 1986

s.2 s.3

6, 304, 332 Ill, 148, 185, 187,

188, 258 205

205, 206

xxx Table of Statutes and Directives

s.3(2) s.3(3) s.4 s.4(1)(a) s.4(1 )(b) s.5

206 206

205, 206 206 206

205, 206 s.6 s.6(2) s.6(4) s.8

41, 187, 199, 205, 207, 208, 215, 216 207

187, 205

Company Securities (Insider Dealing) Act 1985 s.2 s.3 s.9

Criminal Justice Act 1993 Part V s.lO s.52 s.52(2) s.52(2)(a) s.52(2)(b) s.52(3) s.53 s.53(3) s.53(b) s.54(2) s.55 s.56 s.57 s.57(1)(b) s.58 s.62 s.63

196, 217 218 220 223 220

218, 347 218 219 221 223 221 222 222 222 222 222

218-19 221 219

219, 220, 221 219 219 223 223

Disclosure of Interests in Shares (Amendment) Regulations 1993 333 Disclosure of Interests in Shares (Amendment) (No.2) Regulations

1993 333

Employment Act 1982 Employment Protection Act 1975

s.l7

158

European Community First Directive ()11968 spec.ed 41-5) 157

328, 330 European Community Second Directive of 1976

(OJ L 16 of 31.1.1977) 130, 328, 329 European Community Third Directive of 1978 (OJ L 195 of

12.10.1978 European Community Fourth Directive

329 329, 330-1, 332

Table of Statutes and Directives xxxi

European Community Fifth Directive (OJ Vol. 26 C240, 9.9.1983) Art. 1 Art.3(a) Art. 4 Art.4.1 Art.4.b Art.4.b(2) Art.4.c Art.4.d Art.4.e Art.4.i Art.4.3 Art.5 Art.7 Art.8 Art.9 Art.IO Art.IO.a Art.10.3 Art.11 Art.l2 Art.13 Art.l3.2 Art.l4 Art.17 Art.21 Art.21a Art.21.a.2 Art.2l.n Art.21.o Art.21.q Art.2l.u Art.21.r Art.21.t

24, 141, 187, 188, 198, 333-41 334 334 338 338 338 338 339 339 339 340 338 334 335 335 337

335, 337 335, 337

335 336, 337, 339

337, 339 336 336 187 187

187, 338 336 336 337 337

337, 341 337 337 336

European Community Sixth Directive (OJ L 378 of 31.12.1982) European Community Seventh Company Law Directive

330

(OJ Vol. 261 193, 18.7.1983) 330--1, 332 European Community Eighth Company Law Directive on the

Qualification of Auditors (OJ Vol. 27, L 126, 12.5.1984) European Community Ninth Directive European Community Tenth Directive

331 32, 34, 341

341 European Community Proposal for an Eleventh Directive on the Disclosure Requirements Branches of Certain Types of Company

(OJ Vol. 31, C 105, 21.4.1988) 292, 332 European Community Twelfth Company Law Directive

(OJ Vol. 32, L 395, 30.12.1989, pp. 40--42 6, 332

xxxii Table of Statutes and Directives

European Community Thirteenth Directive on Take-overs OJ Vol. 32, C64, 14.3.1989, pp. 8-14) 343--4

European Community Directive 18/151/EEC 44, 70 European Community Directive on the Common System of

Taxation Guidelines 348 European Community Directive on the Conditions for the

Admission of Securities to Stock Exchange Listing (OJ 22 L66/21) 342 European Community Directive on the Continuing Disclosure

of Information (OJ 25 L48/26 342 European Community Directive on the Information to be

Published when a Major Holding in a Listed Company is Acquired or Disposed of 332-3

European Community Directive for Informing and Consulting Employees of Groups (OJ 254/64) 347

European Community Directive on the Listing Particulars to be Published for the Admission of Securities to Official Stock Exchange Listing

European Community Directive on the Mutual Recognition of Listing Particulars (OJ Vol. 30, L 185, 4.7.1987, pp. 21-32) Amendments

European Community Insider Dealing Directive (OJ Vol. 32,

342

342-3 342-3

L 334, 11.11.1989), pp. 30--32 218,222--4, 343 European Community Investment Services Directive 103-8, 109, 343

Annex 104, 105-6 Art.l 103, 104, 343 Art.4 104, 106, 343 Art.4.1 108 Art.4.2 107 Art.4.5 108 Art.6 108 Art.7 108 Art.8 106 Art.9 104, 108 Art.ll 107 Art.12 107 Art.l3 108 Art.l3.5 108

European Community Money Laundering Directive (91/308 OJ 1991 L166/77)

European Community Prospectus Directive (OJ Vol. 32, L 124, 5.5.1989, pp. 8-15)

European Community Second Banking Directive European Company Statute European Economic Interest Grouping (OJ 28 L199/1)

346--7, 348

85, 90--1, 92--4, 96 11, 103--4

24, 327 327

Fair Trading Act 1973 Financial Services Act 1986

Part 4

290 87, 94, 95, 9~ 106, 108, 292

85

Regulation 4(1) Schedule 12 s.l s.1(2) s.l (3) s.3 s.4 s.5 s.35 s.42 s.43 s.47 s.48 s.60 s.61 s.62 s.62A s.146 s.l46(2) s.l46(3) s.147 s.l50 s.150(1) s.l51 s.l51(2) s.l51(4) s.l52 s.l59 s.160 S.l68(8) Schedule 1 Part I Part II Part III Part IV Schedule 2 Schedule 3 Ch. V Ch. IX

Financial Services Act 1999

Insider Dealing Act 1986 s.7

Insolvency Act 1986 Part I Schedule I Schedule 6 s.1

Table of Statutes and Directives xxxm

94 292

98 99

100 97-9, 99, 101

101 101 101 101 101

91, 101-2 223 102

102, 103 102, 103

102 87, 88, 89, 91

89 89

87, 89 87, 88

89 89,90

89, 90 90 90 93 93 91

98-100 99 99 99

100, 101 101 101

101-2 102 97

223 297-320 125, 298

304 306

207, 303

xxxiv Table of Statutes and Directives

s.2 s.2(2) s.3 s.4 s.5 s.6 s.6(1) s.7 s.8 s.8(1) s.9(1) s.9(2) s.9(3) s.9(4) s.10 s.11(1) s.14(1 )(b) s.14(4) s.17 s.l8 s.21 s.23 s.24 s.24(5) s.27 s.42(1) s.84 s.89 s.94 s.95 s.96 s.107 s.110 s.111 s.122(1 )(g) s.l23 s.l24 s.l24A s.125(2) s.129(1A) s.143 s.l65 s.l75 s.201 s.205 s.212 s.213 s.214

207 303 207 207 207 207 303 207 207 297 298 299 300 299 300 300 301 300 301 302 300 301 302 301 302 304

137, 305 305 312 306 306

305, 306 125, 294, 295

294, 295 249

297, 298 302 305

249, 250 306 306 137 306 312 312

186, 310, 312 309

41, 186, 308

s.214(2) s.214(5) s.216 s.238 s.239(4)(B) s.239 s.241 s.241(1A) s.244 s.245 s.249 s.251 s.386 s.390(1) s.423 s.435 s.651 s.642

Insolvency (No. 2) Act 1994 Insolvency Rules 1986

r.1.20(1) r.2.1(2) r.2.1 (3) r.2.28(1) r.2.4(2) r.2.9 r.2.10

Landlord and Tenant Act 1954 s.30

Law of Property Act 1925 s.85(1) s.86(1)

Law of Property Act 1969 s.6

Table of Statutes and Directives xxxv

310 311

14 111, 306, 307

307 307, 308

307 307 308 309 309

283, 309 306, 315-18

306 308

309, 318-19 312 312 307

303 298 298 302 299 299 300

29

277 277

29

Oversea Companies and Credit Financial constitutions (Branch Disclosure) Regulations 1992 332

Partnership and Unlimited Companies Regulations 1993 331 Public Offers of Securities Regulations 1995 85, 91, 92, 94--5, 96

Stock Exchange (Listing) Regulations 1984 (SI 1984 No. 716) 87, 88, 95 s.5 88

Theft Act 1968 Theft Act 1978 Trade Descriptions Act

91 91 39

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