| Preface |
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v | |
| About the Author |
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vii | |
| Abbreviations and Glossary |
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xvii | |
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xiii | |
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Table of Statutory Instruments |
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xxix | |
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Table of International Legislation |
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xxxi | |
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xxxiii | |
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1 | (16) |
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3 | (4) |
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3 | (1) |
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4 | (1) |
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4 | (1) |
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5 | (1) |
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Companies incorporated in England and Wales |
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5 | (1) |
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5 | (1) |
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6 | (1) |
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2 Outline: the `connected' or `associated' test |
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7 | (4) |
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Overview of the definitions |
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7 | (1) |
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8 | (1) |
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Examples of associates and non-associates |
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9 | (2) |
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3 Why does being `associated' or `connected' matter? |
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11 | (6) |
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11 | (1) |
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11 | (1) |
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Pensions: Moral hazard powers |
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12 | (1) |
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Employer-related investment |
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13 | (1) |
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Other uses in pensions legislation |
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14 | (1) |
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Uses of the control test in s 435(10) |
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15 | (2) |
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PART 2 INTERPRETING SECTIONS 239 AND 435 |
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17 | (34) |
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4 Overview of Interpretation Principles |
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19 | (10) |
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19 | (1) |
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Dangerous to interpret across legislation? |
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20 | (1) |
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Usually same meaning within one Act? |
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21 | (1) |
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Does the rest of the Insolvency Act help when looking at ss 249 and 435 as used in the pensions legislation? |
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22 | (3) |
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25 | (1) |
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Construing by looking at terms used in the definition? |
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25 | (4) |
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5 Other statutes: defining control or associate? |
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29 | (8) |
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29 | (1) |
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CA 2006, s 252: Payments to directors for loss of office |
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29 | (1) |
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30 | (1) |
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31 | (1) |
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31 | (1) |
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32 | (1) |
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32 | (1) |
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33 | (1) |
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34 | (1) |
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Financial Services and Markets Act 2000 |
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34 | (1) |
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34 | (1) |
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35 | (2) |
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6 Interpreting ss 249 and 435: Hansard |
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37 | (4) |
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37 | (2) |
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39 | (2) |
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7 Interpreting ss 249 and 435: Cork Report and government response |
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41 | (4) |
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41 | (1) |
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42 | (3) |
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8 Interpreting ss 249 and 435: Scots law and laws of other jurisdictions |
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45 | (4) |
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45 | (1) |
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46 | (1) |
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46 | (1) |
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46 | (3) |
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9 What do the definitions mean? Who do they apply to? |
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49 | (2) |
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PART 3 USES OF CONNECTION, ASSOCIATION OR CONTROL |
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51 | (30) |
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10 Insolvency legislation |
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53 | (4) |
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53 | (1) |
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54 | (1) |
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Sales by administrators and Pre Packs |
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54 | (1) |
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Post insolvency transactions |
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55 | (2) |
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11 Insolvency: Reversible transactions |
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57 | (6) |
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Summary of ss 238, 239 and 245 |
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57 | (2) |
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Section 238 Transaction at an undervalue |
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59 | (1) |
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59 | (1) |
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Section 245 Invalid floating charges |
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60 | (1) |
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60 | (1) |
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Employee as a connected person |
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61 | (2) |
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12 Insolvency: creditor votes in CVAs and IVAs and Part A1 moratorium |
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63 | (2) |
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Part A1 Moratorium extension votes |
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63 | (2) |
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13 Insolvency: disposals by administrators to connected persons: 2021 Regs |
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65 | (6) |
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66 | (1) |
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Evaluators: connected with or associate tests |
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67 | (4) |
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14 Pensions legislation: Moral hazard provisions of the Pensions Act 2004 |
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71 | (2) |
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15 Pensions legislation: Employer-related investment - PA 1995, s 40 |
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73 | (2) |
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16 Pensions legislation: Notifiable events - PA 2004, ss 69 and 69A |
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75 | (2) |
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Statement of intent: PA 2004, s 69A |
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75 | (2) |
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17 Pensions legislation: other provisions |
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77 | (4) |
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Independent trustee on insolvency - s 23(3)(b), PA 1995 |
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77 | (1) |
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Scheme Actuary and Auditor - s 27, PA 1995 |
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77 | (1) |
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78 | (1) |
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Lien rules - prescribed transfer credits - s 91, PA 1995 |
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78 | (1) |
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Tupe transfers and future pension provision - s 257, PA 2004 |
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79 | (1) |
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Master Trusts and Collective Money Purchase schemes |
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79 | (1) |
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Group restructuring easements |
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80 | (1) |
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81 | (16) |
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18 The terms `connected' and `associated': general |
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83 | (4) |
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Generally no chain principle |
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83 | (1) |
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Differences between connected and associated |
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83 | (1) |
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84 | (3) |
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19 Who is connected?: persons and companies |
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87 | (4) |
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87 | (1) |
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88 | (3) |
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20 Connected persons: IA 1986, Sch Bl, para 60A |
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91 | (6) |
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92 | (1) |
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93 | (3) |
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Independence and exclusion |
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96 | (1) |
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PART 5 DIRECTORS, EMPLOYERS AND EMPLOYEES |
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97 | (22) |
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21 Directors and de facto directors |
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99 | (4) |
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Drafting issue: application of IA 1986, s 251 |
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100 | (1) |
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100 | (3) |
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103 | (4) |
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Shadow director definition |
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103 | (1) |
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Caselaw on the meaning of shadow director |
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104 | (3) |
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23 Common directorships - connected |
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107 | (2) |
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24 Employers and employees |
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109 | (4) |
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109 | (4) |
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113 | (6) |
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113 | (1) |
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114 | (1) |
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115 | (4) |
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119 | (42) |
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121 | (2) |
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27 Associate - individuals |
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123 | (6) |
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123 | (1) |
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Spouses and reputed spouses |
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124 | (2) |
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Relatives of individuals and their spouses |
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126 | (3) |
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28 Trusts and trustees - s 435(5) |
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129 | (8) |
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Who is a trustee? What is a trust? |
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130 | (1) |
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Constructive/resulting trustee/ |
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131 | (1) |
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Bare trusts or custodians: control |
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132 | (1) |
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Other legislation and trusts |
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132 | (1) |
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Associates of a beneficiary of the trust |
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133 | (1) |
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Joint holders of property |
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133 | (1) |
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134 | (1) |
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Association only for limited purposes? |
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134 | (1) |
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Exclusion of bankruptcy trusts |
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135 | (2) |
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29 Pension scheme as a trust - s 435(5)(b) |
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137 | (8) |
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Meaning of pension scheme |
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138 | (1) |
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139 | (1) |
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Limb (a) Trustee company otherwise an associate? |
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140 | (1) |
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Issue (1) Trustee company an associate of a director (or shadow director) |
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140 | (1) |
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Issue (2) Trustee company otherwise an associate, but is it excluded under s 435(5)? |
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141 | (1) |
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Issue (3) Group of trustees |
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142 | (1) |
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Otherwise unconnected pension trustee (but beneficiaries include associates) |
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143 | (2) |
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30 Other trusts: Employee Share Schemes and Charities |
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145 | (4) |
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Trust arising under the second Group of parts |
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145 | (1) |
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Employees' share scheme - s 435(5)(b) |
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146 | (1) |
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146 | (3) |
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149 | (2) |
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32 Limited liability partnerships (LLPs) - s 435(3A) |
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151 | (2) |
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33 Is the capacity of association or connection relevant? |
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153 | (4) |
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157 | (4) |
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Examples of associated companies |
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158 | (3) |
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161 | (6) |
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35 `Control' as denned in s 435(10) |
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163 | (4) |
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Uses of the control test in s 435(10) |
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164 | (1) |
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Derived from the Companies Act 1967? |
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164 | (3) |
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PART 8 CONTROL THROUGH VOTING POWER - s 435(10)(B) |
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167 | (40) |
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36 Voting power - Unidare and Box Clever cases |
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169 | (6) |
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Voting Power - Box Clever |
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171 | (2) |
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173 | (2) |
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37 Voting power - Nominees and custodians |
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175 | (4) |
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Custodians and security holders? |
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175 | (1) |
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Implications for custodians |
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176 | (3) |
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179 | (6) |
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179 | (2) |
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181 | (1) |
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Ability to declare an event of default/acceleration? |
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181 | (1) |
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182 | (1) |
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Implications for share mortgages |
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182 | (3) |
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39 What is voting power `at any general meeting'? |
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185 | (8) |
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185 | (1) |
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Effect of general meeting limb in s 435(10) |
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186 | (2) |
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Restricted voting rights? |
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188 | (1) |
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Qualter Hall v Board of Trade (1962) |
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189 | (2) |
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Voting at any meeting: The Children's Investment Fund Foundation |
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191 | (2) |
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40 Are groups of shareholders aggregated for control purposes? |
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193 | (12) |
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193 | (1) |
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194 | (2) |
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196 | (1) |
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Kellogg Brown and Root Holdings |
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197 | (3) |
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Some aggregation scenarios |
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200 | (1) |
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Some further aggregation scenarios |
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201 | (1) |
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202 | (2) |
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Group of persons needs to be associated? |
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204 | (1) |
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41 Timing of control - eg on share sales? |
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205 | (2) |
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206 | (1) |
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PART 9 CONTROL THROUGH `DOMINATION' OF DIRECTORS - S 435(10)(A) |
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207 | (34) |
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42 Comparing s 435(10)(a) with the shadow director definition ins 251 |
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209 | (2) |
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43 What does `accustomed to act' mean? |
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211 | (4) |
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212 | (1) |
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212 | (1) |
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Not all the company's activities? |
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212 | (1) |
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213 | (2) |
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44 Can advisers have `control'? Is the shadow director test for advisers different from the control test? |
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215 | (12) |
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Person having control contrasted with shadow directors |
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215 | (1) |
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215 | (3) |
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218 | (1) |
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219 | (1) |
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Non-professional advisers (eg lenders/shareholders/parent companies) |
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220 | (1) |
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220 | (2) |
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BHP Billiton v Commissioner of Taxation |
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222 | (3) |
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225 | (1) |
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226 | (1) |
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45 Is `domination' of a single director enough? |
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227 | (8) |
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Example of illogicalities of an expanded `control' test based on a single director |
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230 | (1) |
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Interpreting `any of them' |
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231 | (1) |
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Shadow directors and controllers - timing issues |
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232 | (3) |
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46 Appointors of nominee directors or board representatives |
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235 | (6) |
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236 | (1) |
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Investor has one-third voting control - IA 1986, s 435(10)(a) |
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236 | (1) |
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Director `accustomed to act' on directions - IA 1986, s 435(10)(b) |
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237 | (1) |
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Nominated Director is `associated' with Investor? |
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237 | (1) |
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Company is not a pension scheme employer? |
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238 | (1) |
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238 | (1) |
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Director in Holding Company - associated with subsidiaries? |
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238 | (3) |
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PART 10 CONTROL AFTER INSOLVENCY? |
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241 | (54) |
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47 Is existing control lost if the company enters insolvency? |
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243 | (2) |
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48 Insolvency and control: Existing caselaw |
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245 | (2) |
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49 What is the effect if a company enters into an insolvency process?: example |
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247 | (2) |
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50 Insolvency and `Dominated' Directors - s 435(10)(a) |
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249 | (6) |
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51 Insolvency and `voting power in any general meeting' - s 435(10)(b) |
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255 | (4) |
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What is a general meeting of the company? |
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255 | (1) |
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256 | (1) |
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257 | (2) |
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52 Insolvency: Are any shareholder general meetings actually held? |
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259 | (4) |
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259 | (1) |
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260 | (1) |
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Administrative Receivership |
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260 | (1) |
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Meetings in insolvency - impact on s 435(10)(b) |
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260 | (3) |
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53 Statutory trust on a liquidation: Ayerst |
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263 | (8) |
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264 | (1) |
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Beneficial ownership/statutory trust: administrations |
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265 | (2) |
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Beneficial ownership: receiverships |
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267 | (1) |
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Application of a beneficial ownership rule? |
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268 | (3) |
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54 `Control' in other contexts: Tax law |
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271 | (4) |
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55 `Control' in other contexts: Employment law |
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275 | (2) |
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56 Administrative receivership: Box Clever |
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277 | (2) |
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57 Look at term being defined? |
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279 | (2) |
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58 Liquidation: Linter Textiles |
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281 | (6) |
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59 Summary of position on `voting power' in insolvency |
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287 | (2) |
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Administrative receiverships |
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287 | (1) |
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288 | (1) |
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288 | (1) |
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60 Application to examples |
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289 | (4) |
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61 Summary on impact of insolvency on Control |
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293 | (2) |
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PART 11 MAIN CONCLUSIONS ON CONTROL |
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295 | (4) |
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62 Section 435(10) control is important |
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297 | (2) |
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PART 12 WHO IS NOT CONNECTED OR ASSSOCIATED? |
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299 | (8) |
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63 Not connected or associated? |
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301 | (2) |
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64 Purchasers of companies or businesses |
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303 | (4) |
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PART 13 CVAS AND IVAS - CONNECTED CREDITORS |
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307 | (12) |
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309 | (4) |
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310 | (1) |
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310 | (3) |
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66 Pension trustee as connected or unconnected in a CVA |
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313 | (6) |
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313 | (1) |
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Limb (a) S 435(5) exclusion |
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314 | (1) |
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Limb (b) Trustee company otherwise an associate? |
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314 | (1) |
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Limb (c) Trustee company connected because it is an associate of a director (or shadow director) of the CVA company |
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315 | (1) |
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Individual OPS trustee board as a connected creditor |
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316 | (1) |
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Impact of PPF powers under PA 2004, s 137 on connection? |
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316 | (3) |
| Appendix A Insolvency Act 1986, ss 249 and 435 and linked legislation |
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319 | (8) |
| Appendix B Company Law Review Steering Group (2000) |
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327 | (2) |
| Appendix C Similar terms in other legislation |
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329 | (10) |
| Index |
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339 | |
