| Preface to the fourth edition |
|
vii | |
| Preface to the third edition |
|
viii | |
| Preface to the second edition |
|
ix | |
| Preface to the first edition |
|
xi | |
| About the author |
|
xiii | |
| Contents |
|
xv | |
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xxvii | |
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Table of statutory instruments |
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xxxi | |
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|
xxxiii | |
|
Table of European material |
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|
xxxix | |
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|
xliii | |
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Part A Preliminary considerations |
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3 | (24) |
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3 | (1) |
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Reasons and motivations for establishing a joint venture |
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4 | (2) |
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Alternative forms of joint venture |
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6 | (14) |
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6 | (1) |
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6 | (1) |
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7 | (1) |
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Intellectual property licence |
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8 | (1) |
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8 | (1) |
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9 | (1) |
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10 | (1) |
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10 | (1) |
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11 | (1) |
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12 | (1) |
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Limited liability partnerships |
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13 | (1) |
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13 | (3) |
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European Economic Interest Groupings, Community Interest Companies and companies limited by guarantee |
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16 | (1) |
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Unincorporated associations and sole traders |
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17 | (1) |
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18 | (2) |
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20 | (1) |
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The importance of adequate documentation |
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20 | (7) |
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20 | (2) |
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Aspirations and objectives |
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22 | (1) |
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22 | (1) |
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23 | (1) |
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Termination and exit routes |
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23 | (2) |
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Ensuring the structure works |
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25 | (2) |
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2 Matching the aims and expectations of the parties |
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27 | (10) |
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27 | (1) |
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Long-term and short-term investors |
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28 | (1) |
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29 | (2) |
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Different classes of shares |
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31 | (1) |
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Dealing with other expectations and requirements |
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31 | (1) |
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Case studies showing the matching of aims and expectations |
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32 | (5) |
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3 The contributions of the parties to the joint venture |
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37 | (10) |
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37 | (1) |
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Physical assets and undertakings |
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38 | (2) |
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40 | (1) |
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Supply of goods and management and other services |
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41 | (3) |
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Termination and exit provisions |
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44 | (3) |
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4 Employment and pensions issues in UK based joint ventures |
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47 | (42) |
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47 | (8) |
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Transfer without a undertaking |
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47 | (3) |
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Transfer with an undertaking |
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50 | (4) |
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54 | (1) |
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Transfer of subsidiary companies |
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55 | (1) |
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55 | (3) |
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58 | (31) |
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59 | (2) |
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Registered pension schemes |
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61 | (3) |
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Potential liability for underfunded defined benefits |
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64 | (3) |
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Contribution notice where avoidance of section 75 debt |
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67 | (4) |
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Financial support direction |
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71 | (2) |
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73 | (2) |
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75 | (1) |
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Transfer of pensionable employees |
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75 | (4) |
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Joint venture vehicle participating in existing scheme |
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79 | (2) |
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81 | (1) |
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81 | (2) |
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Transfer of past service benefits |
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83 | (2) |
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Taking over an existing pension scheme |
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85 | (1) |
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Establishing a new scheme without transfers of existing employees |
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85 | (1) |
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Employer-financed retirement benefit schemes |
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85 | (2) |
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87 | (2) |
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5 Share incentive schemes in UK joint venture companies |
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89 | (24) |
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89 | (3) |
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90 | (1) |
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90 | (1) |
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91 | (1) |
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92 | (12) |
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Approved company share option schemes |
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92 | (2) |
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Approved savings related share option schemes |
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94 | (2) |
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96 | (2) |
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Enterprise Management Incentive Schemes |
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98 | (1) |
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Unapproved share option schemes |
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99 | (1) |
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Long-term incentive plans (LTIPs) |
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100 | (1) |
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Phantom share options and awards |
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101 | (1) |
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Corporation tax relief for employee share acquisitions |
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102 | (2) |
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Establishing an new scheme for a joint venture vehicle |
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104 | (4) |
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104 | (1) |
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105 | (1) |
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Consents and regulatory issues |
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105 | (3) |
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Joint venture employees participating in a scheme established by one of the joint venture participants under which the joint venture participant's shares are issued |
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108 | (2) |
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Joint venture employees participating in a new scheme using shares in one or more of the joint venture participants |
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110 | (1) |
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The effect on employees transferring to the joint venture who are members of existing schemes |
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111 | (2) |
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6 Financing a corporate joint venture in the UK |
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113 | (12) |
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113 | (1) |
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Loan finance or share capital? |
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113 | (2) |
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Loan finance from the parties |
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115 | (7) |
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115 | (3) |
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Other general considerations |
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118 | (1) |
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119 | (3) |
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122 | (3) |
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122 | (1) |
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123 | (1) |
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Contribution and subrogation |
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124 | (1) |
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7 Tax considerations for UK joint ventures |
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125 | (20) |
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125 | (1) |
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UK corporate joint ventures |
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125 | (15) |
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Transfer of assets into the venture |
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126 | (1) |
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Assets subject to corporation tax on chargeable gains |
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126 | (3) |
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Transfer of stock in trade |
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129 | (1) |
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Assets upon which capital allowances have been claimed |
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129 | (1) |
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129 | (2) |
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131 | (1) |
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Stamp duty and stamp duty land tax |
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131 | (1) |
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132 | (8) |
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140 | (2) |
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140 | (1) |
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141 | (1) |
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141 | (1) |
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142 | (1) |
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Contractual joint ventures |
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142 | (1) |
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Tax issues dealt with elsewhere |
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142 | (3) |
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8 Accounting considerations for UK corporate joint venturers |
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145 | (22) |
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145 | (2) |
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147 | (4) |
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Accounting for joint ventures which do not have to be consolidated |
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151 | (6) |
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152 | (1) |
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153 | (1) |
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FRS 9 joint ventures contrasted with subsidiary undertakings, associated undertakings and simple investments |
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154 | (1) |
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Joint arrangements which are not entities (`Jane's) |
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155 | (2) |
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Accounting treatments compared |
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157 | (3) |
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157 | (1) |
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157 | (1) |
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Equity accounting - gross equity method |
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158 | (1) |
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Consolidation and equity accounting compared |
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159 | (1) |
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Accounting for the interest as an investment |
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159 | (1) |
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International Financial Reporting Standards |
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160 | (7) |
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160 | (1) |
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Consolidation of subsidiaries |
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160 | (2) |
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162 | (1) |
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Accounting for associates |
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162 | (1) |
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Jointly controlled entities |
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163 | (1) |
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Changes to joint venture accounting |
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164 | (1) |
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Accounting for jointly controlled entities |
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164 | (1) |
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Jointly controlled operations and jointly controlled assets |
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165 | (2) |
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9 Application of EC competition law to joint ventures |
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167 | (30) |
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167 | (3) |
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The circumstances in which EC competition law is relevant |
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168 | (2) |
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Joint ventures within the EC Merger Regulation |
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170 | (11) |
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Is the venture concentrative? |
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170 | (1) |
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171 | (1) |
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172 | (1) |
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Are the relevant thresholds exceeded? |
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173 | (1) |
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174 | (1) |
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175 | (1) |
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Notification, implementation and penalties |
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176 | (2) |
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Consideration by the Commission |
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178 | (3) |
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181 | (1) |
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181 | (1) |
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Licensing of intellectual property rights |
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181 | (1) |
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Supply and purchase agreements |
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182 | (1) |
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Application of national merger and competition laws |
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182 | (2) |
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Joint ventures within EC Treaty, art 101 |
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184 | (10) |
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184 | (2) |
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Notice on the application of art 101(3) |
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186 | (1) |
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Notice on agreements of minor importance |
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186 | (1) |
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Guidelines on horizontal co-operation agreements |
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187 | (3) |
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Research and development agreements |
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190 | (1) |
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Production/specialisation agreements |
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191 | (1) |
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191 | (1) |
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Commercialisation agreements |
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192 | (1) |
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Standardisation agreements |
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192 | (1) |
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193 | (1) |
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Other potentially relevant guidelines and block exemptions |
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193 | (1) |
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194 | (1) |
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194 | (3) |
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10 UK competition law applying to joint ventures |
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197 | (16) |
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197 | (1) |
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Relationship between UK and EC Law |
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197 | (1) |
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198 | (8) |
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When is a joint venture a relevant merger situation? |
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198 | (1) |
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When do enterprises cease to be distinct? |
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199 | (1) |
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How are market shares to be calculated? |
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200 | (1) |
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What is the UK turnover of the enterprise taken over? |
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200 | (1) |
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201 | (2) |
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References to the Competition Commission/Competition and Markets Authority |
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203 | (2) |
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Public interest intervention process |
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205 | (1) |
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206 | (1) |
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Examination of joint ventures under CA 1998 |
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206 | (4) |
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208 | (1) |
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Other exclusions and exemptions |
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209 | (1) |
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209 | (1) |
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209 | (1) |
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210 | (1) |
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Typical restraint clauses |
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210 | (3) |
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11 Other regulatory matters in the UK |
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213 | (16) |
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213 | (9) |
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Financial services (including investments, banking, mortgage business and insurance) |
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214 | (1) |
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Telecommunications and broadcasting |
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215 | (2) |
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217 | (1) |
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218 | (1) |
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218 | (1) |
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219 | (1) |
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Consumer credit and consumer hire |
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220 | (1) |
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221 | (1) |
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Requirements for UK listed companies |
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222 | (3) |
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Takeover code implications |
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225 | (1) |
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225 | (2) |
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Collective investment schemes |
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227 | (2) |
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12 UK limited liability partnerships |
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229 | (10) |
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229 | (1) |
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Advantages and disadvantages of LLPs compared with limited companies |
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230 | (1) |
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230 | (4) |
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Greater flexibility of operation |
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232 | (1) |
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Reduced capital maintenance requirements |
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232 | (1) |
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Members of an LLP are not employees |
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233 | (1) |
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Advantages of LLPs over partnerships |
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234 | (1) |
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Collective investment schemes |
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234 | (1) |
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Statutory regime governing LLPs |
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234 | (1) |
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235 | (4) |
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Part B Key issues in structuring and drafting UK corporate joint venture documentation and shareholders' agreements |
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13 Deadlock companies in English company law |
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239 | (8) |
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Structuring a deadlock company |
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239 | (3) |
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Avoiding and resolving deadlocks |
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242 | (5) |
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242 | (1) |
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243 | (2) |
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Termination on unresolved deadlock |
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245 | (2) |
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14 Minority protection under English company law |
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247 | (24) |
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Why minority protection is needed |
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247 | (6) |
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247 | (1) |
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Minority protection given by law |
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248 | (5) |
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Types of express minority protection |
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253 | (5) |
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253 | (5) |
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258 | (1) |
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Should the minority protection rights be conferred by a shareholders' agreement or the articles of association? |
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258 | (13) |
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The enforcement of shareholders' agreements |
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259 | (4) |
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The enforcement of the articles of association |
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263 | (2) |
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Dealing with enforcement by and against transferees and new shareholders |
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265 | (2) |
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Possible disadvantages of class rights |
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267 | (1) |
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268 | (1) |
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269 | (2) |
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15 Typical minority vetoes |
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271 | (12) |
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271 | (3) |
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Individual or majority vetoes? |
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271 | (1) |
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272 | (1) |
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272 | (1) |
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Extension of vetoes to subsidiaries |
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272 | (1) |
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Vetoes applicable to a minimum shareholding |
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273 | (1) |
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274 | (3) |
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Change in the nature of the business |
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274 | (1) |
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274 | (1) |
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275 | (1) |
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Sale of the business or material assets |
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275 | (1) |
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276 | (1) |
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Making of loans and the giving of guarantees |
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276 | (1) |
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Transactions with connected parties etc |
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276 | (1) |
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277 | (1) |
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277 | (1) |
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277 | (4) |
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277 | (1) |
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278 | (1) |
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278 | (1) |
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Exclusive agency and distribution agreements |
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278 | (1) |
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Licences of intellectual property |
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278 | (1) |
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279 | (1) |
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Consultancy, management and like agreements |
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279 | (1) |
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279 | (1) |
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280 | (1) |
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280 | (1) |
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280 | (1) |
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281 | (2) |
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16 Directors of UK companies |
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283 | (14) |
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The structuring of board representation |
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283 | (2) |
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Methods of securing board representation |
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283 | (1) |
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Alternate directors and quorums |
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284 | (1) |
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The position of an appointed director |
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285 | (9) |
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The duties of a director to his company |
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286 | (2) |
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Directors voting on transactions in which they are interested |
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288 | (1) |
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Compulsion on director to vote in a particular way |
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289 | (1) |
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Duties of confidentiality |
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289 | (1) |
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289 | (1) |
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Resolving conflicts in practice |
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290 | (4) |
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294 | (3) |
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17 Termination and its consequences |
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297 | (22) |
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297 | (2) |
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Typical termination events and resulting exit provisions |
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299 | (7) |
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299 | (1) |
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299 | (1) |
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300 | (1) |
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301 | (1) |
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301 | (2) |
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303 | (1) |
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Liquidation, bankruptcy or insolvency of a party |
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304 | (1) |
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Liquidation of the company |
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305 | (1) |
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Continuance of minority protection after termination |
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306 | (1) |
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Realisation mechanisms on termination |
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306 | (6) |
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Termination put and call options |
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306 | (1) |
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307 | (1) |
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`Texas shoot out' - or `Dutch auction' |
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308 | (3) |
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`Multi-choice realisation procedure' |
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311 | (1) |
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312 | (1) |
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Other termination consequences |
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313 | (4) |
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313 | (1) |
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313 | (2) |
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315 | (1) |
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316 | (1) |
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316 | (1) |
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316 | (1) |
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316 | (1) |
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Provisions surviving termination |
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317 | (2) |
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18 Pre-termination put and call options |
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319 | (10) |
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319 | (1) |
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320 | (9) |
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Avoiding conflict with other provisions |
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320 | (1) |
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321 | (1) |
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The shares the subject of the option |
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321 | (1) |
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Adjustment of the consideration for the option shares |
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322 | (1) |
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322 | (1) |
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323 | (1) |
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323 | (1) |
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Voting rights and dividends |
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323 | (1) |
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324 | (1) |
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324 | (1) |
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325 | (1) |
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325 | (1) |
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326 | (3) |
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19 Pre-emption rights on share transfers |
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329 | (8) |
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329 | (1) |
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Key points in drafting pre-emption rights |
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330 | (7) |
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Beneficial interests in shares and changes in control |
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330 | (1) |
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331 | (1) |
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331 | (1) |
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332 | (1) |
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Ability to transfer to an outsider |
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333 | (1) |
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Waiver of pre-emption article |
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334 | (1) |
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334 | (1) |
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334 | (1) |
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335 | (2) |
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20 Purchase and redemption of shares by a UK company |
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337 | (10) |
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337 | (5) |
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337 | (1) |
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338 | (1) |
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339 | (3) |
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342 | (5) |
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342 | (1) |
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The law regarding redeemable shares |
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|
343 | (1) |
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344 | (3) |
|
21 Sale or initial public offering of the company |
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|
347 | (18) |
|
Sale of the entire issued share capital to a third party |
|
|
347 | (3) |
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|
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347 | (1) |
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Sale following termination |
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|
348 | (2) |
|
Offer from a third party - `tag along and drag along' |
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|
350 | (4) |
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350 | (1) |
|
Provisions in shareholders' agreements |
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|
351 | (1) |
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|
352 | (2) |
|
Legality of `drag along' provisions in articles |
|
|
354 | (3) |
|
Legality of expropriation provisions |
|
|
354 | (1) |
|
Conclusion and practical solutions |
|
|
355 | (1) |
|
Why not rely on CA 2006, s 979 instead of `drag along' provisions? |
|
|
356 | (1) |
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|
|
357 | (8) |
|
Impossibility of legal commitment |
|
|
357 | (1) |
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357 | (2) |
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|
359 | (2) |
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361 | (4) |
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22 Share valuation provisions |
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365 | (16) |
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365 | (1) |
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366 | (10) |
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367 | (3) |
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370 | (1) |
|
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371 | (1) |
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372 | (1) |
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|
372 | (1) |
|
|
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373 | (1) |
|
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|
373 | (3) |
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Market value on pro rata basis |
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|
376 | (1) |
|
The drafting of valuation clauses |
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|
376 | (5) |
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381 | (18) |
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381 | (1) |
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382 | (2) |
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384 | (1) |
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384 | (1) |
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384 | (1) |
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385 | (1) |
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385 | (1) |
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385 | (1) |
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385 | (4) |
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386 | (1) |
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387 | (1) |
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388 | (1) |
|
Accessibility and efficiency |
|
|
388 | (1) |
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389 | (1) |
|
Contractual provisions and service providers |
|
|
389 | (10) |
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390 | (1) |
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|
391 | (1) |
|
Alternative dispute resolution |
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|
392 | (1) |
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392 | (7) |
|
Part C Joint ventures and shareholders' agreements in practice |
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|
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24 Establishing and documenting a UK corporate joint venture |
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399 | (14) |
|
The implementation process |
|
|
399 | (2) |
|
Flowchart 8 - steps in implementing a UK corporate joint venture |
|
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399 | (2) |
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|
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401 | (2) |
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403 | (4) |
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|
407 | (2) |
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Should the articles refer to the shareholders' agreement? |
|
|
408 | (1) |
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|
409 | (4) |
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25 Due diligence, warranties and indemnities |
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413 | (8) |
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413 | (1) |
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413 | (1) |
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|
414 | (4) |
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|
|
418 | (1) |
|
Remedies other than damages or indemnity payments |
|
|
419 | (2) |
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26 Considerations relating to joint ventures and shareholders' agreements involving UK tax resident individuals |
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|
421 | (26) |
|
|
|
421 | (21) |
|
The taxation of dividends and other distributions received by individuals |
|
|
421 | (1) |
|
The taxation of other income received by individuals |
|
|
422 | (1) |
|
Special provisions relating to close companies |
|
|
423 | (1) |
|
Extended meaning of distribution |
|
|
424 | (1) |
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|
|
425 | (1) |
|
Relief on interest paid on loans incurred by individual joint venturers |
|
|
426 | (1) |
|
Company or partnership? Dividends or remuneration? |
|
|
426 | (4) |
|
Employment income tax charges on the acquisition of shares |
|
|
430 | (3) |
|
Enterprise Investment Scheme (EIS) |
|
|
433 | (1) |
|
Venture capital trusts (VCTs) |
|
|
434 | (1) |
|
Seed Enterprise Investment Scheme (SEIS) |
|
|
435 | (4) |
|
Pension contributions, options, etc |
|
|
439 | (1) |
|
Tax considerations on realisation of shareholdings |
|
|
440 | (2) |
|
|
|
442 | (1) |
|
Transfers to family members and trusts and CGT entrepreneurs' relief |
|
|
442 | (1) |
|
Dealing with resignation, retirement and death |
|
|
443 | (4) |
|
Retirement or resignation of working shareholders |
|
|
443 | (1) |
|
|
|
443 | (4) |
|
27 Special considerations for private equity funds, venture capitalists and other equity providers |
|
|
447 | (12) |
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|
447 | (1) |
|
General structure and exit routes |
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448 | (3) |
|
|
|
448 | (2) |
|
Minority protection and exit machinery |
|
|
450 | (1) |
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|
451 | (1) |
|
Maximising the return before exit |
|
|
451 | (1) |
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|
452 | (1) |
|
Retaining and motivating management |
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|
453 | (4) |
|
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|
453 | (1) |
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|
|
453 | (1) |
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|
|
454 | (2) |
|
Good leavers and bad leavers |
|
|
456 | (1) |
|
|
|
457 | (2) |
|
28 International joint ventures |
|
|
459 | (44) |
|
|
|
459 | (1) |
|
|
|
460 | (8) |
|
The choice of the business location |
|
|
460 | (1) |
|
|
|
461 | (3) |
|
|
|
464 | (1) |
|
Other tax planning issues affecting structure or operation |
|
|
465 | (1) |
|
The UK's rules for taxing overseas profits |
|
|
466 | (2) |
|
|
|
468 | (1) |
|
UK corporate joint ventures with non-resident participants |
|
|
468 | (6) |
|
|
|
468 | (1) |
|
Taxation of dividends and other distributions |
|
|
469 | (1) |
|
|
|
469 | (1) |
|
Thin capitalisation and excessive loan interest |
|
|
470 | (1) |
|
|
|
471 | (1) |
|
Payments for goods and services supplied |
|
|
472 | (1) |
|
|
|
473 | (1) |
|
Table 8 - Forms of business organisation available in selected jurisdictions |
|
|
474 | (1) |
|
Canada - Professor Bruce Welling |
|
|
474 | (29) |
|
China - Hui Zheng and Hua Wei |
|
|
478 | (5) |
|
The Netherlands - Katinka Middelkoop and Julie van den Bergh (Corporate); Jochem Kin and Ludo Luijks (Tax) |
|
|
483 | (11) |
|
Spain - Carlos Paredes and Borja Marques |
|
|
494 | (9) |
|
Part D Case studies and precedents |
|
|
|
Case study 1 Caspian Pipeline Consortium (`CPC') |
|
|
503 | (5) |
|
Case study 2 UK property joint venture |
|
|
508 | (4) |
|
Case study 3 International joint venture |
|
|
512 | (4) |
|
Precedent 1 Checklist of issues for consideration when establishing a UK incorporated joint venture company |
|
|
516 | (18) |
|
Precedent 2 Heads of agreement |
|
|
534 | (7) |
|
Precedent 3 Shareholders' agreement |
|
|
541 | (33) |
|
Precedent 4 Articles of Association |
|
|
574 | (20) |
|
Precedent 5 International joint venture agreement |
|
|
594 | (40) |
|
Precedent 6 Support agreement |
|
|
634 | (10) |
|
Precedent 7 Limited liability partnership deed |
|
|
644 | (31) |
| Index |
|
675 | |
