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Unlocking Company Law 2nd New edition [Minkštas viršelis]

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  • Formatas: Paperback / softback, 468 pages, weight: 1116 g, 40
  • Serija: Unlocking the Law
  • Išleidimo metai: 22-Feb-2013
  • Leidėjas: Hodder Education
  • ISBN-10: 1444171011
  • ISBN-13: 9781444171013
Kitos knygos pagal šią temą:
Unlocking Company Law 2nd New editionDidesnis paveikslėlis
  • Formatas: Paperback / softback, 468 pages, weight: 1116 g, 40
  • Serija: Unlocking the Law
  • Išleidimo metai: 22-Feb-2013
  • Leidėjas: Hodder Education
  • ISBN-10: 1444171011
  • ISBN-13: 9781444171013
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9781444171013.html

Company law is a vibrant and fast-moving area of the legal system. Unlocking Company Law will ensure that you grasp the main concepts with ease providing you with an essential foundation to company law. The book explains in detailed, yet straightforward, terms:

  • Legal Structures of Business Organisations
  • The Company as a Distinct Legal Person
  • Company Formation and Linked Issues
  • The Constitution of the Company
  • Financing a Company
  • Shareholders, shares and share capital
  • Capital Maintenance and Distributions
  • Governance of the Company
  • Legally Binding the Company
  • Directors' duties
  • Rescuing Troubled Companies and Takeovers
  • Winding up and Dissolution
  • Transparency

This second edition is fully up-to-date with the latest developments in the law, including all significant new cases. It also contains new material on rescuing troubled companies and takeovers.

The Unlocking the Law series is designed specifically to make the law accessible. Each chapter opens with a list of aims and objectives, contains activities such as quick quizzes and self-test questions, key facts charts to consolidate your knowledge, and diagrams to aid learning. Cases and judgments are prominently displayed, as are primary source quotations. Summaries help check your understanding of each chapter, and there is a glossary of legal terminology.

The popular website www.unlockingthelaw.co.uk has been improved and updated. It provides free resources such as multiple choice questions, key questions and answers, revision mp3s and cases and materials exercises.

Guide to the book xi
Acknowledgments xiii
Preface xiv
Table of Cases
xv
Table of Statutory Instruments
xxii
Table of Legislation
xxiii
1 Introduction To Company Law
1(26)
1.1 Who this book is for
1(1)
1.2 What we mean by `company law'
2(8)
1.2.1 Core company law
2(1)
1.2.2 Insolvency law
3(1)
1.2.3 Securities regulation
4(1)
1.2.4 Corporate governance
5(5)
1.3 Sources of company law
10(2)
1.3.1 Legislation
10(1)
1.3.2 Case law
10(1)
1.3.3 Foundation legal knowledge and company law
11(1)
1.4 Historical development of company law
12(4)
1.4.1 The first registered companies
12(1)
1.4.2 Limited liability for company members
13(1)
1.4.3 The model company for which company law was designed
13(1)
1.4.4 Single member and closely held companies
13(1)
1.4.5 Twentieth century developments
14(2)
1.5 European Union company law initiatives
16(6)
1.5.1 Core company law harmonisation
16(2)
1.5.2 The Financial Services and Company Law Action Plans
18(1)
1.5.3 Freedom of establishment and cross-border mobility
19(3)
1.5.4 The future of EU company law
22(1)
1.6 The Company Law Review and the Companies Act 2006
22(1)
1.7 Evaluating the Companies Act 2006
23(4)
2 Legal Structures Of Business Organisations
27(35)
2.1 Introduction
27(1)
2.2 Categorising private businesses in the UK
28(4)
2.2.1 Categorisation of private businesses by legal structure
28(1)
2.2.2 Categorisation of private businesses by size
29(1)
2.2.3 Categorisation relevant to determining applicable laws
29(3)
2.3 Unincorporated business organisation legal structures
32(4)
2.3.1 Sole traders
32(1)
2.3.2 Partnerships
33(3)
2.4 Incorporated business organisation legal structures
36(9)
2.4.1 Registered companies
36(7)
2.4.2 Limited liability partnerships (LLP)
43(2)
2.4.3 Chartered and statutory corporations
45(1)
2.5 Partnerships, LLPs and Registered Companies compared and contrasted
45(3)
2.6 Social enterprise private legal structures
48(6)
2.6.1 Unincorporated associations
48(2)
2.6.2 Charitable incorporated organisations (CIO)
50(1)
2.6.3 Community interest companies (CIC)
50(2)
2.6.4 UK mutual organisations
52(2)
2.7 European organisation legal structures
54(8)
2.7.1 European business organisation structures
54(2)
2.7.2 European social economy entity structures
56(6)
3 The Company As A Distinct And Legal Person
62(26)
3.1 The registered company as a corporation
62(1)
3.2 What is a corporation?
63(1)
3.3 The consequences of incorporation/separate legal personality
64(1)
3.4 Salomon v A Salomon & Co Ltd
65(3)
3.4.1 The first instance and Court of Appeal decisions
66(1)
3.4.2 The House of Lords decision
67(1)
3.4.3 Separate legal personality and insurance
67(1)
3.5 Limited liability: a concept distinct from separate legal personality
68(2)
3.5.1 Limited and unlimited companies
68(1)
3.5.2 Shareholder payments to a company that is trading
68(1)
3.5.3 Shareholder payments to a company that is being wound up
69(1)
3.5.4 Justifications for limited liability
70(1)
3.6 Corporate groups and separate legal personality
70(2)
3.7 Limits on the implications of incorporation/separate legal personality
72(16)
3.7.1 Typical scenarios
73(2)
3.7.2 Self-help action to mitigate the consequences of incorporation
75(1)
3.7.3 Piercing the corporate veil: court-developed limits on the consequences of incorporation
76(6)
3.7.4 Statutory provisions supplementing available remedies
82(6)
4 Company Formation And Linked Issues
88(20)
4.1 Registering a UK company
88(2)
4.1.1 Where to register
88(1)
4.1.2 Registration requirements: general
89(1)
4.1.3 Registration requirements: submitting an application to register
89(1)
4.2 Specialist company formation companies
90(1)
4.3 Company numbers and names
90(7)
4.3.1 Company numbers
90(1)
4.3.2 Company names
91(4)
4.3.3 Names and the phoenix syndrome
95(2)
4.4 Promoters
97(2)
4.5 Transferring a business to a company
99(1)
4.6 Pre-incorporation contracts
99(3)
4.6.1 What is a pre-incorporation contract?
99(1)
4.6.2 What is meant by subject to any agreement to the contrary?
100(1)
4.6.3 Can the person made liable by s 51 enforce the contract?
101(1)
4.6.4 Can a company ratify or adopt a pre-incorporation contract?
101(1)
4.6.5 How can a company become a party to a pre-incorporation contract?
102(1)
4.7 Re-registration of a company
102(6)
4.7.1 From private to public
102(1)
4.7.2 From public to private
103(5)
5 The Constitution Of The Company
108(30)
5.1 What is the constitution of a company?
108(1)
5.2 Pre-Companies Act 2006 constitutions
109(1)
5.3 The objects and capacity of a company
109(5)
5.3.1 Pre-Companies Act 2006 companies
109(4)
5.3.2 Companies registered under the Companies Act 2006
113(1)
5.4 The Articles of Association
114(11)
5.4.1 What are the articles of association?
114(1)
5.4.2 Drafting articles and model articles
114(1)
5.4.3 Ascertaining the articles of association
115(1)
5.4.4 Content of the articles of association
115(2)
5.4.5 Effect of the articles of association
117(8)
5.5 Amending the articles of association
125(5)
5.5.1 Statutory provisions governing amendment
125(1)
5.5.2 Contractual provisions affecting amendment
125(1)
5.5.3 Court-developed restrictions on amendment
126(4)
5.6 Contracts with terms derived from the articles
130(1)
5.7 Shareholders' agreements
131(7)
5.7.1 Matters addressed in shareholders' agreements
132(1)
5.7.2 Who is party to a shareholders' agreement?
132(1)
5.7.3 Enforcing shareholders' agreements
133(1)
5.7.4 The effect of the enforceability of shareholders' agreements
133(5)
6 Financing A Company
138(15)
6.1 Introduction
138(1)
6.2 Types of corporate financing
139(1)
6.3 Lease financing
140(1)
6.4 Debt financing: creditors
140(6)
6.4.1 Overdraft facilities
141(1)
6.4.2 Simple loan contracts
141(1)
6.4.3 Syndicated loans
141(1)
6.4.4 Subordinated loans
142(1)
6.4.5 Debt securities
142(1)
6.4.6 Secured lending
142(3)
6.4.7 Debentures
145(1)
6.5 Equity financing: shareholders
146(3)
6.5.1 No shareholder right to receive payment for equity capital
146(1)
6.5.2 No shareholder right to receive share capital back from the company
147(1)
6.5.3 The composition of share capital
148(1)
6.5.4 Nature of the relationship between a shareholder and the company
148(1)
6.6 Hybrid financing
149(4)
7 Shareholders, Shares And Share Capital
153(27)
7.1 Introduction
153(1)
7.2 Shareholders
153(4)
7.2.1 Who is entitled to the residual wealth of a company?
153(1)
7.2.2 How may shareholders realise the residual wealth of the company?
154(2)
7.2.3 Who is required to contribute to a company with unpaid debts?
156(1)
7.3 Legal nature of a share
157(7)
7.3.1 Share as a bundle of rights and liabilities
157(1)
7.3.2 Presumption of equality of shares and classes of shares
157(7)
7.4 Share capital
164(3)
7.4.1 The old regime: authorised share capital
165(1)
7.4.2 The new law: share capital statements
165(1)
7.4.3 The new law: the language of share capital
166(1)
7.5 Alteration of share capital
167(9)
7.5.1 Increasing the share capital
167(7)
7.5.2 Reduction of share capital
174(2)
7.6 Offering shares to the public
176(4)
8 Capital Maintenance And Distributions
180(31)
8.1 Introduction
180(5)
8.1.1 Can share capital protect a creditor against company trading losses?
181(3)
8.1.2 The relevance of share capital over the life of a company
184(1)
8.1.3 The meaning of `capital maintenance'
184(1)
8.2 Minimum share capital requirement
185(1)
8.2.1 Requirement to have a share capital
185(1)
8.2.2 Private companies
185(1)
8.2.3 Public companies
185(1)
8.3 Statutory prohibition on reduction of share capital except in accordance with the Act and company articles
185(5)
8.3.1 Private company reduction of share capital
186(1)
8.3.2 Public company reduction of share capital
187(1)
8.3.3 Acquisition of own shares
187(3)
8.4 Is capital maintenance important to creditors?
190(1)
8.5 Regulation of distributions
191(7)
8.5.1 Distributions
191(1)
8.5.2 Restrictions applicable to both private and public companies
192(3)
8.5.3 Additional limit on distributions by public company: net asset test
195(1)
8.5.4 Distributions in kind
195(1)
8.5.5 Remedies for payment of unlawful distributions
196(2)
8.6 Shareholder last principle on a winding up
198(1)
8.7 A broader concept of capital maintenance?
199(2)
8.7.1 Gratuitous payments to non-shareholders
199(1)
8.7.2 Gratuitous payments as ultra vires
199(1)
8.7.3 The `Cakes and Ale Case Law'
199(2)
8.8 Political donations
201(2)
8.9 Financial assistance for the purchase of its own shares
203(8)
8.9.1 Background to the current rules
203(1)
8.9.2 Reasons for the statutory prohibition
203(1)
8.9.3 Typical examples of financial assistance
204(1)
8.9.4 What is prohibited?
204(1)
8.9.5 Limits and exceptions to the prohibition
204(1)
8.9.6 Criminal sanctions for contravention
205(1)
8.9.7 Civil remedies for breach
205(1)
8.9.8 Reform
206(5)
9 Governance Of The Company
211(30)
9.1 Introduction and key organs of governance of a company
211(1)
9.2 Shareholder governance
212(11)
9.2.1 Introduction
212(1)
9.2.2 Division of powers in the articles
213(1)
9.2.3 Statutory powers of shareholders
214(1)
9.2.4 Default powers of shareholders
215(1)
9.2.5 How shareholders exercise their powers
215(8)
9.3 Board of directors
223(12)
9.3.1 Board powers and decision-making
223(3)
9.3.2 Definition and classification of directors
226(3)
9.3.3 Appointing and removing directors
229(3)
9.3.4 Remuneration of directors
232(3)
9.4 Company secretary and officers
235(6)
9.4.1 Company secretary
235(1)
9.4.2 Officers
236(5)
10 Legally Binding The Company
241(26)
10.1 Introduction
241(1)
10.2 Deeds that bind the company
242(2)
10.2.1 Use of deeds
242(1)
10.2.2 Requirements for a company to be bound by a deed
242(1)
10.2.3 Looking behind a deed
243(1)
10.3 Company seals
244(1)
10.4 Contracts that bind the company
244(3)
10.4.1 Formal agreements (deeds)
244(1)
10.4.2 Simple contracts
244(3)
10.5 Authority of the board of directors to bind the company
247(6)
10.5.1 The Companies Act 2006, s 40 and board authority
247(5)
10.5.2 The common law position and board authority
252(1)
10.6 Authority of individuals to bind the company
253(14)
10.6.1 Actual authority
254(2)
10.6.2 Ostensible authority
256(2)
10.6.3 Implied actual authority and ostensible authority contrasted
258(9)
11 Directors' Duties: General Considerations And Management Duties
267(20)
11.1 Introduction
267(3)
11.1.1 Approach to the study of directors' duties
267(1)
11.1.2 Control of director self-interest
268(1)
11.1.3 Control of management behaviour
269(1)
11.2 Legislative reform of directors' duties
270(3)
11.2.1 Statutory regulation of particular transactions
270(1)
11.2.2 General duty codification initiatives
270(1)
11.2.3 Rationale for the 2006 reform
271(1)
11.2.4 Have the general duties been codified?
272(1)
11.3 To whom do directors owe their duties?
273(3)
11.3.1 Directors' duties are owed to the company
273(1)
11.3.2 Enlightened shareholder value
273(1)
11.3.3 The interests of creditors
274(2)
11.4 Management duties of directors
276(11)
11.4.1 General management duties
276(7)
11.4.2 Key specific management duties
283(4)
12 Directors' Duties: Self-Interest Duties
287(14)
12.1 Introduction
287(1)
12.2 Directors' conflicts of interest
288(5)
12.2.1 Duty to avoid conflicts of interest
289(4)
12.2.2 Duty not to accept benefits from third parties
293(1)
12.3 Directors contracting with their companies
293(8)
12.3.1 Statutory declaration of interest to the board of directors
294(2)
12.3.2 Shareholder approval of specified transactions
296(5)
13 Directors' Duties: Remedies And Reliefs And Director Disqualification
301(10)
13.1 Introduction
301(1)
13.2 Remedies
301(3)
13.2.1 Remedies for breach of duty to exercise reasonable care, skill and diligence (s 174)
302(1)
13.2.2 Remedies for breach of the equity-based duties (ss 171-173 and 175-177)
302(1)
13.2.3 Remedies for failure to obtain shareholder approval for specific transactions
303(1)
13.2.4 Removal from office
304(1)
13.3 Relief from liability, indemnification, exclusion of liability and insurance
304(2)
13.3.1 Relief from liability
304(1)
13.3.2 Indemnification, exclusion of liability and insurance
305(1)
13.4 Director disqualification
306(5)
13.4.1 The basis for disqualification orders and undertakings
306(1)
13.4.2 The effect of disqualification orders and undertakings
307(4)
14 Minority Shareholder Protection
311(30)
14.1 Introduction
311(2)
14.2 The proper claimant principle
313(2)
14.2.1 Majority rule and the business judgment rule
313(1)
14.2.2 Limits to the proper claimant principle
314(1)
14.2.3 Example: proper claimant principle
314(1)
14.3 Statutory derivative claims
315(5)
14.3.1 Grounds for claim
316(1)
14.3.2 Claim procedure
316(4)
14.3.3 Costs
320(1)
14.4 Personal actions by shareholders
320(4)
14.4.1 Reflective loss: denial of the personal right to recover
322(2)
14.5 Unfairly prejudicial conduct petitions
324(9)
14.5.1 Introduction
324(1)
14.5.2 Petitioners and respondents
325(1)
14.5.3 The behaviour complained of
325(1)
14.5.4 The interests of members
326(4)
14.5.5 Remedies and costs
330(3)
14.5.6 Reform and alternative dispute resolution
333(1)
14.6 Just and equitable winding-up petitions
333(8)
14.6.1 Who may apply
333(1)
14.6.2 Foundation of the jurisdiction
333(1)
14.6.3 Relationship with unfair prejudice claims
334(7)
15 Restructuring, Rescuing Troubled Companies And Takeovers
341(24)
15.1 Introduction
341(1)
15.2 Schemes of arrangement and reconstruction
342(5)
15.2.1 Section 110 schemes of reconstruction
342(2)
15.2.2 Part 26 schemes of arrangement
344(3)
15.3 Company voluntary arrangements (CVA) and small company moratoria
347(3)
15.3.1 Company voluntary arrangements
348(1)
15.3.2 The small company moratorium
349(1)
15.4 Administration
350(4)
15.4.1 Purpose of administration
350(1)
15.4.2 Commencement of administration
350(1)
15.4.3 Effect of administration
351(2)
15.4.4 Ending the administration
353(1)
15.5 Takeovers
354(11)
15.5.1 Takeovers, mergers, acquisitions and disposals
354(1)
15.5.2 Scope of application of the Code
355(1)
15.5.3 The nature, purpose and general principles of the Code
356(1)
15.5.4 Outline of the basic takeover bid process
357(1)
15.5.5 Minority shareholder treatment
358(1)
15.5.6 Key additional legal rules and problem areas in takeovers
359(1)
15.5.7 Action by the target company board
359(1)
15.5.8 The Panel on Takeovers and Mergers (the Panel)
360(5)
16 Winding Up And Dissolution Of A Company
365(33)
16.1 Introduction
365(1)
16.2 Types of winding up
366(1)
16.2.1 Voluntary winding up
366(1)
16.2.2 Compulsory winding up
366(1)
16.2.3 Insolvent winding up
366(1)
16.2.4 Sources of insolvency law
367(1)
16.2.5 Effects of a winding up order or appointment of a liquidator
367(1)
16.3 Secured creditors
367(11)
16.3.1 Classification of loan security
368(1)
16.3.2 Fixed charges
369(1)
16.3.3 Floating charges
370(2)
16.3.4 Charges over book debts
372(2)
16.3.5 Registration of charges
374(1)
16.3.6 Priority of charges
375(2)
16.3.7 Fixed and floating charges compared and contrasted
377(1)
16.4 Assets available for distribution
378(11)
16.4.1 Role of the liquidator
378(1)
16.4.2 Avoidance of transactions
379(8)
16.4.3 Swelling the assets: applications for contributions
387(2)
16.5 Distribution of the assets
389(2)
16.5.1 Assets subject to fixed charges
389(1)
16.5.2 The statutory order of distribution
390(1)
16.6 Dissolution and restoration
391(7)
17 Transparency
398(12)
17.1 Introduction
398(1)
17.2 Public disclosure under the Companies Act 2006
399(4)
17.2.1 Company registers available for public inspection
399(1)
17.2.2 Annual filings
400(3)
17.3 Public disclosure under the Financial Services and Markets Act 2000
403(2)
17.3.1 Periodic Disclosure
403(1)
17.3.2 Disclosure of inside information
404(1)
17.4 Audit and auditors
405(2)
17.4.1 The audit requirement
405(1)
17.4.2 Appointment, functions, duties and removal of auditors
405(1)
17.4.3 Auditor liability
405(2)
17.5 Company investigations
407(3)
Appendix 410(4)
Glossary of terms 414(7)
Index 421
Susan McLaughlin, Senior Lecturer, Nottingham Law School