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Unlocking Company Law 3rd New edition [Minkštas viršelis]

  • Formatas: Paperback / softback, 510 pages, aukštis x plotis: 246x189 mm, weight: 1157 g, 35 Line drawings, color; 44 Tables, color
  • Serija: Unlocking the Law
  • Išleidimo metai: 04-Mar-2015
  • Leidėjas: Routledge
  • ISBN-10: 1138783889
  • ISBN-13: 9781138783881
Kitos knygos pagal šią temą:
Unlocking Company Law 3rd New editionDidesnis paveikslėlis
  • Formatas: Paperback / softback, 510 pages, aukštis x plotis: 246x189 mm, weight: 1157 g, 35 Line drawings, color; 44 Tables, color
  • Serija: Unlocking the Law
  • Išleidimo metai: 04-Mar-2015
  • Leidėjas: Routledge
  • ISBN-10: 1138783889
  • ISBN-13: 9781138783881
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9781138783881.html
Raktažodžiai:
Unlocking Company Law will help you grasp the main concepts of Company Law with ease. Containing accessible explanations in clear and precise terms that are easy to understand, it provides an excellent foundation for learning and revising.









The information is clearly presented in a logical structure and the following features support learning helping you to advance with confidence:





















Clear learning outcomes at the beginning of each chapter set out the skills and knowledge you will need to get to grips with the subject













Key Facts boxes throughout each chapter allow you to progressively build and consolidate your understanding













End-of-chapter summaries provide a useful check-list for each topic













Cases and judgments are highlighted to help you find them and add them to your notes quickly













Frequent activities and self-test questions are included so you can put your knowledge into practice













Sample essay questions with annotated answers prepare you for assessment













Glossary of legal terms clarifies important definitions















This edition has been updated to include key recent changes and developments in company law, both case law and statutory. Two recent Supreme Court decisions on piercing the corporate veil, VTB Capital plc v Nutritek International Corp and others and Prest v Petrodel Resources Limited & Others, are examined, as is Popplewell Js detailed judgment on directors duties in Madoff Securities International Limited (In Liquidation) v Raven and others. Important new provisions for binding votes and detailed disclosure of directors remuneration, changes to the company charges registration and narrative reporting regimes and new rules facilitating private company share reductions/buy-backs are outlined as are imminent developments included in the 2014 Deregulation Bill (stemming from the Government Red Tape Challenge). Commitment of the EU and UK Government to improving corporate governance of small and medium-sized enterprises (SMEs) makes core company law, the focus of this book, more relevant than ever.



The books in the Unlocking the Law Series get straight to the point and offer clear and concise coverage of the law, broken-down into bite-size sections with regular recaps to boost your confidence. They provide complete coverage of both core and popular optional law modules, presented in an innovative, visual format and are supported by a website which offers students a host of additional practice opportunities.
Acknowledgements xii
Guide to the book xiii
Preface xv
Table of cases
xvi
Table of statutory instruments and rules and codes
xxiv
Table of legislation
xxvii
1 Introduction To Company Law
1(34)
1.1 Who this book is for
1(1)
1.2 What we mean by `company law'
2(10)
1.2.1 Core company law
2(2)
1.2.2 Insolvency law
4(1)
1.2.3 Securities regulation
4(2)
1.2.4 Corporate governance
6(6)
1.3 Sources of company law
12(2)
1.3.1 Legislation
12(1)
1.3.2 Case law
13(1)
1.3.3 Foundation legal knowledge and company law
14(1)
1.4 Historical development of company law
14(5)
1.4.1 The first registered companies
14(1)
1.4.2 Limited liability for company members
15(1)
1.4.3 The model company for which company law was designed
16(1)
1.4.4 Single member and closely held companies
16(1)
1.4.5 Twentieth-century developments
17(2)
1.5 European Union company law initiatives
19(8)
1.5.1 Core company law harmonisation
20(2)
1.5.2 The Financial Services and Company Law Action Plans
22(1)
1.5.3 Freedom of establishment and cross-border mobility
23(3)
1.5.4 The future of EU company law
26(1)
1.6 The Company Law Review and the Companies Act 2006
27(1)
1.7 Evaluating the Companies Act 2006
28(1)
1.8 Post-Companies Act 2006 developments
29(6)
Further reading
32(3)
2 Legal Structures Of Business Organisations
35(40)
2.1 Introduction
35(1)
2.2 Categorising private businesses in the UK
36(4)
2.2.1 Categorisation of private businesses by legal structure
36(1)
2.2.2 Categorisation of private businesses by size
37(1)
2.2.3 Categorisation relevant to determining applicable laws
38(2)
2.3 Unincorporated business organisation legal structures
40(5)
2.3.1 Sole traders
41(1)
2.3.2 Partnerships
42(3)
2.4 Incorporated business organisation legal structures
45(11)
2.4.1 Registered companies
45(9)
2.4.2 Limited liability partnerships (LLPs)
54(1)
2.4.3 Chartered and statutory corporations
55(1)
2.5 Partnerships, LLPs and registered companies compared and contrasted
56(3)
2.6 Social enterprise private legal structures
59(7)
2.6.1 Unincorporated associations
59(2)
2.6.2 Charitable incorporated organisations (CIO)
61(1)
2.6.3 Community interest companies (CIC)
61(2)
2.6.4 UK mutual and community benefit organisations
63(3)
2.7 European organisation legal structures
66(9)
2.7.1 European business organisation structures
66(2)
2.7.2 European social economy entity structures
68(3)
Sample essay question
71(2)
Further reading
73(2)
3 The Company As A Distinct And Legal Person
75(38)
3.1 The registered company as a corporation
75(1)
3.2 What is a corporation?
76(1)
3.3 The consequences of incorporation/separate legal personality
77(2)
3.4 Limited liability: a concept distinct from separate legal personality
79(3)
3.4.1 Limited and unlimited companies
80(1)
3.4.2 Shareholder payments to a company that is trading
80(1)
3.4.3 Shareholder payments to a company that is being wound up
81(1)
3.4.4 Justifications for limited liability
81(1)
3.5 Salomon v A Salomon & Co Ltd
82(3)
3.5.1 The first instance and Court of Appeal decisions
83(1)
3.5.2 The House of Lords decision
83(1)
3.5.3 Separate legal personality and insurance
84(1)
3.6 Limits on the implications of incorporation/separate legal personality
85(18)
3.6.1 Typical scenarios
85(1)
3.6.2 Self-help action to mitigate the consequences of incorporation
85(3)
3.6.3 Agency principles
88(3)
3.6.4 Tort law
91(2)
3.6.5 Trust law
93(1)
3.6.6 Statutory provisions providing alternative remedies
94(1)
3.6.7 Statutory provisions authorising piercing the corporate veil
95(1)
3.6.8 Piercing the corporate veil: court-developed limits on the consequences of incorporation
96(7)
3.7 Corporate groups
103(10)
Sample essay question
108(2)
Further reading
110(3)
4 Company Formation And Linked Issues
113(22)
4.1 Registering a UK company
113(2)
4.1.1 Where to register
113(1)
4.1.2 Registration requirements: general
114(1)
4.1.3 Registration requirements: submitting an application to register
114(1)
4.2 Specialist company formation companies
115(1)
4.3 Company numbers and names
116(7)
4.3.1 Company numbers
116(1)
4.3.2 Company names
116(6)
4.3.3 Names and the phoenix syndrome
122(1)
4.4 Promoters
123(2)
4.5 Transferring a business to a company
125(1)
4.6 Pre-incorporation contracts
126(3)
4.6.1 What is a pre-incorporation contract?
126(1)
4.6.2 What is meant by `subject to any agreement to the contrary'?
127(1)
4.6.3 Can the person made liable by s 51 enforce the contract?
128(1)
4.6.4 Can a company ratify or adopt a pre-incorporation contract?
128(1)
4.6.5 Mow can a company become a party to a pre-incorporation contract?
129(1)
4.7 Re-registration of a company
129(6)
4.7.1 From private to public
130(1)
4.7.2 From public to private
131(1)
Sample essay question
132(2)
Further reading
134(1)
5 The Constitution Of The Company
135(32)
5.1 What is the constitution of a company?
135(1)
5.2 The objects and capacity of a company
136(6)
5.2.1 Pre-Companies Act 2006 companies
136(4)
5.2.2 Companies registered under the Companies Act 2006
140(2)
5.3 The articles of association
142(11)
5.3.1 What are the articles of association?
142(1)
5.3.2 Drafting articles and model articles
142(1)
5.3.3 Ascertaining the articles of association
142(1)
5.3.4 Content of the articles of association
143(2)
5.3.5 Effect of the articles of association
145(8)
5.4 Amending the articles of association
153(6)
5.4.1 Statutory provisions governing amendment
153(1)
5.4.2 Contractual provisions affecting amendment
153(2)
5.4.3 Court-developed restrictions on amendment
155(4)
5.5 Contracts with terms derived from the articles
159(2)
5.6 Shareholders' agreements
161(6)
5.6.1 Matters addressed in shareholders' agreements
161(1)
5.6.2 Who is party to a shareholders' agreement?
162(1)
5.6.3 Enforcing shareholders' agreements
162(1)
5.6.4 The effect of the enforceability of shareholders' agreements
163(2)
Sample essay question
165(1)
Further reading
166(1)
6 Financing A Company
167(16)
6.1 Introduction
167(1)
6.2 Types of corporate financing
168(1)
6.3 Lease financing
169(1)
6.4 Debt financing: creditors
169(6)
6.4.1 Overdraft facilities
170(1)
6.4.2 Simple loan contracts
171(1)
6.4.3 Syndicated loans
171(1)
6.4.4 Subordinated loans
171(1)
6.4.5 Debt securities
171(1)
6.4.6 Secured lending
172(3)
6.4.7 Debentures
175(1)
6.5 Equity financing: shareholders
175(4)
6.5.1 No shareholder right to receive payment for equity capital
176(1)
6.5.2 No shareholder right to receive share capital back from the company
177(1)
6.5.3 The composition of share capital
177(1)
6.5.4 Nature of the relationship between a shareholder and the company
178(1)
6.6 Hybrid financing
179(4)
Further reading
182(1)
7 Shareholders, Shares And Share Capital
183(32)
7.1 Introduction
183(1)
7.2 Shareholders
184(3)
7.2.1 Who is entitled to the residual wealth of a company?
184(1)
7.2.2 How may shareholders realise the residual wealth of the company?
184(3)
7.2.3 Who is required to contribute to a company with unpaid debts?
187(1)
7.3 Legal nature of a share
187(9)
7.3.1 Share as a bundle of rights and liabilities
187(1)
7.3.2 Presumption of equality of shares and classes of shares
188(8)
7.4 Share capital
196(3)
7.4.1 The old regime: authorised share capital
196(1)
7.4.2 The new law: share capital statements
196(1)
7.4.3 The new law: the language of share capital
197(2)
7.5 Alteration of share capital
199(9)
7.5.1 Increasing the share capital
199(8)
7.5.2 Reduction of share capital
207(1)
7.6 Offering shares to the public
208(7)
Further reading
213(2)
8 Capital Maintenance And Distributions
215(36)
8.1 Introduction
215(6)
8.1.1 Can share capital protect a creditor against company trading losses?
216(3)
8.1.2 The relevance of share capital over the life of a company
219(1)
8.1.3 The meaning of `capital maintenance'
220(1)
8.2 Minimum share capital requirement
221(1)
8.2.1 Requirement to have a share capital
221(1)
8.2.2 Private companies
221(1)
8.2.3 Public companies
221(1)
8.3 Statutory prohibition on reduction of share capital except in accordance with the Act and company articles
221(6)
8.3.1 Private company reduction of share capital
221(2)
8.3.2 Public company reduction of share capital
223(1)
8.3.3 Acquisition of own shares
223(4)
8.4 Is capital maintenance important to creditors?
227(1)
8.5 Regulation of distributions
228(9)
8.5.1 Distributions
228(2)
8.5.2 Restrictions applicable to both private and public companies
230(2)
8.5.3 Additional limit on distributions by public company: net asset test
232(1)
8.5.4 Distributions in kind
233(1)
8.5.5 Remedies for payment of unlawful distributions
234(3)
8.6 Shareholder last principle on a winding up
237(1)
8.7 A broader concept of capital maintenance?
237(3)
8.7.1 Gratuitous payments to non-shareholders
237(1)
8.7.2 Gratuitous payments as ultra vires
238(1)
8.7.3 The `Cakes and Ale Case Law'
238(2)
8.8 Political donations
240(2)
8.9 Financial assistance for the purchase of its own shares
242(9)
8.9.1 Background to the current rules
242(1)
8.9.2 Reasons for the statutory prohibition
242(1)
8.9.3 Typical examples of financial assistance
243(1)
8.9.4 What is prohibited?
243(1)
8.9.5 Limits and exceptions to the prohibition
244(1)
8.9.6 Criminal sanctions for contravention
245(1)
8.9.7 Civil remedies for breach
245(1)
8.9.8 Reform
245(1)
Sample essay question
246(3)
Further reading
249(2)
9 Corporate Governance
251(42)
9.1 Introduction and key organs of governance of a company
251(1)
9.2 Shareholder governance
252(15)
9.2.1 Introduction
252(4)
9.2.2 Division of powers in the articles
256(1)
9.2.3 Statutory powers of shareholders
257(1)
9.2.4 Default powers of shareholders
258(1)
9.2.5 How shareholders exercise their powers
258(9)
9.3 Board of directors
267(17)
9.3.1 Board powers and decision-making
267(3)
9.3.2 Definition and classification of directors
270(6)
9.3.3 Appointing and removing directors
276(3)
9.3.4 Remuneration of directors
279(5)
9.4 A Company secretary and officers
284(1)
9.4.1 Company secretary
284(1)
9.4.2 Officers
284(1)
9.5 A framework for corporate governance
285(8)
Sample essay question
288(3)
Further reading
291(2)
10 Legally Binding The Company
293(30)
10.1 Introduction
293(1)
10.2 Deeds that bind the company
294(2)
10.2.1 Use of deeds
294(1)
10.2.2 Requirements for a company to be hound by a deed
294(1)
10.2.3 Looking behind a deed
295(1)
10.3 Company seals
296(1)
10.4 Contracts that bind the company
297(3)
10.4.1 Formal agreements (deeds)
297(1)
10.4.2 Simple contracts
297(3)
10.5 Authority of the board of directors to bind the company
300(8)
10.5.1 The Companies Act 2006, s 40 and board authority
301(6)
10.5.2 The common law position and board authority
307(1)
10.6 Authority of individuals to bind the company
308(15)
10.6.1 Actual authority
308(3)
10.6.2 Ostensible authority
311(2)
10.6.3 Implied actual authority and ostensible authority contrasted
313(6)
Sample essay question
319(2)
Further reading
321(2)
11 Directors' Duties: General Considerations And Management Duties
323(26)
11.1 Introduction
323(3)
11.1.1 Approach to the study of directors' duties
323(2)
11.1.2 Control of director conflicts of interest
325(1)
11.1.3 Control of directors' management behaviour
325(1)
11.2 Legislative reform of directors' duties
326(4)
11.2.1 Statutory regulation of particular transactions
326(1)
11.2.2 General duty codification initiatives
326(1)
11.2.3 Rationale for the 2006 reform
327(1)
11.2.4 Have the general duties been codified?
328(2)
11.3 To whom do directors owe their duties?
330(3)
11.3.1 Directors' duties are owed to the company
330(1)
11.3.2 Enlightened shareholder value
330(1)
11.3.3 The interests of creditors
331(2)
11.4 Management duties of directors
333(16)
11.4.1 General management duties
335(9)
11.4.2 Key specific management duties
344(3)
Further reading
347(2)
12 Directors' Duties: Conflict Of Interest Duties
349(16)
12.1 Introduction
349(2)
12.2 Directors' conflicts of interest
351(6)
12.2.1 Duty to avoid conflicts of interest
351(5)
12.2.2 Duty not to accept benefits from third parties
356(1)
12.3 Directors Contracting with their companies
357(8)
12.3.1 Statutory declaration of interest to the board of directors
357(3)
12.3.2 Shareholder approval of specified transactions
360(4)
Further reading
364(1)
13 Directors' Duties: Remedies And Reliefs And Director Disqualification
365(12)
13.1 Introduction
365(1)
13.2 Remedies
366(3)
13.2.1 Remedies for breach of duty to exercise reasonable care, skill and diligence (s 174)
366(1)
13.2.2 Remedies for breach of the equity-based duties (ss 171--173 and 175--177)
366(2)
13.2.3 Remedies for failure to obtain shareholder approval for specific transactions
368(1)
13.2.4 Removal from office
368(1)
13.3 Relief from liability, indemnification, exclusion of liability and insurance
369(2)
13.3.1 Relief from liability
369(1)
13.3.2 Indemnification, exclusion of liability and insurance
370(1)
13.4 Director disqualification
371(6)
13.4.1 The basis for disqualification orders and undertakings
371(1)
13.4.2 The effect of disqualification orders and undertakings
372(2)
Sample essay question
374(1)
Further reading
375(2)
14 Minority Shareholder Protection
377(34)
14.1 Introduction
377(2)
14.2 The proper claimant principle
379(3)
14.2.1 Majority rule and the business judgment rule
379(1)
14.2.2 Limits to the proper claimant principle
380(1)
14.2.3 Example: proper claimant principle
381(1)
14.3 Statutory derivative claims
382(5)
14.3.1 Grounds for claim
382(1)
14.3.2 Claim procedure
383(4)
14.3.3 Costs
387(1)
14.4 Personal actions by shareholders
387(4)
14.4.1 Reflective loss: denial of the personal right to recover
389(2)
14.5 Unfairly prejudicial conduct petitions
391(11)
14.5.1 Introduction
391(1)
14.5.2 Petitioners and respondents
392(1)
14.5.3 The behaviour complained of
393(1)
14.5.4 The interests of members
394(5)
14.5.5 Remedies and costs
399(2)
14.5.6 Reform and alternative dispute resolution
401(1)
14.6 Just and equitable winding-up petitions
402(9)
14.6.1 Who may apply
402(1)
14.6.2 Foundation of the jurisdiction
402(1)
14.6.3 Relationship with unfair prejudice claims
403(4)
Sample essay question
407(1)
Further leading
408(3)
15 Restructuring, Rescuing Troubled Companies And Takeovers
411(28)
15.1 Introduction
411(1)
15.2 Schemes of arrangement and reconstruction
412(6)
15.2.1 Section 110 schemes of reconstruction
413(1)
15.2.2 Part 26 schemes of arrangement
414(4)
15.3 Company voluntary arrangements (CVA) and small company moratoria
418(3)
15.3.1 Company voluntary arrangements
419(1)
15.3.2 The small company moratorium
420(1)
15.4 Administration
421(5)
15.4.1 Purpose of administration
421(1)
15.4.2 Commencement of administration
421(2)
15.4.3 Effect of administration
423(1)
15.4.4 Ending the administration
424(2)
15.5 Takeovers
426(13)
15.5.1 Takeovers, mergers, acquisitions and disposals
427(1)
15.5.2 Scope of application of the Code
427(1)
15.5.3 The nature, purpose and general principles of the Code
428(1)
15.5.4 Outline of the basic takeover bid process
429(1)
15.5.5 Minority shareholder treatment
430(1)
15.5.6 Key additional legal rules and problem areas in takeovers
431(1)
15.5.7 Action by the target company board
432(1)
15.5.8 The Panel on Takeovers and Mergers (the Panel)
433(3)
Sample essay question
436(1)
Further reading
437(2)
16 Winding Up And Dissolution Of A Company
439(38)
16.1 Introduction
439(1)
16.2 Types of winding up
440(2)
16.2.1 Voluntary winding up
440(1)
16.2.2 Compulsory winding up
440(1)
16.2.3 Insolvent winding up
441(1)
16.2.4 Sources of insolvency law
441(1)
16.2.5 Effects of a winding-up order or appointment of a liquidator
441(1)
16.3 Secured creditors
442(12)
16.3.1 Classification of loan security
442(1)
16.3.2 Fixed charges
443(1)
16.3.3 Floating charges
444(2)
16.3.4 Charges over book debts
446(2)
16.3.5 Registration of charges
448(3)
16.3.6 Priority of charges
451(3)
16.3.7 Fixed and floating charges compared and contrasted
454(1)
16.4 Assets available for distribution
454(13)
16.4.1 Role of the liquidator
454(2)
16.4.2 Avoidance of transactions
456(9)
16.4.3 Swelling the assets: applications for contributions
465(2)
16.5 Distribution of the assets
467(3)
16.5.1 Assets subject to fixed charges
467(1)
16.5.2 The statutory order of distribution
468(2)
16.6 Dissolution and restoration
470(7)
Sample essay question
474(2)
Further reading
476(1)
17 Transparency
477(15)
17.1 Introduction
477(2)
17.2 Public disclosure under the Companies Act 2006
479(4)
17.2.1 Company registers available for public inspection
479(1)
17.2.2 Annual filings
480(3)
17.3 Public disclosure under the Financial Services and Markets Act 2000
483(2)
17.3.1 Periodic disclosure
484(1)
17.3.2 Disclosure of inside information
484(1)
17.4 Audit and auditors
485(3)
17.4.1 The audit requirement
485(1)
17.4.2 Appointment, functions, duties and removal of auditors
486(1)
17.4.3 Auditor liability
486(2)
17.5 Company investigations
488(4)
Further reading
491(1)
Appendix 492(4)
Glossary of legal terminology 496(7)
Index 503
Susan McLaughlin is Senior Lecturer in Law at Nottingham Law School, Nottingham Trent University where she leads the company law module. In addition to spending ten years based in English and US law firms in London she has worked in-house as General Counsel and Company Secretary for companies subject to UK, continental European and US law and securities market regulation.