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1 The reasons for forming companies1

1.1 The elements of a company3

1.2 Outsiders5

1.3 ‘Parent’and ‘subsidiary’company6

1.4 Single member companies6

Summary7

Casenote7

Exercises9

2.1 Limited and unlimited companies10

2 Starting a company10

Preface10

Table of Cases11

2.2 Public and private companies11

2.3 Minimum capital requirements for a public company12

2.4 Change of status from public to private company and vice versa13

2.5 Groups13

2.6 The memorandum of association and registration15

2.7 Incorporation16

2.8 Duty of Registrar17

Summary18

2.9 Off-the-shelf companies18

Casenotes19

Exercises21

3 Corporate personality22

Table of Statutes and Directives23

3.1 The legal basis for the separate personality doctrine23

3.2 Problems caused by the personality doctrine and exceptions27

3.3 Statutory intervention28

3.4 Lifting the veil28

3.5 Fraud31

3.6 Groups32

3.7 The criminal and civil liabilities of companies40

3.8 What crimes?41

3.9 Why convict companies?41

3.10 Identification of the company s alter ego42

3.11 Civil liability43

Summary43

Casenotes44

Exercises45

4 The memorandum of association46

4.1 Ultra vires-the old law46

4.3 Justification of the doctrine47

4.2 Constructive notice47

4.4 How to determine whether an act is ultra vires48

4.5 The new law48

4.6 Ratification50

4.7 The old case law52

4.8 Objects and powers54

4.9 Ultra vires and objects54

4.10 Knowledge by an outsider that a transaction is outside objects or powers55

4.11 Can borrowing ever be an object?56

4.12 Recent authorities57

Summary60

4.13 Alteration of the memorandum of association60

Exercises61

5 The articles of association62

5.1 The articles as a contract63

5.2 What rights are governed by the contract in the articles?64

5.3 Outsiders65

5.4 The articles as evidence of a contract68

5.5 Alteration of the articles of association69

5.6 Bona fide for the benefit of the company71

5.7 Remedies74

5.8 Power of directors to bind the company76

5.9 Protection78

5.10 Transaction and dealing78

5.11 Decided on by the directors78

5.12 Good faith79

5.13 Unauthorised agents80

5.14 Usual authority83

Summary83

Casenotes84

Exercises85

6.1 Who are promoters?86

6 Promoters86

6.2 Duties of promoters87

6.3 Disclosure88

6.4 The loss of the right to recission89

6.5 Actions for damages90

6.6 Remuneration of promoters90

6.7 Pre-incorporation contracts90

6.8 Liability of the company91

Summary92

Exercises92

7.2 Direct offers,offers for sale,issuing houses93

7 Public issue of securities93

7.1 Shares93

7.3 The two regimes94

7.4 Rights offers and public offers94

7.5 Placing95

7.6 Pre-emption rights95

7.7 Authority to issue shares95

7.8 Director s duties96

7.9 The structure of the rules96

7.11 Contents of listing particulars97

7.10 Admission to Stock Exchange listing97

7.12 Continuing obligations98

7.13 Remedies for defective listing particulars98

7.14 Prospectus issues101

7.15 Remedies for defective prospectuses102

7.16 Liabilities for misstatements in prospectuses and listing particulars102

7.17 The EC Prospectus Directive103

7.18 Aims of the Directive104

7.19 Transferable securities104

Summary106

Casenotes107

Exercises109

8 The regulation of investment business110

8.1 Futures contracts-an example of how the Financial Services Act 1986 worked112

8.2 The Financial Services and Markets Act 2000-‘regulated business113

8.3 How the range of regulatory tools would be used in practice116

8.4 Financial Services Authority:authorisation provisions117

8.5 Complaints119

8.6 The Investment Services Directive121

Summary127

Casenotes128

Exercises129

9 Maintenance of capital130

9.1 Fundamental rule130

9.2 Payment of money to members131

9.3 Distributions132

9.4 Rules governing distributions132

9.5 Dividends132

9.6 Public companies134

9.7 Members Liability134

9.8 Other permitted payments to members135

9.9 Reductions of capital135

9.10 Interests of creditors137

9.11 Procedure138

9.12 Bonus shares138

9.13 Redeemable shares and forfeiture of shares138

9.14 Purchase of own shares140

9.15 Permitted reductions of capital141

9.16 Reissue142

9.17 Public companies142

9.18 Illegal transactions142

9.21 Company accounts149

9.20 Accounts149

9.19 Serious loss of capital by a public company149

9.22 FRSs and FREDs150

9.23 The obligation to prepare accounts150

9.24 Keeping the records151

9.25 Accounting reference date151

9.26 Duty to prepare individual company accounts151

9.27 Group accounts152

9.28 Conclusion153

Summary154

Exercises154

10 The baiance of power inside the company:corporate governance155

10.1 Proxy voting156

10.2 Solicitation of proxies157

10.3 Formality of procedure157

10.4 Elective regime158

10.5 Meetings158

10.6 Management of the company166

10.7 Appointment of directors167

10.8 Removal of a director172

10.11 Managing director175

10.10 Directors meetings175

10.9 Disqualification175

10.12 Relationship between the board of directors and the general meeting177

10.13 Where the board of directors ceases to function179

10.14 Single member companies180

10.15 The Secretary180

10.16 Employees181

10.17 Denmark182

10.18 France182

10.19 Germany182

10.22 ltaly183

10.20 The Netherlands183

10.21 Belgium183

10.23 Luxembourg184

10.24 Spain184

10.25 Greece184

10.26 Portugal185

10.27 Ireland185

10.28 United Kingdom185

10.29 Creditors186

Summary186

Casenotes187

Exercises204

11 Directors duties205

11.1 The Cadbury Report206

11.2 Duty owed to the company209

11.3 What is the company?210

11.4 Duties of care and skill212

11.5 Fiduciary duties217

11.6 Are the prohibitions absolute?218

11.7 The categories of prohibitions or disabilities219

11.9 Relief from liability226

11.8 Consequences of a breach226

11.10 Relief by the court227

Summary227

Casenotes228

Exercises231

12 Statutory duties of directors233

12.1 Prohibited transactions234

12.2 Public companies234

12.3 General exceptions234

12.5 Disqualification of directors235

12.4 Civil remedies and criminal penalties235

12.6 Insider dealing250

Summary259

Casenotes260

Exercises268

13 Suing the company,suing for the company,enforcing directors duties269

13.1 Suing the company269

13.2 Suing for the company (the exceptions to the rule in Foss v.Harbottle and derivative actions)269

13.3 Ratification-the improper elevation of majority rule271

13.4 The statutory remedy in section 459278

13.5 Unfair prejudice279

13.6 The relief that can be granted283

13.7 Winding-up orders284

13.8 When a winding-up order is likely to be made285

13.9 Department of Trade investigations286

13.10 When inspectors have been appointed287

13.11 Following investigations288

13.12 Power to investigate share ownership288

Summary288

Casenotes289

Exercises294

14 Shares295

14.1 Ordinary shares295

14.2 Preference shares296

14.3 Voting rights298

14.4 The exercise of voting powers300

14.5 Variation of class rights301

14.6 Class meetings307

14.7 Alteration of articles to insert a variation clause307

14.8 Statutory right to object307

Exercises308

Summary308

15 Lending money and securing loans309

15.1 Debenture-holder s receiver309

15.2 Fixed and floating charges309

15.3 The characteristics of fixed and floating charges314

15.4 Crystallisation of the floating charge314

15.5 Legal and equitable charges315

15.6 Floating charges and other claims against the company315

15.7 Retention of title clauses317

15.9 Basic definitions318

15.8 Registration of company charges318

15.10 Which charges are registrable?319

15.11 Salient points320

15.12 Notice of crystallisation of floating charges321

15.13 Delivery of particulars and priorities322

15.14 Priorities under the registration system322

15.15 The register and certification322

15.16 Effect of registration323

15.17 Duty to register and effect of non-registration323

15.18 Payment of money secured by unregistered charge324

15.20 Varying or supplementing registered particulars325

15.21 Effect of errors and ommissions325

15.19 Late delivery of particulars325

15.22 Registration of discharge326

15.23 Oversea companies326

15.24 The European Company Statute327

15.25 Effect of Registrar s certificate328

Summary328

Casenote328

Exercises329

16.2 Monopolies330

16.1 Public offers330

16 Takeovers,reconstructions and amalgamations330

16.3 The takeover panel331

16.4 General Principles and rules331

16.5 Partial offers332

16.6 Compulsory purchase provisions332

16.7 Reconstructions333

16.8 Meetings334

16.9 Approval of the court334

16.10 Reconstruction in a liquidation335

Exercises336

Summary336

Casenote336

17 Insolvency and corporate rescue337

17.1 Administration337

17.2 Limitation on jurisdiction337

17.3 When an order can be made337

17.4 The application338

17.5 Service of petition339

17.6 Hearing339

17.7 Effect of presentation of a petition340

17.10 Powers of the administrator341

17.8 Notice of order341

17.9 Effect of administration order341

17.11 Duties of the administrator342

17.12 Unfairly prejudicial management342

17.13 Application to discharge the order343

17.14 Voluntary arrangements343

17.15 Proposal343

17.16 The involvement of the court343

17.20 Administrative receivership344

17.19 Challenges344

17.17 Contents of the proposal344

17.18 Meetings344

17.21 Liquidations345

17.22 Voluntary winding-up346

17.23 The liquidator347

17.24 Order of payment of debts347

17.25 Avoiding antecedent transactions348

17.26 Fraudulent trading351

17.27 Summary remedy against delinquent directors352

17.28 Wrongful trading352

Summary354

17.29 The destination of the money354

17.30 Dissolution354

Casenotes355

Exercises362

18 The effect of the EU on English Company law363

18.1 The making of a Directive363

18.2 The extent of the influence of EU rules364

18.3 Sources of EU law365

18.4 The institutions of the EU367

18.5 The EU company law harmonisation programme369

18.6 Company Law Directives370

18.7 Securities regulation386

18.8 Insolvency389

18.9 Conclusion392

Summary394

Exercises394

19 The new company laws of Eastern Europe395

19.1 The property of the enterprise395

19.2 Structures of boards and shareholders396

19.3 The Czech example398

19.4 Employment laws401

19.5 Foreign investors402

19.6 Conclusion403

20 Transglobal corporations and world development404

20.1 Development issues405

20.2 The displacement of domestic production406

20.3 The effects of the international money and banking systems407

20.4 The undermining of political systems and the absence of control of transnationals409

20.5 Environmental issues410

20.6 Labour law issues413

Bibliography and Further Reading414

Index418