Category: company law

Judgment of the Court of Appeal in Lehtimäki v The Children’s Investment Fund Foundation (UK) and others [2018] EWCA Civ 1605 – Radcliffe Chambers

Posted August 6th, 2018 in charities, company law, fiduciary duty, news by sally

‘Mark Mullen appeared for HM Attorney General before the Court of Appeal in Lehtimäki v The Children’s Investment Fund Foundation (UK) and others [2018] EWCA Civ 1605.

In the claim, the claimant (‘CIFF’), a company limited by guarantee and a registered charity, sought approval of the making of a grant of $360 million to a new charity established by one of its directors.’

Full Story

Radcliffe Chambers, 6th July 2018

Source: www.radcliffechambers.com

Akhmedova v Akhmedov: piercing the corporate veil – Family Law

Posted July 3rd, 2018 in company law, corporate veil, divorce, financial provision, news, shareholders by sally

‘It is not incomprehensible that wealthy business shareholders feed their high-net-worth assets through their companies, with the consequence of making the assets available to their spouse limited and out of reach. It therefore comes as no real surprise that the English family courts have shown that they are prepared to tackle the issues related with parties hiding international assets within divorce proceedings, whilst trying to remedy the same.’

Full Story

Family Law, 2nd July 2018

Source: www.familylaw.co.uk

CVA should not proceed following emergence of £126m claim, says UK court – OUT-LAW.com

Posted June 29th, 2018 in company law, contracts, insolvency, news by tracey

‘The Court of Appeal in England and Wales has ruled that a company voluntary arrangement (CVA) should not continue after the emergence of a new claim for £126 million against the insolvent company. The ruling underlined how important clarity and specificity are in contract terms.’

Full Story

OUT-LAW.com, 29th June 2018

Source: www.out-law.com

New Europe law makes it easy to find out what your boss has said about you – The Guardian

Posted April 24th, 2018 in company law, data protection, EC law, employment, freedom of information, news, penalties, regulations by sally

‘General Data Protection Regulation holds that anyone in Europe can ask any company for the data it has on them.’

Full Story

The Guardian, 24th April 2018

Source: www.theguardian.com

BHS to repay rental discounts says High Court – OUT-LAW.com

Posted March 15th, 2018 in agreements, company law, insolvency, news, rent by tracey

‘The High Court has said that BHS cannot challenge the terms of its own company voluntary arrangement (CVA) as unenforceable contractual penalties. The case provides guidance as to how CVAs operate post termination and the payment of rent as an expense of a company’s administration in priority to other debts.’

Full Story

OUT-LAW.com, 14th March 2018

Source: www.out-law.com

Obliged companies are to publish their first non-financial strategic reports in the first half of 2018 – OUT-LAW.com

Posted January 8th, 2018 in bribery, company law, corruption, news, regulations, reports by sally

‘Traded companies, banks and insurers with a calendar financial year will be assessing how to comply with new non-financial reporting obligations over the coming months, including the obligation to report on anti-bribery and anti-corruption matters.’

Full Story

OUT-LAW.com, 5th January 2018

Source: www.out-law.com

Proposed reforms to the UK Corporate Governance Code from 1 January 2019 – OUT-LAW.com

Posted December 19th, 2017 in codes of practice, company directors, company law, financial regulation, news by sally

‘A revised UK Corporate Governance Code, intended by the Financial Reporting Council (FRC) to be “shorter and sharper” and to restore public trust in business, is due to come into force for accounting periods beginning 1 January 2019’

Full Story

OUT-LAW.com, 18th December 2017

Source: www.out-law.com

Reinforcing the Veil – Defending Cases Where the Corporate Veil is Threatened – Drystone Chambers

Posted December 8th, 2017 in company directors, company law, confiscation, corporate veil, news, Supreme Court by sally

‘“The corporate veil” is a much discussed, but much misunderstood phrase. When Lord Halsbury LC stated in Salomon v A Salomon and Co Ltd [1897] AC 22 that a limited liability company was to be viewed ‘like any other independent person with its rights and liabilities appropriate to itself’ he imbedded in law the idea of corporations having a separate legal identity from their directors. That principle is agreed. What has been in dispute, and is still uncertain to a degree, is when that separation can be made. ‘

Full Story

Drystone Chambers, 4th December 2017

Source: drystone.com

Interpretation of Article 24(2) Brussels Recast – Jurisdiction and Conflict of Laws

Posted November 15th, 2017 in company law, conflict of laws, EC law, interpretation, jurisdiction, news, subsidiary companies, treaties by tracey

‘In its recent decision in Koza Ltd v Akcil [2017] EWCA Civ 1609, the Court of Appeal interpreted the scope of Article 24 (2) Brussels I Recast, which governs exclusive jurisdiction “in proceedings which have as their object the validity of the constitution, the nullity or dissolution of companies or other legal persons or associations of natural or legal persons, or the validity of the decisions of their organs, the courts of the Member State in which the company, legal person or association has its seat”.’

Full Story

Jurisdiction and Conflict of Laws, 10th November 2017

Source: jurisdictionandconflicts.net

Unintentionally wide non-compete clause: A warning from the Court of Appeal in Egon Zehnder Ltd v Tillman – Cloisters

Posted October 20th, 2017 in company law, competition, covenants, interpretation, news by sally

‘Having previously blogged on this case (see here for that blog on Egon Zehnder Ltd v Tillman [2017] EWHC 1278 (Ch)), Jacques Algazy QC and Nathaniel Caiden consider the repercussions of the Court of Appeal judgment in Tillman v Egon Zehnder Ltd [2017] EWCA Civ 1054.’

Full Story

Cloisters, 12th October 2017

Source: www.cloisters.com

UK government pushes for compliance with Modern Slavery Act – OUT-LAW.com

Posted October 11th, 2017 in company law, documents, forced labour, government departments, legislation, news, regulations, trafficking in human beings by tracey

‘The UK government has amended its guidance over how companies and other organisations should show they have taken steps to ensure modern slavery is not taking place in their business and supply chains.’

Full Story

OUT-LAW.com, 9th October 2017

Source: www.out-law.com

World-leading package of corporate governance reforms announced to increase boardroom accountability and enhance trust in business – Department for Business, Energy & Industrial Strategy

Posted August 29th, 2017 in bills, company directors, company law, press releases, remuneration by tracey

‘Business Secretary Greg Clark has set out the government’s corporate governance reforms to enhance the public’s trust in business.’

Full press release

Source: www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy

Government attacked over new laws on excessive ‘fat cat’ pay – The Independent

Posted August 29th, 2017 in company directors, company law, news, remuneration by tracey

‘Critics rounded on the Government today as it published the full detail of new laws aimed at cracking down on excessive boardroom pay.’

Full Story

The Independent, 29th August 2017

Source: www.independent.co.uk

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

Posted August 17th, 2017 in accountants, auditors, banking, company law, financial regulation, news, regulations, sanctions, whistleblowers by sally

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

Full Story

OUT-LAW.com, 14th August 2017

Source: www.out-law.com

Supreme Court clarifies test for imposing conditions on grant of permission to appeal – OUT-LAW.com

Posted August 7th, 2017 in appeals, company law, news, shareholders, Supreme Court, third parties by sally

‘A recent decision by the Supreme Court has clarified the circumstances in which the court will be able to impose a financial requirement as a condition of the grant of permission to appeal, an expert has said.’

Full Story

OUT-LAW.com, 4th August 2017

Source: www.out-law.com

New corporate criminal offences of failure to prevent tax evasion effective from 30 September – OUT-LAW.com

Posted July 13th, 2017 in company law, crime, news, partnerships, regulations, tax evasion by tracey

‘Legislation that provides for new corporate criminal offences of failure to prevent tax evasion will have effect from 30 September this year, it has been confirmed.’

Full Story

OUT-LAW.com, 13th July 2017

Source: www.out-law.com

The Highs and Lows of the UK’s Business and Human Rights Laws – Rightsinfo

Posted June 16th, 2017 in company law, data protection, equality, human rights, news, trafficking in human beings, United Nations by tracey

‘Today marks 6 years since the UN Human Rights Council adopted the Guiding Principles on Business and Human Rights. To celebrate, we are looking at three fantastic things the UK has done to ensure that businesses respect human rights, and two areas where it could vastly improve.’

Full Story

Rightsinfo, 16th June 2017

Source: rightsinfo.org

Children’s Investment Fund Foundation (UK) v Attorney General and others – WLR Daily

Posted June 15th, 2017 in charities, company law, law reports by sally

Children’s Investment Fund Foundation (UK) v Attorney General and others [2017] EWHC 1379 (Ch)

‘The claimant was a substantial English registered charity and a company limited by guarantee without a share capital. It was founded by the second and third defendants, who were two of its trustees and, along with L, its only members. As a result of the breakdown in the relationship between the second and third defendants it was agreed that the third defendant would resign as a member and trustee of the claimant and that she would found another registered charity, also a company limited by guarantee without a share capital. If the payment of the grant was a “payment for loss of office to a director” of the claimant for the purposes section 215 of the Companies Act 2006, it would, by section 217, prima facie require to be sanctioned by a resolution of the claimant’s members before it could be paid.’

WLR Daily, 9th June 2017

Source: www.iclr.co.uk

Calling time – Counsel

Posted June 9th, 2017 in company law, courts, jurisdiction, limitations, news, time limits by sally

‘The law on limitation directions – a useful tool for junior litigators attempting to restore companies to the register – has finally been anchored down by the courts. Ben Harding reports on the practical effect.’

Full Story

Counsel, June 2017

Source: www.counselmagazine.co.uk

Employees, Directors & the Futures Path of Corporate Governance Reform – Littleton Chambers

Posted May 17th, 2017 in company directors, company law, diversity, employment, news, remuneration, select committees by sally

‘Shortly before the calling of a General Election the Business and Enterprise Select Committee of the House of Commons published a report on corporate governance. As the report’s reception and subsequent comment have made clear, whatever the outcome of the election the framework set by the report is likely to determine the direction of future corporate governance reform.’

Full story

Littleton Chambers, 9th May 2017

Source: www.littletonchambers.com