A limitation period applies to unfair prejudice petitions under section 994 of the Companies Act 2006 (THG Plc and others v Zedra Trust Company (Jersey) Limited) – Gatehouse Chambers

‘Dispute Resolution analysis: The Court of Appeal has rejected 40 years of “received wisdom” among company law practitioners and has held that a limitation period of either twelve or six years (depending upon the relief sought) applies in respect of petitions under section 994 of the Companies Act 2006.’

Full Story

Gatehouse Chambers, 7th March 2024

Source: gatehouselaw.co.uk

Greenwashing enforcement is not going away – Kingsley Napley Criminal Law Blog

‘For many years, companies have been selling or promoting products under claims that they have high ethical, social and governance (ESG) and/or sustainability credentials. In many cases, these claims are accurate and can help in the ongoing efforts to create a more sustainable society. In other cases, however, ESG claims can be overstated or even false – this is greenwashing.’

Full Story

Kingsley Napley Criminal Law Blog, 16th April 2024

Source: www.kingsleynapley.co.uk

Pension crimes, fines and insolvency practitioners – Pensions Barrister

‘David Pollard of Wilberforce Chambers has written an article about the relevance of the recent Supreme Court decision in R (Palmer) – in which it was held that an administrator was not in the class of persons liable to prosecution under the Trade Union and Labour Relations (Consolidation) Act 1992 for alleged failure to give notice to the SoS of proposed collective redundancies – to crimes and fines under pensions legislation.’

Full Story

Pensions Barrister, 18th April 2024

Source: www.pensionsbarrister.com

The Pursuit of Corporate Accountability: Climate Change Litigation and the Use of Shareholder Derivative Actions – The Cambridge Law Journal

‘ClientEarth v Shell [2023] EWHC 1897 (Ch) is the first attempt to use the statutory shareholder derivative action (Part 11 Chapter 1 of the Companies Act 2006 (CA 2006)) to hold directors liable for breach of directors’ duties for issues related to climate change. A derivative action can be used by shareholders in limited circumstances to bring an action of recourse on behalf of the company. Derivative actions are typically used to protect minority shareholders. Therefore, its use in ClientEarth v Shell is of interest, especially considering the ongoing discussion on the role and purpose of business in society. Although company law has primarily focused on profits, the more modern view is that companies should exist for profit, public interests and societal goals (See British Academy, Reforming Business for the 21 st Century: A Framework for the Future of the Corporation). The ClientEarth case confirms and clarifies situations in which a claimant may obtain permission to continue a claim; and when an absolute liability may be imposed on directors for a climate change-related breach of director’s duty in shareholder derivative claims. It raises questions around the prospects of success for future claimants due to the difficulty in establishing sufficient legal merit; and the relationship between stage one and stage two of the statutory regime.’

Full Story

The Cambridge Law Journal, 3rd April 2024

Source: www.cambridge.org

Vicarious liability and reforming the law of apologies in civil proceedings? – Law & Religion UK

‘Section 2 of the Compensation Act 2006 (Apologies, offers of treatment or other redress) was enacted to make it easier for organisations to apologise for their actions without admitting civil liability: it reads, “An apology, an offer of treatment or other redress, shall not of itself amount to an admission of negligence or breach of statutory duty”.’

Full Story

Law & Religion UK, 10th April 2024

Source: lawandreligionuk.com

Should the law change to make it easier for organisations to apologise? – Ministry of Justice

Posted April 8th, 2024 in bills, company law, compensation, Ministry of Justice, news by sally

‘The law could be updated to make it easier for organisations to offer sincere apologies to those who have been wronged following the launch of a government consultation today (8 April 2024).’

Full Story

Ministry of Justice, 8th April 2024

Source: www.gov.uk

Businesses braced for new recycling law challenges – BBC News

Posted April 5th, 2024 in charities, company law, environmental protection, fines, news, waste by michael

‘Cost, space and contamination are some of the worries facing business owners as a new workplace recycling law comes into force across Wales.’

Full Story

BBC News, 4th April 2024

Source: www.bbc.co.uk

Granville Technology Group Limited and others v LG Display Co Ltd and others – Blackstone Chambers

Posted March 20th, 2024 in chambers articles, Commercial Court, company law, damages, news by sally

‘The Commercial Court has handed down judgment in the follow-on damages claim brought by a group of computer retailers, formerly trading under the Tiny and Time brand names, against certain manufacturers of LCD panels who had been found to have infringed Article 101 TFEU in European Commission Decision Comp/39.309 – LCD – Liquid Crystal Displays. This constitutes only the third ever cartel damages judgment given by a Court in the United Kingdom (after the Britned and Trucks litigation). Hanif Mussa KC acted as the advocate for LG Display Co Ltd and LG Display Taiwan Co Ltd at the 5-week trial.’

Full Story

Blackstone Chambers, 9th February 2024

Source: www.blackstonechambers.com

To Babanaft or not to Bananaft – the extra jurisdictional effect of an anti-suit injunction (Renaissance Securities (Cyprus) Ltd v Chlodwig Enterprises Ltd) – Gatehouse Chambers

‘The court was considering the appropriate form of order continuing an anti-suit injunction (previously made without notice).’

Full Story

Gatehouse Chambers, 5th February 2024

Source: gatehouselaw.co.uk

Shein UK breaches company law by failing to disclose human owner – The Guardian

Posted March 7th, 2024 in company law, disclosure, financial regulation, news by sally

‘The UK business of the fast-fashion company Shein has failed to disclose its ultimate ownership, a breach of company law that could disrupt the firm’s reported plans to consider listing in the UK.’

Full Story

The Guardian, 6th March 2024

Source: www.theguardian.com

Companies required to make ‘lawful purpose’ declarations – Law Society’s Gazette

Posted March 5th, 2024 in company law, news, service, trade names by sally

‘New powers for Companies House to query information and to require companies to give legitimate addresses come in to force under the Economic Crime and Corporate Transparency Act 2023 today. The new regime, aimed at curbing misues of the companies register, will also for the first time require people setting up companies to state that the business’ activities will be lawful.’

Full Story

Law Society's Gazette, 4th March 2024

Source: www.lawgazette.co.uk

New law to make justice more accessible for innocent people wronged by powerful companies – Ministry of Justice

‘The Lord Chancellor, Alex Chalk, will introduce a new law to make it easier for members of the public to secure the financial backing of third parties when launching complex claims against moneyed corporations with sizeable legal teams which they could otherwise ill-afford.’

Full Story

Ministry of Justice, 4th March 2024

Source: www.gov.uk

Company fined £450,000 and director and site manager sentenced following death of labourer – Crown Prosecution Service

‘A company has been fined £450,000 and the firm’s director has received a suspended prison sentence after a labourer was crushed to death at a construction site.’

Full Story

Crown Prosecution Service, 15th February 2024

Source: www.cps.gov.uk

Post Office scandal could lead to rules change on private prosecutions – The Guardian

‘Rules to prevent companies taking private prosecutions in the way the Post Office went after innocent post office operators are being considered by the government.’

Full Story

The Guardian, January 2024

Source: www.theguardian.com

Were lawyers complicit in Post Office’s corporate governance failures? – Legal Futures

‘A solicitor who acted for three wrongly convicted sub-postmasters has questioned whether lawyers advising the Post Office’s board were more motivated by continuing the retainers than giving proper guidance.’

Full Story

Legal Futures, 8th January 2024

Source: www.legalfutures.co.uk

Managing corporate crime risk under the Economic Crime and Corporate Transparency Act 2023 – OUT-LAW.com

Posted December 11th, 2023 in company directors, company law, fraud, news by sally

‘The UK’s Economic Crime and Corporate Transparency Act 2023 (the Act) has reformed the law of corporate criminal attribution for a wide range of economic crimes and introduced a new offence of corporate failure to prevent economic crimes.’

Full Story

OUT-LAW.com, 8th December 2023

Source: www.pinsentmasons.com

Failure to Prevent Fraud – Being a Friend of Business – Guildhall Chambers

Posted November 15th, 2023 in chambers articles, company law, fraud, money laundering, news, Russia, Ukraine by sally

‘The Economic Crime and Corporate Transparency Bill received Royal Assent on 26 October 2023. An initial Economic Crime (Transparency and Enforcement) Act 2022 was passed at speed in the wake of the invasion of Ukraine to deter Russian oligarchs from laundering money in the London property market. This 2023 Act follows on as part of a welcome Parliamentary focus on how economic crime can impact the international reputation and stability of the UK as well as its cost to the Exchequer.’

Full Story

Guildhall Chambers, 31st October 2023

Source: www.guildhallchambers.co.uk

Kate Ollerenshaw: Impact Assessment as an Accountability Mechanism: Past, Present and Future – UK Constitutional Law Association

Posted November 9th, 2023 in brexit, company law, constitutional law, EC law, government departments, news by sally

‘On 19th September, the Government published a revised version of the Better Regulation Framework Manual setting out its new approach to impact assessment for regulatory measures. The system it will replace was aligned with the Government’s formal mechanisms to incentivise a reduction in the burden of regulation on business and civil society, but the repeal of the statutory Business Impact Target (BIT) by s. 18 of the Retained EU Law (Revocation and Reform) Act 2023 and the Government’s commitment to ‘Smarter Regulation to Grow the Economy’ in the post-Brexit world prompted revisions. At first sight the proposals, including the creation of a new ‘options assessment’, seem to address some criticisms of the previous system. As always though, ‘the devil is in the detail’ and ‘the proof of the pudding will be in its eating’. This post looks at the proposed changes in the light of past practice to highlight areas where the effectiveness of impact assessment as an accountability mechanism might remain compromised. For reasons of space, this post focuses on impact assessment as a prospective tool rather than its role in post-implementation review.’

Full Story

UK Constitutional Law Association, 9th November 2023

Source: ukconstitutionallaw.org

New Act – legislation.gov.uk

Posted October 30th, 2023 in company directors, company law, corruption, fraud, legislation, money laundering by sally

2023 c. 56 – Economic Crime and Corporate Transparency Act 2023

Robust new laws to fight corruption, money laundering and fraud – Home Office

‘The Economic Crime and Corporate Transparency Act received Royal Assent on Thursday 26 October.’

Full Story

Home Office, 26th October 2023

Source: www.gov.uk