Law Commission begins review of intermediated securities system – Law Commission

Posted June 12th, 2019 in Law Commission, press releases, shareholders by tracey

‘The Law Commission has begun reviewing the system of intermediated securities in order to identify potential issues for both investors and companies.’

Full press release

Law Commission, 11th June 2019


First High Court guidance on proportionality leads to huge costs cut – Litigation Futures

Posted June 10th, 2019 in appeals, costs, litigants in person, news, proportionality, shareholders by sally

‘The first High Court judge to give guidance on applying the proportionality test has overturned a costs master’s ruling and slashed the costs he allowed by more than two-thirds.’

Full Story

Litigation Futures, June 2019


Entrepreneurs’ Relief: preference shares were ‘ordinary share capital’, says Tribunal –

Posted May 28th, 2019 in dividends, HM Revenue & Customs, news, shareholders, taxation, tribunals by tracey

‘Preference shares which carried the right to a fixed cumulative preferential dividend were ‘ordinary share capital’ for the purposes of calculating entrepreneurs’ relief, the First-tier Tribunal has decided.’

Full Story, 24th May 2019


New Judgment: R (Derry) v Commissioners for HMRC [2019] UKSC 19 – UKSC Blog

Posted April 11th, 2019 in income tax, news, shareholders, statutory interpretation, Supreme Court by sally

‘This appeal considered the correct procedure HMRC is required to follow under the Taxes Management Act 1970, where it wishes to enquire into a claim for carry-back share loss relief made in a self-assessed and calculated tax return.’

Full Story

UKSC Blog, 10th April 2019


Court: time and day can impact limitation period –

Posted March 27th, 2019 in appeals, limitations, news, shareholders, time limits by sally

‘The time of day that a cause of action accrues can alter the date on which the limitation period for raising a claim against that action expires, the Court of Appeal has suggested.’

Full Story, 26th March 2019


Potential use of share options in divorce settlements – Family Law

Posted January 17th, 2019 in divorce, families, financial dispute resolution, news, shareholders by tracey

‘In this article, Trevor Slack, a partner at Griffins and former principal at Charles River Associates, discusses an approach that may be taken in valuing a family business in divorce proceedings.’

Full Story

Family Law, 16th January 2019


The rule against reflective loss – Henderson Chambers

Posted December 12th, 2018 in company directors, news, shareholders, winding up by sally

‘Imagine a company has been dishonestly asset-stripped by one of its directors. The assets have gone into his own pocket. The company is wound up. The shareholders and creditors have little hope of recovering much from it. The obvious next step is to pursue the director. But the shareholders cannot recover the loss in value of their shareholding against him; that claim is barred by the rule against reflective loss. Is a claim by an unsecured creditor who is not a shareholder similarly barred? In Garcia v Marex Financial Limited [2018] EWCA Civ 1468, the Court of Appeal held that it was.’

Full Story

Henderson Chambers, 6th December 2018


High Court rejects funder’s bid for “mini-trial” of £14m claim – Litigation Futures

Posted December 11th, 2018 in banking, news, shareholders by sally

‘Litigation funder Vannin Capital has failed to obtain summary judgment of its £14m claim against RBS shareholders it backed who then successfully sued the bank.’

Full Story

Litigation Futures, 11th December 2018


BT loses appeal to change method of pensions calculation – The Guardian

Posted December 5th, 2018 in appeals, news, pensions, shareholders by sally

‘BT has lost a legal bid to make changes to its pension scheme that unions claim would have transferred an estimated £2bn of wealth from scheme members to shareholders.’

Full Story

The Guardian, 4th December 2018


High Court orders partner to sell his share of law firm – Legal Futures

Posted November 8th, 2018 in company directors, law firms, news, shareholders, unfairly prejudicial conduct by tracey

‘The High Court has ruled that a partner in a law firm who paid himself £16,500 after he had left the firm and was “effectively competing with it” breached his director’s duties.’

Full Story

Legal Futures, 8th November 2018


Akhmedova v Akhmedov: piercing the corporate veil – Family Law

Posted July 3rd, 2018 in company law, 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


Lloyds shareholders’ court case over HBOS takeover set to begin – The Guardian

Posted October 16th, 2017 in banking, class actions, news, shareholders, takeovers by sally

‘A £600m case is due to begin in the high court this week which is expected to lead to five former directors of Lloyds Banking Group being asked to explain the circumstances that led to the rescue of HBOS during the height of the financial crisis.’

Full Story

The Guardian, 15th October 2017


Privy Council: ‘fairness’ central to whether evidence must be put to party at trial –

Posted August 21st, 2017 in cohabitation, cross-examination, evidence, news, Privy Council, shareholders by sally

‘The question of whether a case will fall if a judge rejects a party’s evidence on grounds which that party has not had a chance to explain during the trial should be based on whether the overall trial is fair, senior UK judges have indicated.’

Full Story, 18th August 2017


Supreme Court clarifies test for imposing conditions on grant of permission to appeal –

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, 4th August 2017


Part 36 : THE Court’s Approach Following Disclosure of Existence of an Offer – Zenith PI Blog

Posted July 31st, 2017 in civil procedure rules, costs, judges, news, part 36 offers, shareholders by sally

‘In a long running shareholder dispute, the claimant company sought its costs from the defendants. The defendants had made 3 Part 36 offers in respect of the claimants claim against them. The judge had determined a number of issues in a hearing in November 2016, however there were other remaining issues to be tried. The court was made aware of the fact, but NOT the content, of the offers.’

Full Story

Zenith PI Blog, 31st July 2017


Court of Appeal: HMRC did not act unfairly in withdrawing guidance only for taxpayers with ‘open’ affairs –

‘HM Revenue & Customs (HMRC) could withdraw previous guidance in relation to losses arising from the exercise of share options, even though other taxpayers whose affairs could not be reopened had benefited from the treatment, the Court of Appeal has ruled.’

Full Story, 28th July 2017


City regulator plans rule change to allow Saudi oil giant’s $2tn float in London – The Guardian

Posted July 14th, 2017 in financial regulation, London, news, Saudi Arabia, shareholders by tracey

‘The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the world’s biggest ever flotation – of Saudi Aramco, the Gulf kingdom’s state oil company – to London.’

Full Story

The Guardian, 13th July 2017


Fred Goodwin escapes high court appearance as RBS settles lawsuit – The Guardian

Posted June 7th, 2017 in adjournment, banking, class actions, news, shareholders by sally

‘Fred Goodwin has escaped being summoned to the high court to explain his actions during the 2008 financial crisis, after disgruntled shareholders finally reached a settlement with Royal Bank of Scotland.’

Full Story

The Guardian, 6th June 2017


Watson and others v Ltd – WLR Daily

Posted June 1st, 2017 in agreements, company directors, consent, contracts, law reports, shareholders by sally

Watson and others v Ltd [2017] EWHC 1275 (Comm)

‘The claimants were directors and shareholders of a business development consultancy whose services the defendant company retained to assist it in attracting investors. At the same time, the defendant entered into a share option agreement with the claimants on terms which, as later amended, provided for the claimants to purchase a certain percentage of the defendant’s issued share capital at a given price, but also provided that the option could not be exercised without the consent of a majority of the defendant’s board of directors. The claimants later sought to exercise the option but consent was refused. The claimants brought proceedings for specific performance of the share option agreement, contending that, as a matter of construction of that agreement or by way of an implied term, the defendant could not exercise its discretion over the grant of consent in a way that was arbitrary, capricious or irrational.’

WLR Daily, 25th May 2017


High court to hear if RBS has agreed last-ditch deal with shareholders – The Guardian

Posted May 24th, 2017 in adjournment, banking, class actions, compensation, news, shareholders by sally

‘A judge will hear on Wednesday whether a deal has been agreed to avert a legal battle that would force the former RBS chairman Fred Goodwin to give evidence in the high court.’

Full story

The Guardian, 24th May 2017