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.’

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The Guardian, 4th December 2018

Source: www.theguardian.com

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.’

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Legal Futures, 8th November 2018

Source: www.legalfutures.co.uk

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.’

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Family Law, 2nd July 2018

Source: www.familylaw.co.uk

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.’

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The Guardian, 15th October 2017

Source: www.theguardian.com

Privy Council: ‘fairness’ central to whether evidence must be put to party at trial – OUT-LAW.com

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.’

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OUT-LAW.com, 18th 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.’

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OUT-LAW.com, 4th August 2017

Source: www.out-law.com

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.’

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Zenith PI Blog, 31st July 2017

Source: zenithpi.wordpress.com

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

‘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.’

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OUT-LAW.com, 28th July 2017

Source: www.out-law.com

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.’

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The Guardian, 13th July 2017

Source: www.theguardian.com

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.’

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The Guardian, 6th June 2017

Source: www.theguardian.com

Watson and others v Watchfinder.co.uk Ltd – WLR Daily

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

Watson and others v Watchfinder.co.uk 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

Source: www.iclr.co.uk

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.’

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The Guardian, 24th May 2017

Source: www.guardian.co.uk

RBS in 11th-hour bid to avert court case brought by thousands of investors – The Guardian

Posted May 22nd, 2017 in banking, class actions, news, shareholders by tracey

‘Royal Bank of Scotland has made a last-ditch effort to avert a high-profile court case brought by thousands of investors who claim they were misled into buying the bank’s shares in the runup to its taxpayer bailout.’

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The Guardian, 22nd May 2017

Source: www.guardian.co.uk

Tesco fined £129m for overstating profits – BBC News

‘Tesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.’

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BBC News, 28th March 2017

Source: www.bbc.co.uk

Admin assistant accused of conning pensioners out of £2m by selling fraudulent shares banned from directing a company – Daily Telegraph

Posted January 17th, 2017 in company directors, disqualification, elderly, fraud, news, shareholders by tracey

‘A party-loving admin assistant who was accused of conning pensioners out of more than £2million by selling fraudulent shares has been banned from directing a company but will not face criminal charges.’

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Daily Telegraph, 16th January 2017

Source: www.telegraph.co.uk

The court will not be used as “weapon of war”, judge warns family in costs row – Litigation Futures

Posted December 7th, 2016 in costs, delay, jurisdiction, news, shareholders, unfairly prejudicial conduct by tracey

‘The modern court will not allow itself to be used as a “weapon of senseless war”, a judge has warned a family locked in a bitter costs dispute.’

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Litigation Futures, 6th December 2016

Source: www.litigationfutures.com

Trade bodies publish new market abuse guidance to replace Model Code – OUT- LAW.com

‘Guidance and specimen policy documents to help quoted companies comply with new market abuse rules when dealing in shares have been published by the UK’s main trade bodies for governance professionals and general counsel.’

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OUT-LAW.com, 29th June 2016

Source: www.out-law.com

In re Zavarco (No 2); Blomqvist v Zavarco plc and another (No 2); Blomqvist v Teoh and others – WLR Daily

Posted June 3rd, 2016 in company directors, company law, estoppel, law reports, shareholders by sally

In re Zavarco (No 2); Blomqvist v Zavarco plc and another (No 2); Blomqvist v Teoh and others [2016] EWHC 1143 (Ch)

‘The shareholder claimed to have purchased a 66·6% share in the company, a United Kingdom holding company of a group operating in South East Asia. Following a substantial fall in the share price the shareholder requested that the directors call a general meeting of the company, which, by section 303 of the Companies Act 2006, they were required to do if they received requests from members representing at least 5% of the paid-up capital of the company. The directors refused to call the general meeting requested, contending that the shareholder’s shares were in fact not paid up. The shareholder served a notice pursuant to section 305 of the 2006 Act, by which a shareholder was entitled to call a meeting if the directors had wrongfully refused to do so. The company subsequently informed the shareholder that it had issued further shares to a Malaysian company reducing his shareholding to 1·17%. The shareholder commenced two actions, one by a petition for a declaration that the notice served by him under section 305 of the 2006 Act was valid and effective and a direction that the general meeting be held, and the other, by a Part 8 claim form for an order rectifying the company’s register of members to delete the additional share issue for want of authorisation.’

WLR Daily, 17th May 2016

Source: www.iclr.co.uk

Just and Equitable Winding – Up & Bankruptcy Trustees – New Square Chambers

‘In a recent decision the Companies Court has held that trustees in bankruptcy do not need to satisfy the actual registration requirements set out in s.124(2)(b) of the Insolvency Act 1986 (“IA”) before presenting a just and equitable winding-up petition. For the first time, the decision in Stratford Edward Hamilton & James Ashley Dowers (Trustees in Bankruptcy of Charles Newell Brown) v Maureen Frances Brown & C&MB Holdings Ltd [2016] EWHC 191 (Ch)puts bankruptcy trustees in the same position as they are in with respect to unfair prejudice petitions and means that they do not have to wait a minimum of six months following their appointment to have the necessary locus to present a just and equitable winding up petition.’

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New Square Chambers, 11th April 2016

Source: www.newsquarechambers.co.uk

Court confirms that limitation of liability clauses in acquisition documentation will be interpreted strictly – OUT-LAW.com

Posted March 29th, 2016 in accountants, limitations, news, shareholders, time limits, warranties by sally

‘A 20-day time limit within which claims for breaches of warranty as part of a share purchase agreement (SPA) had to be raised only began running once the buyer was aware of the “proper basis for a claim”, the Court of Appeal has ruled.’

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OUT-LAW.com, 29th March 2016

Source: www.out-law.com