Macmillan Law Masters

Company Law
MACMILLAN LAW MASTERS
Series Editor: Marise Cremona
Business Law (2nd edn) Stephen Judge
Company Law (3rd edn) Janet Dine
Constitutional and Administrative Law (3rd edn) John Alder
Contract Law (4th edn) Ewan McKendrick
Conveyancing (3rd edn) Priscilla Sarton
Criminal Law (2nd edn) Jonathan Herring and Marise Cremona
Employment Law (3rd edn) Deborah J. Lockton
Environmental Law and Ethics John Alder and David Wilkinson
Evidence Raymond Emson
Family Law (2nd edn) Kate Standley
Housing Law and Policy David Cowan
Intellectual Property Law (2nd edn) Tina Hart and Linda Fazzani
Land Law (3rd edn) Kate Green
Landlord and Tenant Law (4th edn) Margaret Wilkie and Godfrey Cole
Law of the European Union (2nd edn) Jo Shaw
Law of Succession Catherine Rendell
Law of Tntsts Patrick McLoughlin and Catherine Rendell
Legal Method (3rd edn) Ian McLeod
Legal Theory Ian McLeod
Social Security Law Robert East
Torts (2nd edn) Alastair Mullis and Ken Oliphant
Company Law

Third edition

Janet Dine
Professor of Law
University of Essex

Law series editor: Marise Cremona

Senior Fellow, Centre for Commercial Law Studies
Queen Mary and Westfield College, University of London

~
MACMILLAN
© Janet Dine 1991, 1994, 1998
All rights reserved. No reproduction, copy or transmission of
this publication may be made without written permission.
No paragraph of this publication may be reproduced, copied or
transmitted save with written permission or in accordance with
the provisions of the Copyright, Designs and Patents Act 1988,
or under the terms of any licence permitting limited copying
issued by the Copyright Licensing Agency, 90 Tottenham Court
Road, London W1P 9HE.
Any person who does any unauthorised act in relation to this
publication may be liable to criminal prosecution and civil
claims for damages.

The author has asserted her right to be identified

as the authors of this work in accordance with the
Copyright, Designs and Patents Act 1988.

First edition 1991

Reprinted once
Second edition 1994
Third edition 1998

Published by
MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG21 6XS
and London
Companies and representatives
throughout the world
ISBN 978-0-333-71095-1 ISBN 978-1-349-14583-6 (eBook)
DOI 10.1007/978-1-349-14583-6
A catalogue record for this book is available
from the British Library.

Copy-edited and typeset by Povey-Edmondson

Tavistock and Rochdale, England

10 9 8 7 6 5 4
07 06 05 04 03 02 01 00
 v

Contents

Preface xiii
Table of Cases xiv
Table of Statutes and Directives xxiii

1 The reasons for forming companies 1

1.1 The elements of a company 3
1.2 Outsiders 4
1.3 'Parent' and 'subsidiary' company 5
1.4 Single member companies 6
Summary 6
Casenotes 6
Exercises 8

2 Starting a company 9
2.1 Limited and unlimited companies 9
2.2 Public and private companies 10
2.3 Minimum capital requirements for a public
company 11
2.4 Change of status from public to private company
and vice versa II
2.5 Groups 12
2.6 The memorandum of association and registration 13
2.7 Incorporation 15
2.8 Duty of Registrar 15
2.9 Off-the-shelf companies 16
Summary 16
Casenotes 17
Exercises 19

3 Corporate personality 20
3.1 The legal basis for the separate personality doctrine 20
3.2 Problems caused by the personality doctrine and
exceptions 26
3.3 Statutory intervention 27
3.4 Lifting the veil 27
3.5 Fraud 29
3.6 Groups 30
3.7 The criminal and civil liabilities of companies 37
3.8 What crimes? 38
3.9 Why convict companies? 38
VI Contents

3.10 Identification of the company's alter ego 39

3.11 Civil liability 40
Summary 40
Casenotes 41
Exercises 42

4 The memorandum of association 43

4.1 Ultra vires - the old law 43
4.2 Constructive notice 44
4.3 Justification of the doctrine 44
4.4 How to determine whether an act is ultra vires 44
4.5 The new law 45
4.6 Ratification 46
4.7 The old case law 48
4.8 Objects and powers 50
4.9 Ultra vires and objects 50
4.10 Knowledge by an outsider that a transaction is
outside objects or powers 51
4.11 Can borrowing ever be an object? 51
4.12 Recent authorities 52
4.13 Alteration of the memorandum of association 55
Summary 55
Exercises 56
5 The articles of association 57
5.1 The articles as a contract 58
5.2 What rights are governed by the contract in the
articles? 58
5.3 Outsiders 59
5.4 The articles as evidence of a contract 62
5.5 Alteration of the articles of association 63
5.6 Bona fide for the benefit of the company 64
5.7 Remedies 67
5.8 Power of directors to bind the company 69
5.9 Protection 71
5.10 Transaction and dealing 71
5.11 Decided on by the directors 71
5.12 Good faith 72
5.13 Unauthorised agents 72
5.14 Usual authority 75
Summary 76
Casenotes 76
Exercises 77

6 Promoters 78
6.1 Who are promoters? 78
6.2 Duties of promoters 79
6.3 Disclosure 80
 Contents vii

6.4 The loss of the right to recission 81

6.5 Actions for damages 81
6.6 Remuneration of promoters 81
6. 7 Pre-incorporation contracts 82
6.8 Liability of the company 83
Summary 83
Exercises 83

7 Public issue of securities 84

7.1 Shares 84
7.2 Direct offers, offers for sale, issuing houses 84
7.3 The two regimes 85
7.4 Rights offers and public offers 85
7.5 Placing 85
7.6 Pre-emption rights 85
7.7 Authority to issue shares 86
7.8 Director's duties 86
7.9 The structure of the rules 87
7.10 Admission to Stock Exchange listing 87
7.11 Contents of listing particulars 88
7.12 Continuing obligations 88
7.13 Remedies for defective listing particulars 88
7.14 Prospectus issues 90
7.15 Remedies for defective prospectuses 91
7.16 Liabilities for misstatements in prospectuses and
listing particulars 91
7.17 The EC Prospectus Directive 92
7.18 Aims of the Directive 93
7.19 Transferable securities 93
Summary 95
Exercises 96

8 The regulation of investment business 97

8.1 The bodies involved 97
8.2 The important provisions 97
8.3 Futures contracts ~ an example of how the FSA
works 98
8.4 'In the United Kingdom' 100
8.5 Authorisation and Exemption, SROs and RPBs 100
8.6 Exempted persons 101
8.7 Unauthorised investment business 101
8.8 Conduct of investment business 101
8.9 Sanctions 102
8.10 The new approach to SIB and SRO rules 103
8.11 The Investment Services Directive 103
Summary 109
Exercises 109
viii Contents

9 Maintenance of capital 110

9.1 Fundamental rule 110
9.2 Payment of money to members 110
9.3 Distributions Ill
9.4 Rules governing distributions 112
9.5 Dividends 112
9.6 Public companies 113
9.7 Members' liability 114
9.8 Other permitted payments to members 114
9.9 Reductions of capital 114
9.10 Interests of creditors 116
9.11 Procedure 117
9.12 Bonus shares 117
9.13 Redeemable shares and forfeiture of shares 117
9.14 Purchase of own shares 119
9.15 Permitted reductions of capital 120
9.16 Reissue 120
9.17 Public companies 120
9.18 Illegal transactions 121
9.19 Serious loss of capital by a public company 126
9.20 Accounts 127
9.21 Company accounts 127
9.22 FRSs and FREDs 127
9.23 The obligation to prepare accounts 128
9.24 Keeping the records 128
9.25 Accounting reference date 128
9.26 Duty to prepare individual company
accounts 129
9.27 Group accounts 129
9.28 Conclusion 130
Summary 131
Exercises 131

10 The balance of power inside the company: corporate

governance 132
10.1 Proxy voting 132
10.2 Solicitation of proxies 133
10.3 Formality of procedure 133
10.4 Elective regime 133
10.5 Meetings 134
10.6 The management of the company 140
10.7 Appointment of directors 142
10.8 Removal of a director 146
10.9 Disqualification 148
10.10 Directors' meetings 148
10.11 Managing director 149
10.12 Relationship between the board of directors and the
general meeting 150
 Contents ix

10.13 Where the board of directors ceases to flJnction 152

10.14 Single member companies 153
10.15 The Secretary 153
10.16 Employees 154
10.17 Denmark 154
10.18 France 154
10.19 Germany 155
10.20 The Netherlands 155
10.21 Belgium 155
10.22 Italy 156
10.23 Luxembourg 156
10.24 Spain 156
10.25 Greece 156
10.26 Portugal 157
10.27 Ireland 157
10.28 United Kingdom 157
10.29 Creditors 158
Summary 158
Casenotes 159
Exercises 178

11 Directors' duties 179

11.1 The Cadbury Report 180
11.2 Duty owed to the company 182
11.3 What is the company? 183
11.4 Duties of care and skill 184
11.5 Fiduciary duties 189
11.6 Are the prohibitions absolute? 190
11.7 The categories of prohibitions or disabilities 190
11.8 Consequences of a breach 197
11.9 Relief from liability 197
11.10 Relief by the court 197
Summary 198
Casenotes 198
Exercises 202

12 Statutory duties of directors 203

12.1 Prohibited transactions 203
12.2 Public companies 204
12.3 General exceptions 204
12.4 Civil remedies and criminal penalties 204
12.5 Disqualification of directors 204
12.6 Insider dealing 217
Summary 226
Casenotes 226
Exercises 235
X Contents

13 Suing the company, suing for the company, enforcing

directors' duties 236
13.1 Suing the company 236
13.2 Suing for the company (the exceptions to the rule in
Foss v. Harbottle and derivative actions) 236
13.3 Ratification - the improper elevation of majority
rule 238
13.4 The statutory remedy in section 459 244
13.5 Unfair prejudice 244
13.6 The relief that can be granted 248
13.7 Winding-up orders 249
13.8 When a winding-up order is likely to be made 250
13.9 Department of Trade investigations 251
13.10 When inspectors have been appointed 252
13.11 Following investigations 252
13.12 Power to investigate share ownership 252
Summary 253
Casenotes 253
Exercises 257

14 Shares 259
14.1 Ordinary shares 259
14.2 Preference shares 260
14.3 Voting rights 261
14.4 The exercise of voting powers 263
14.5 Variation of class rights 264
14.6 Class meetings 269
14.7 Alteration of articles to insert a variation clause 270
14.8 Statutory right to object 270
Summary 271
Exercises 271

15 Lending money and securing loans 272

15.1 Debenture-holder's receiver 272
15.2 Fixed and floating charges 272
15.3 The characteristics of fixed and floating charges 276
15.4 Crystallisation of the floating charge 276
15.5 Legal and equitable charges 277
15.6 Floating charges and other claims against the
company 278
15.7 Retention of title clauses 279
15.8 Registration of company charges 280
15.9 Basic definitions 280
15.10 Which charges are registrable? 281
15.11 Salient points 282
15.12 Notice of crystallisation of floating charges 283
15.13 Delivery of particulars and priorities 283
15.14 Priorities under the registration scheme 284
 Contents xi

15.15 The register and certification 284

15.16 Effect of registration 284
15.17 Duty to register and effect of non-registration 285
15.18 Payment of money secured by unregistered charge 285
15.19 Late delivery of particulars 286
15.20 Varying or supplementing registered particulars 286
15.21 Effect of errors and omissions 286
15.22 Registration of discharge 287
15.23 Oversea companies 287
15.24 The European Company Statute 288
15.25 Effect of Registrar's certificate 288
Summary 289
Casenotes 289
Exercises 289

16 Takeovers, reconstructions, amalgamations 290

16.1 Public offers 290
16.2 Monopolies 290
16.3 The takeover panel 291
16.4 General principles and rules 291
16.5 Partial offers 291
16.6 Compulsory purchase provisions 292
16.7 Reconstructions 293
16.8 Meetings 293
16.9 Approval of the court 294
16.10 Reconstruction in a liquidation 294
Summary 295
Casenotes 295
Exercises 296

17 Insolvency and corporate reconstruction 297

17.1 Administration 297
17.2 Limitation on jurisdiction 297
17.3 When an order can be made 297
17.4 The application 298
17.5 Service of petition 298
17.6 Hearing 299
17.7 Effect of presentation of a petition 300
17.8 Notice of order 300
17.9 Effect of administration order 300
17.10 Powers of the administrator 301
17.11 Duties of the administrator 301
17.12 Unfairly prejudicial management 302
17.13 Application to discharge the order 302
17.14 Voluntary arrangements 302
17.15 Proposal 302
17.16 The involvement of the court 303
17.17 Contents of the proposal 303
xii Contents

17.18 Meetings 303

17.19 Challenges 303
17.20 Administrative receivership 304
17.21 Liquidations 304
17.22 Voluntary winding-up 305
17.23 The liquidator 305
17.24 Order of payment of debts 306
17.25 Avoiding antecedent transactions 306
17.26 Fraudulent trading 309
17.27 Summary remedy against delinquent directors 310
17.28 Wrongful trading 310
17.29 The destination of the money 312
17.30 Dissolution 312
Summary 312
Casenotes 313
Exercises 320

18 The effect of the EU on English company law 321

18.1 The making of a Directive 321
18.2 The extent of the influence of EU rules 322
18.3 Sources of EU law 323
18.4 The institutions of the EU 324
18.5 The EU company law harmonisation programme 327
18.6 Company law directives 328
18.7 Securities regulation 342
18.8 Insolvency 344
18.9 Conclusion 348
Summary 349
Exercises 349

19 The new company laws of Eastern Europe 350

19.1 The property of the enterprise 350
19.2 Structures of boards and shareholders 351
19.3 The Czech example 353
19.4 Employment laws 355
19.5 Foreign investors 356
19.6 Conclusion 357

Bibliography and Further Reading 358

Index 361
 xiii

Preface

In accordance with the intentions behind the Mastering Law series, this
book is intended as an introduction to the basic principles of company
law. Like the other books in the series the book contains features designed
to help those studying this subject for the first time. These include
casenotes at the end of most chapters which give a short account of the
facts and decisions in key cases. A number of points for further
consideration are included in the exercises at the end of each chapter. In
addition an attempt has been made to state the law in clear and simple
terms. I hope it has succeeded.
JANET DINE

The publishers and authors are grateful to Butterworth Publishers

London for the permission to reproduce material as casenotes taken from
Butterworth's Company Law Handbook.
XlV

Table of Cases

Abbey Malvern Wells v. Minister of Local Government

[1951] Ch 728 36
AB Trucking and BAW Commercials Ch D 3 June 1987
unreported 210
Aberdeen Railway Co. v. Blaikie Bros (1852) 1 Marq 461 192
Acatos v. Hutcheson pie v. Watson [1994] BCLC 218 125
Adams v. Cape Industries PLC [1990] BCLC 35
AlB Finance Ltd v. Bank of Scotland [1995] 1 BCLC 185 278
Alexander v. Automatic Telephone Co.[l900] 2 cH 56 86, 243
Alexander Ward Coach Ltd v. Samyang Navigation
Co. Ltd[l975] 2 AllER 424 152
Allen v. Gold Reefs of West Africa Ltd [1900] 2 Ch 656 54, 76
Al-Nakib Investments (Jersey) Ltd v. Longcroft [1990] 1 WLR 676 92
Alpine Investments BY v. Minister van Financien [1995] 326
Aluminium Industrie Yaassen BY v. Romalpa Aluminium Ltd
[1976] 1 WLR 276 279
Arbuthnot Leasing International Ltd v. Havelet Leasing Ltd
(No. 2) [1990] BCC 636 308
Arctic Engineering Ltd [1986] 1 WLR 686 206
Ashbury v. Watson (1985) 30 CLD 376 267
Ashbury Railway Carriage and Iron Co. (1875) LR 7 HL 653 48
Attorney General's Reference (No. 1) of 1975 [1975] 2 All ER 684 221
Attorney General's Reference No.1 of 1988 [1989] BCLC 193 221
Atwool v. Merryweather (1967) 5 Eq 464 243
Augustus Barnett & Son Ltd [1986] BCLC 170 31
Automatic Self Cleansing Filter Syndicate Company Ltd v. Cunningham
[1906] 2 Ch 34 150

Baillie v. Oriental Telephone and Electric Company Ltd [1915]

1 Ch 503 136
Bamford v. Bamford [1970] Ch 212 237, 243
Barnett, Hoares & Co. v. South Longon Tramways Co. (1887)
18 QBD 815 75
Barrett v. Duckett and others [1995] 1 BCLC 237
Beattie v. Beattie [1938] Ch 708 61, 76
Bell Houses Ltd v. City Wall Properties Ltd [1966] 2 QB 656 49
Belmont Finance Corporation v. Williams Funriture Ltd (No. 2)
[1980] 1 AllER 393 122
Birch v. Sullivan [1958]1 AllER 56 239
Bisgood v. Henderson's Transvaal Estates [1908] 1 Ch 743 294
Bishopsgate Investment Management (in Liquidation) v. Maxwell
[1993] BCC 120 196
 Table of Cases xv

H. L. Bolton (Engineering) Co. Ltd v. T. J. Graham & I. Sons Ltd

[1957] I QB I59 39
Borden (UK) Ltd v. Scottish Timber Products [I979] 3 WLR 672 279
Brady v. Brady [1988] 2 All ER 617 123, 125, 184
Breckland Group Holdings Ltd v. London and Suffolk
Properties Ltd [1989] BCLC 100 151
British America Nickel Corporation Ltd v. M. J.O'Brien Ltd
[I937] AC 707 264
British and American Trustee and Finance Corporation Ltd
v. Couper [I894] AC 399 II5, 116
British Murac Syndicate v. Alperton Rubber Co. [1915] 2 Ch 186 68
Broderip v. Salomon [I895] 2 Ch 323 21
Brown v. British Abrasive Wheel [I919]I Ch 290 65
Browne v. La Trinidad (1888) 37 ChD I 60
Bushell v. Faith [I970] AC 1099 3, 147-8, 152, 258

Campbell v. Paddington Corporation [1911]1 KB 869 40

Cane v. Jones [1980] 1 WLR 1451 38, 133
Capital Finance Co Ltd v. Stokes [I968] I AllER 573 312
Carruth v. Imperial Chemical Industries Ltd [1937]
AC 707 1I5, I36, 270, 294
Centrafarm 32
Chequepoint SARL v. McClelland and another [1997] 1 BCLC 117 327
Chohan v. Saggar and another [I994] I BCLC 706 308
CIR v. Goldblatt [1972] Ch 498 272
City Equitable Fire Insurance [I925] Ch 407 185, 187, 198, 202, 205,
210, 213, 258
Clemens v. Clemens Bros Ltd [1976] 2 All ER 268 139
Clough Mill Ltd v. Geoffrey Martin [1985] 1 WLR Ill 280
Cook v. Deeks [1916]1 AC 554 191. 242
Cory Bros & Co. [1927] 1 KB 810 276
Cotman v. Brougham [1918] AC 514 48, 49, 50, 51
Cotornic (UK) Ltd v. Dezonie [1991] BCLC 721 82
Cumbrian Newspapers Group Ltd v. Cumberland & Westmorland
Herald Newspaper & Printing Co. Ltd [1987] Ch 1 265
Customs and Excise Commissioners v. Hedon Alpha Ltd [1981]
2 AllER 697 197

Dafen Tiknplate Co. Ltd v. Llanelly Steel Co. (1907) Ltd [1920]
2 Ch 124 65-6
Daimler v. Continental Tyre Co. [1916] AC 308 37
Daniels v. Daniels [1978] Ch 406 243, 2549
DHN Food Distributors v. Tower Hamlets Borough Council
[1976]1 WLR 852 35
Dimbula Valley (Ceylon) Tea Co. v. Laurie [1961] Ch 353 266
Dorchester Finance Co. Ltd v. Stebbing [1989] BCLC 498 185
Dovey v. Cory [1901] AC 477 184
DPP v. Kent and Sussex Contractors Ltd [1944] KB 146 39
xvi Table of Cases

El Ajou v. Dollar Land Holdings Pic [1994]1 BCLC 464 40

Elder v. Elder and Watson (1952) SC 49 246-7
Eley v. Positive Government Security Life Association (1876)
1 ExD 88 59--60
El Sombrero Ltd [1958] Ch 900 135
Erlanger v. New Sombrero Phosphate Co. (1878)
3 App.Case 1218 79, 80
Estmanco (Kilner House) Ltd v. GLC [1982]1 WLR 2 243, 254
Evans v. Brunner Mond [1921] 1 Ch 359 51
Exxon Corporation v. Exxon Insurance Consultants International
Ltd [1982] Ch 119 15

Fargo Ltd v. Godfroy [1986] 2 AllER 279 240

Firestone Tyre Co. v. Llewellin [1957] 1 WLR 464 35
Foss v. Harbottle (1843) 2 Hare 461 236-8, 24Q-4, 246, 253, 258, 334
Framlington Group Pic and another v. Anderson and others
[1995] 1 BCLC 475 193
Francovich and Boniface v. Italian Republic [1992] ECR 133 324, 346
Freeman & Lockyer v. Buckhurst Park Properties Ltd [1964]
2 QB 480 73
Fulham Football Club and others v. Cobra Estates Pic [1994]
I BCLC 363 195

Gilford Motor Co. v. Home [1933] Ch 935 30

Gluckstein v. Barnes [1900] AC 240 80
Gover's Case [1875] 1 Ch D 182 81
Gramophone and Typewriter Ltd v. Stanley [1908] 2KB 89 152
Greenhalgh v. Arderne Cinemas Ltd [1946] 1 All ER 512 265, 266
Greenhalgh v. Arderne Cinemas Ltd [1951] Ch 286 67, 76

Halifax Building Society v. Meridian Housing Associaton [1994]

2 BCLC 55
Halifax Sugar Refining Co. v. Franklyn (1890) 59 LJ Ch 591 148
Harman and another v. BML Group Ltd [1994]
1 BCLC 674 135, 137, 140
Harold Houldsworth & Co. (Wakefield) Ltd v. Caddies [1955]
1 WRR 352 149
Harrods v. Lemon [1931]2 KB 157 27
Hickman v. Kent and Romney Marsh Sheepbreeders [1915]
I Ch 881 60, 61
Hogg v. Cramphom Ltd [1976] Ch 254 244
Houldsworth v. City of Glasgow Bank ( 1880) 5 App Cas 317 69, 91
Howard v. Patent Ivory Co. (1888) 38 Ch D 156 83
Howard Smith Ltd v. Ampol Petroleum Ltd [1974]
AC 821 4, 195-6, 258
Huggins (1730) 2 Stra 883 37
Hutton v. West Cork Railway Company (1883) 23 Ch D 6544 7, 50
 Table of Cases xvii

Industrial Developments v. Cooley [1972] I WLR 443 193, 258

International Sales and Agencies v. Marcus [1982] 3 AllER 551 72
Introductions Ltd v. National Provincial Bank Ltd [1970] Ch 199 52
Island Export Finance Ltd v. Umunna and Another [1986]
BCLC 460 193, 258

Jacobus Marler Estates v. Marler (1913) 85 LJPC 81

John Morley Building Co. v. Barras [1891] 2 Ch 386 142
Jones v. Lipman [1962] 1 AllER 442 30
Jones v. H. F. Ahmanson & Co.(l993) 1 Cal 3d 34

Karella v. Minister of Industry, Energy and Technology (1991)

OJ Cl66/12 324, 329

The Lady Gwendolen [1965] P 294 40

Lagunas Nitrate v. Lagunas Syndicate [1899] 2 Ch 515 80, 81
Lane's Case (1862) 1 De GJ & SM 504 120
Lee v. Lee's Air Farming [1916] AC 12 28, 36
Lennard's Carrying Company Ltd v. Asiatic Petroleum Co. Ltd
[1915] AC 705 40
H. Leverton Ltd v. Crawford Offshore (Exploration) Ltd (1996) 30, 41
Levy v. Abercorris Slate and Slab Co. (1883) 37 Ch D 260 272
Littlewoods Stores v. CIR [1969]1 WLR 1241 36
London Sack and Bag v. Dixon [1943] AllER 763 59
London School of Electronics Ltd [1986] Ch 211 245
Lowe v. Fahey and others [1996]1 BCLC 262 244

Macaura v. Northern Assurance Co. [1925] AC 619 27

Maclaine Watson & Co. v. DTI Maclaine Watson & Co. v.
International Tin Council [1990] BCLC 102 35
Lonrho v. Shell Petroleum [1980] QB 358 35, 41, 183, 184
Malyon v. Plummer [1963] 2 All ER 344 28, 36
Marleasing SA v. La Comercial International de Alimentation SA
(1990) ECR 1-4135 328
The Marquis of Bute's Case [1892] 2 Ch 100 184-5
Marshall's Valve Gear Co. v. Manning Wardle & Co. [1909]
I Ch 267 153
McNulty's Interchange Ltd & Another (1988) 4 BCC 533 214
Melhado v. Porto Alegre Ry Co. (1874) LR 9 CP 503 60
Melton Medes v. SIB (1994) 97
Menier v. Hooper's Telegraph Works [1874] LR 9 Ch D 350 191, 242
Meridian Global Funds Management Asia Ltd v. Securities
Commission (PC) [1995] 2 BCLC 116 40, 41
Mitchell & Hobbs (UK) v. Mill [1996] 2 BCLC 102 150
Moffat v. Farquhar (1878) 7 Ch D 591 68
Moore v. Bresler [1944] 2 All ER 559 40
Moseley v. Kollyfontein [1904] 2 Ch 108 27
Movitex v. Bulfield [1988] BCLC 104 190, 192, 258
xviii Table of Cases

National Dock Labour Board v. Pinn & Wheeler & Others [1989]
BCLC 647 35
Nelson v. James Nelson & Sons Ltd [1914] 2 KB 770 63, 146, 149
Neptune (Vehicle Washing Equipment) Ltd v. Fitzgerald [1995]
1 BCLC 352 27
New British Iron Company, Ex Parte Beckwith [1898] 1 Ch 324 62, 145
New Bullas Trading Ltd [1993] BCC 251 275
Newhart Developments Ltd v. Co-operative Commercial Bank Ltd
[1978] QB 814 304
North West Transportation v. Beatty (1887) 12 App.Cas 589 139
Nurcombe v. Nurcombe [1985] 1 AllER 65 240, 254

Oakdale (Richmond) Ltd v. National Westminster Bank pic

[1997] 1 BCLC 63 326
Omnium Electric Palace v. Baines [1914] 1 Ch 332 79
Oshkosh B'Gosh Inc v. Dab Marbel Inc Ltd [1989] BCLC 507 82

P & 0 European Ferries Ltd (1990) 93 CrAppR 72 38

Panorama Developments v. Fidelis Furnishing Fabrics [1971]
3 WLR 440 75, 153
Panagis Pafitis and Others v. Bank of Central Gereece and
others (12 March 1996 nyr) 329
Parke v. Daily News [1962] 2 AllER 929 5, 6-8
Parlett v. Guppys (Bridport) Ltd and Others [1993] 1 BCLC 35 126
Paul & Frank Ltd v. Discount Bank (Overseas) Ltd [1967] Ch 348 283
Parlides v. Jensen [1956] Ch 565 239, 243
Peel v. London and North Western Ry Co [1907] 1 Ch 5 133
Percival v. Wright [1902] 2 Ch 421 86
Phonogram v. Lane [1981] 3 WLR 736 82
Piercy v. S. M. Mills & Co. Ltd [1920] 1 Ch 77 195, 201
Possfund Custodian Trustee v. Diamond [1996] 2 BCLC 665 92
Prichard's Case (1873) LR 8 Ch 956 60
Produce Marketing Consortium Ltd [1989] 1 WLR 745 311
Prudential Assurance Co. Ltd v. Newman Industries Ltd
(No. 2) [19821] Ch 257 (first instance) 239, 241
Puddephatt v. Leith [1916] 1 Ch 200 140
Punt v. Symonds & Co. [1903] 2 Ch 506 195, 201

R v. Farmizer (Products) Ltd [1995] 2 BCLC 462 311

R v. Gomez [1992] 3 WLR 1067 Ill, 189
R v. Goodman [1994] BCLC 349 205
R v. Panel on Take-overs Ex Parte Datafin [1987] 2 WLR 699 291
R v. Panel on Take-overs and Mergers Ex Parte Guinness PLC
[1989] BCLC 25 291
R v. Phillipou [1989] Crim LR 585 189
R v. Secretary of State for Trade, Ex Parte Perestrello [1981]
QB 19 252
R v. SIB [1995] 2 BCLC 76 97
 Table of Cases XIX

R v. SIB [1996] 2 BCLC 342 97

R v. Smith [1996] 2 BCLC 109 310
R&H Electric and another v. Haden Bill Electrical Ltd [1995]
2 BCLC 280 247
Rayfield v. Hands [1960] Ch 1 59
J. H. Rayner (Mincing Lane) Ltd v. Department of Trade and
Industry (Court of Appeal Judgment) [1988] 3 WLR 1033 35, 41
Read v. Astoria Garage (Streatham) Ltd [1952] Ch 637 62, 63, 146
ReA Company No.00996 of 1979 [1980] Ch 138 207
ReA Company No.00175 of 1987 [1987] BCLC 467 299
ReA Company No.001761 of 1986 [1987] BCLC 141 245
ReA Company [1986] BCLC 376 1 245
Re A Company [1986] 2 BC 98 & 952 248
ReA Company [1983] Ch 178 248
ReA Company [1988]4 BCC 506 248
ReA Company [1983]1 WLR 927 250
Re Anglo Continental Supply Co. [1922] 2 Ch 723 295
Re Armagh Shoes Ltd [1982] NI 59 273
Re Attorney General's Reference No. 2 1982 [1984]
2 WLR 447 189, 197
Re Automatic Bottlemakers Ltd [1926] Ch 412 278
Re M. C. Bacon Ltd [1990] BCLC 324 307
Re Bath Glass [1988] BCLC 329 210, 212-13
Re Benjamin Cope & Sons [1914] 1 Ch 800 278
Re Bond Worth [1980] Ch 228 280
Re Bovey Hotel Ventures (31 Julyl981) unreported 244
Re Brenfield Squash Racquets Club Ltd [1996] 2 BCLC 184 249
Re Brightlife [1987] Ch 200 275, 276-7, 282
Re BSB Holdings [1996] 1 BCLC 155 247
Re Bugle Press Ltd [1961] Ch 270 292, 293, 295
Re Cairney v. Black [1906] 2 KB 746 210. 212-213
Re Cape Breton (1885) 29 Ch D 795 81
Re Carrington Viyella PLC (1983) 1 BCC 98 246, 248
Re Chartmore [1990] BCLC 673 216
Re Civicia Investments Ltd [1983] BCLC 456 211
Re Climex Tissues [1995] 1 BCLC 409 276
Re Continental Assurance Co. of London pic, Secretary of State
for Trade and Industry v. Burrows and others [1997]1 BCLC 48 214
Re Cosslett (Contractors) Ltd, Clark v. Mid Glamorgan County
Council [1996] 1 BCLC 407 276
Re Crestjoy Products Ltd; Secretary of State for Trade and
Industry v. Goddard and Others, Ch D 18 Oct. 1989 (Lexis) 211
Re Crichton's Oil [1902] 2 Ch 86 260
Re Crown Bank (1890) 44 Ch D 634 48, 49
Re Curtain Dream Pic [1990] BCLC 925 280
Re Darby [1911] 1 KB 95 30
Re David Payne & Co. Ltd [1904] 2 Ch 608 51, 54
Re Dawson Print Group [1987] BCLC 601 199, 209
xx Table of Cases

Re Destone Fabrics [1941] Ch 319 30

Re D'Jan of London Ltd [1993] BCC 646 186, 205, 258, 310
Re Ebrahami v. Westbourne Galleries [1973] AC 360 250, 257
ReELS Ltd; Ramsbottom v. Luton Borough Council [1994]
BCC 449 277
Re English, Scottish and Australian Chartered Bank [1893]
3 Ch 385 294
Re Expanded Plugs Ltd [1960]1 WLR 514 251
Re F. G. Films [1953] 1 WLR 483 36
Regal Hastings Ltd v. 273Gulliver [1942] 1 AllER 378 192, 193, 242,
258
Re George Newman & Co. [1895] 1 Ch 674 145
Re Georgiou (1988) 4 BCC 322 205
Re German Date Coffee Co. (1882) 20 Ch D 169 250, 251
Re Great Northern Salt and Chemical Works Co. (1890)
44 Ch D 472 142
Re Grierson, Oldham and Adams Ltd [1968] Ch 17 292
Re H [1996] 2 BCLC 500 30
Re Halt Garage Ltd [1982] 3 AllER 1016 52, 111
Re Hellenic and General Trust Ltd [1976] 1 WLR 123 293
Re Holder's Investment Trust Ltd [1971] 1 WLR 583 264
Re Horsley and Weight Ltd [1982] Ch 442 52
Re Hydrodan (Corby) Ltd [1994] BCC 161 143
Re Jon Beaufort (London) Ltd [1953] Ch 131 51
Re Jupiter House Investments (Cambridge) Ltd [1985] BCLC 222 116
Re Keenan Bros Ltd [1986] BCLC 242 274
Re Lee, Behrens & Co. Ltd [1932] 2 Ch 46 8
Re Leeds United Holdings pic [1996] 2 BCLC 545 245, 246
Re Lifecare International PLC [1990] BCLC 222 293
ReLiving Images Ltd [1996]1 BCLC 348 212
Re Lo-Line Electric Motors Ltd [1988] BCLC 698, (1988)
4 BCC 415 211, 214, 216
Re Looe Fish Ltd [1993] BCC 368 196
Re Mackenzie & Co. Ltd [1916] 2 Ch 450 266
Re Macro (Ipswich) Ltd [1984] 2 BCLC 354 245
Re Majestic Recording Studios [1989] BCLC 1 210, 215
Re Matthew Ellis [1933] Ch 458 309
Re Meux's Brewery Co. Ltd [1919]1 Ch 28 116
Re Molton Finance [1968] Ch 325 281
Re National Motor Mail Coach Co. [1908]2 Ch 515 81
Re New Generation Engineers Ltd [1993] BCLC 435 210
Re R. A. Noble & Son (Clothing) Ltd [1983] BCLC 273 244--5, 250
Re Northumberland Avenue Hotel Co (1866) 33 Ch D 16 23
Re Old Silkstone Collieries [1954] Ch 169 266
Re Pamstock Ltd [1994]1 BCLC 736 209
Re Pergamon Press [1970] 3 WLR 792 252
Re Peter's American Delicacy Company Ltd (High Court of
Australia) (1939) 61 CLR 457 57, 66
 Table of Cases xx1

Re Polly Peck International Pic (in administration) [1996]

2 AllER 433 36
Re Portuguese Copper Mines (1889) 42 ChD 160 148
Re Richmond Gate Property Co. Ltd [1965] 1 WLR 335 62, 145
Re Rolus Properties Ltd & Another (1988) 4 BCC 446 213, 216
Re Saltdean Estate Co. Ltd [1968] 1 WLR 1844 116
Re Sam Weller & Sons Ltd (ReA Company (No. 823 of 1987))
[1990] BCLC 80 246
Re Saul D. Harrison & Sons pic [1995] I BCLC 14 246, 247
Re Savoy Hotel Ltd [1981] Ch 351 293
Re Schweppes Ltd [1914] I Ch 322 266
Re Sevenoaks Stationers [1993] Ch 164 219, 214, 215, 216, 258
ReM. J. Shanley Contracting Ltd (1979) 124 SJ 239 137
Re Slavenburg's Bank NV v. Intercontinental Natural Resources
Ltd [1980] 1 All ER 955 287
Re Southard & Co. Ltd [1979] 3 AllER 556 31
Re Stanford Services [1987] BCLC 607 200, 209
ReG. E. Tunbridge Ltd [1995] I BCLC 409 275-6
Re L. Todd (Swanscombe) Ltd [1990] BCC 125 310
Re Tottenham Hotspur pic 246
Re Unisoft Group Ltd (No. 2) [1994] BCC 766 143-4
Re Welsh and Irish Ferries [1986] Ch 471 282
Re Wood Skinner & Co. [1944] Ch 323 261
Re Woodroffes (Musical Instruments) Ltd [1986] Ch 366 277
Re Yorkshire Woolcombers Association Ltd [1902]
2 CH 284 273, 274, 289
Rights & Issue Investment Trust Ltd v. Stylo Shoes Ltd [1965] Ch 250 67
Robbie v. Whitney Warehouse [1963] 3 AllER 613 279
Rolled Steel Products v. British Steel Corporation [1985] Ch 246 53
Romalpa, see Aluminium Industrie Vaassen
Royal Trust Bank v. National Westminster Bank pic and another
1996] 2 BCLC 682 276
Royal British Bank v. Turquand (1856) 6 E&B 327 69-70

Salisbury Gold Mining Co. v. Hathorn [1897] AC 268 140

Salmon v. Quinn & Axtens [1909]1 CH 311 Affd Subnom Quinn
& Axtens v. Salmon [1909] AC 442 (HL) 60, 61
Saloman v. Salomon [1897] AC 22 20-1, 26, 28, 30, 35, 80
Scott v. Frank F. Scott (London) Ltd [1940] Ch 794 69
Scottish Co-operative Society v. Meyer [1959] AC 324 31, 183, 192, 198
Secretary of State for Trade and Industry v. Ettinger, Re Swift
[1993] BCLC 899 215
Secretary of State for Trade and Industry v. Gray and Another
[1995]1 BCLC 276 209, 212, 214
Secretary of State for Trade and Insutry v. Hickling and Others
[1996] BCC 678 214
Secretary of State for Trade and Industry v. McTighe and Another
(No. 2) [1996] 2 BCLC 477 210
xxii Table of Cases

Selangor United Rubber Estates v. Craddock [12968] I WLR 1555 122

Shindler v. Northern Raincoat Co. [1960] 1 WLR 1038 68, 146
Shuttleworth v. Cox Bros & Co. (Maidenhead) Ltd [1927] 2 KB 9 66
Sidebottom v. Kershaw, Leese & Co. Ltd [1919] 1 Ch 290 65
Smith v. Croft (No.2) 5 [1988] Ch 114 240, 241, 253
Smith v. England and Scottish Mercantile Investment Trust [1896]
WN 86 278-9
Smith v. New Court Securities Ltd 96
Smith New Court Securities v. Scrimgeour Vickers (Asset
Management) Ltd and another 92
Smith v. Van Gorkom 488 A 2d 8.58 (Supreme Court of
Delaware 1985) 188, 200, 258
Smith, Stone & Knight v. Birmingham Corporation [1939] 4 All
ER 116 34, 41
Southern Foundries Ltd v. Shirlaw [1940] AC 701 68, 146
Southern Pacific Co. v. Bogert (1919) 250 US 483 33
Specialist Plant Services Ltd v. Braithwaite Ltd [1987] BCLC 1 280
Standard Chartered Bank v. Walker [1992] 1 WLR 561 184
Stirling v. Maitland (1864) 5 B & S 840 146
Syndesmos EEC, Vasco et al. v. Greece et al ECR (1992)
ECR 1-2111 329
Teck Corporation v. Miller 258
Tesco Supermarkets v. Nattrass [1972] AC 15 39
Thomas Marshall (Exports) Ltd v. Guinle [1979] Ch 227 194
Tomberger v. Gebruder von der Wettern GmbH [1996]
2 BCLC 457 330
Trevor v. Whitworth (1887) 12 App Cas 409 110, 120, 121
Tunstall v. Steigman [1962] 2 QB 593 29
Twycross v. Grant (1877) 2 CPD 469 79
Unit Construction Co. v. Bullock [1960] AC 351 35

Welch (1946) 62 LQR 385 40

Welton v. Saffery [1987] AC 299 61
The Liquidator of the Property of West Mercia Safetywear Ltd
v. Dodd and Another [1988] BCLC 250 183-4
Ex Parte Westburn Sugar Refiners Ltd [1951] AC 625 115
Wheatley v. Silkstone and Hough Moor Coal Company (1885)
29 Ch D 715 278
White v. Bristol Aeroplace Company [1953] Ch 65 266
Will v. Murray (1850) 4 Ex 843 140
William Gaskell Group v. Highley [1994] I BCLC 197 275
Williams v. Natural Life Health Foods Ltd [1997] 1 BCLC 131 29
Windward Islands (Enterprises) UK Ltd [1983] BCLC 293 135
Winkworth v. Edward Baron [1987] BCLC 193 184
Wood v. Odessa Waterworks (1889) 42 Ch D 636 58, 60

Yenidje Tobacco Co. Ltd [1916]2 Ch 426 251

 xxiii

Table of Statutes and Directives

Business Names Act 1985 14

Charities Act 1960 45

Companies Act 1948 151
s.54 123
Companies Act 1967 251
Companies Act 1980 110, 112, 328, 330
s.75 244
Companies Act 1981 330
Companies Act 1985 8, 22, 85, 94, 110, 185, 208
Table A 57, 117, 119, 120, 135, 137,
138, 140, 142, 143, 145, 148-51, 159-78
Table B 14, 17
Table C 57
TableD 9, 57
Table E 57
Table F 14, 18
Part VI 292
Part VII 329-30
Part X 6, 203
Part XV 252
Schedule I 15, 22
Schedule 4 113, 127, 128, 129
Schedule 4a 128, 129
Schedule 7 158
s.1 2
s.l(1) 13
s.1(2)(a) 9
s.1(2)(b) 9
s.1(3) 10
s.1(3)(a) 14
s.l(4) 9
s.2 9, 13
s.2(1)(c) 43
s.2(5) 9, 10, 14
s.2(7) 55
s.3A 46
s.4 55
s.5 55
s.8 9
s.9 58, 63
s.IO 15
xxiv Table of Statutes and Directives

s.l2 I5
s.l3 I5
s.l4 58-9, 6I, 62
s.l6 63
s.l7 55, 267
s.l7(2)(b) 267
s.23 126, 262
s.25(1) IO, I4
s.25(2) I4
s.26 I4
s.26(I)(c) I4
s.29 I4
s.35 45, 48, 55, 72, 237, 24I, 328
s.35(A) 70, 7I, 72
s.35(A)(I) 7I
s.35(A)(2)(a) 7I
s.35(A)(2)(b) 72
s.35B 70
s.35(I) 46
s.35(2) 46
s.35(3) 46,47
s.36C 82
s.43 II
s.47(2) 11
s.47(5) I2
s.53 II
s.54 I2
s.54(5) I2
s.60(I) 84
s.60(4) 84
s.60(5) 84
s.80 86, I34, 268, 269
s.8I IO, 84
ss.89-96 85, 86
s.95 86
s.97 97
s.IOI 11
s.l11A 69, 92
s.II7 II, 304
s.II8 11
s.l25 63-4, 137, 265-7, 27I
s.I25(2) 269
s.I23(3) 268, 269
s.125(4) 268, 269
s.l25(6) 269
s.I25(7) 269
s.I27 270
s.I30(2) 117
 Table of Statutes and Directives xxv

s.l35 114, 116, 120, 125,268,269

s.l35(2) 115
s.136 114
s.136(2) 116
s.l36(5) 117
s.136(6) 116
s.137 114, 125
s.137(1) 116
s.138 114
s.138(4) 117
s.139 114
s.140 114
s.l41 114, 116
s.142 126, 135
s.143 121
s.144(3) 197
s.l44(4) 197
s.l46 120
s.151 121, 123, 124, 125, 125-6
s.l51(3) 126
s.152(1) 122
s.152(3(a) 121
s.l53 123, 124
s.l53(1) 123
s.153(3) 125
s.l53(4) 125
s.155 125
s.156 125
s.158 125
s.159 119
s.159A 117-18
s.159(A)(2) 118
s.159(3) 118
s.l62(1) ll9
s.164 120
s.164(4) 119
s.166 120
s.l66(4) 119
s.170(4) 117
s.l71(3) 118
s.173 119
s.173(6) 119
s.l74(1) liS
s.l75 277
s.196 272
s.2l0 199
s.214 258
s.221 128
xxvi Table of Statutes and Directives

ss. 221~62 128

s.222 128
s.224(2) 128
s.226 129
s.227 129
s.228 332
s.229 332
s.230 332
s.236 130
s.258 6, 12, 129
s.260 130
s.263(2) 112, 114
s.263(3) 112, 113
s.264 113
s.270(4) 130
s.271(3) 130
s.271(4) 130
s.272(4) 130
s.273 130
s.275(1) 113
s.277(1) 114
s.282 142
s.283 153
s.286 153
s.286(1)(c) 153
s.293 144
s.293(5) 144
s.294 144
s.300 199, 200, 208, 115
s.303 133, 136, 146-9, 159, 258
s.303(5) 146
s.309 5, 24, 25, 154, 157, 183
s.310 57, 188, 190, 197, 198
S.310(3) 197
s.319 147, 259
s.319(6) 147
s.320 203, 226-7
ss.320-30 203, 258
s.320(1) 203
s.321 203
S.322 203, 227
s.322A 45~8, 70, 227~9
s.322A(5) 47
s.322a(7) 47
s323 229
s324 229
s.325 231
s.326 231
 Table of Statutes and Directives xxvii

s.328 232
s.330 203, 234-5
s.330(2) 203
s.331(4) 204
s.334 204
s.336 204
s.337 204
s.338 204
s.339 204
s.346 144, 203
s.348-9 14
s.364 203
s.366 134
s.366(4) 134
s.368 135
s.369 136, 137, 269
s.369(4) 137
s.370 269
s.370(4) 137
s.370(6) 261
s.371 135, 137
s.372(1) 132
s.373 133
s.376 136, 269
s.377 269
s.378(1) 137
s.378(2) 137
s.379 136
s.379A 133
s.381 140
s.381(A) 133
s.381(B) 133
s.382(A) 133
s.391 133
s.395(2) 280
s.396(1) 280
s. 396(1 )(a) 281
s.396(1)(c) 281
s.396(1)(d) 282
s.396(1)(e) 282
s. 396(1 )(g) 282
s.396(2)(a) 281
s.396(2)(b) 281
s.396(2)(c) 281
s.396(2)(d) 281
s.396(2)(e) 282
s.396(2)(t) 281, 282
s.396(2)(g) 281
xxviii Table of Statutes and Directives

s.396(4) 282
s.397 284
s.397(3) 288
s.397(5) 284
s.398 285
s.398(1) 283
s.398(4) 284
s.399 286
s.399(1) 285, 286
s.399(2) 285
s.399(3) 285
s.400 286
s.400(2) 286
s.401 286
s.402 286
s.402(4) 287
s.402(5) 287
s.402(6) 287
s.403 287
s.403(3) 287
s.407(1) 285
s.410 277, 283
s.414(4) 283
s.415(2) 284
s.416 284
s.416(1) 284
s.416(2) 284
s.419(1) 280
s.419(5) 285
s.420 280, 282
s.425 125, 267, 293, 294-5, 298
s.426 293
s.427 293
s.428 292
s.429 292
s.429(1) 292
s.429(3) 293
s.430 292
s.430(C) 292
s.431(2)c 251
s.432(1) 251
s.432( 1)(b) 251
s.436 252
s.438 252
s.440 252
s.441(1) 252
s.447 252
s.448 252
 Table of Statutes and Directives XXIX

s.449 252
s.450 252
s.451 252
s.452 252
s.458 309
s.459 41, 67, 91, 182, 244, 246-50, 258, 295, 302
s.459(2) 91, 247
s.460 91
s.461 91, 248
s.464(1) 278
s.464(4) 278
s.691 287, 288
s.703A-N 287
s.703D(l) 288
s.703D(2) 288
s.703D(3) 288
s.703L(l) 288
s.711A 44, 70
s.711A(l) 284
s.711A(4) 284
s.714 14
s.719 5, 8
s.736 12, 13, 130
s.736(A) 130
s. 736( 1)(a )(ii) 12
s.741 142, 143
Companies Act 1987
s.727 197, 201-2
Companies Act 1989 13, 43, 44, 69, 74, 276, 280, 289, 330
Part I 128
Schedule I 129
Schedule 15 287
s.3 128
s.l08 328
s.ll2(3) 45
s.ll3 133
s.ll6 133
s.l31 91-2
s.l33 117
s.l45 244, 248
s.322A 45
Companies and Business Names Regulations 1981 18-19
Companies (Single Member Private Limited Companies)
Regulations 1992, SI 1992/1699 6, 304, 332
Company Directors Disqualification Act 1986 Ill, 148, 185, 187,
188, 258
s.2 205
s.3 205, 206
xxx Table of Statutes and Directives

s.3(2) 206
s.3(3) 206
s.4 205, 206
s.4(1)(a) 206
s.4(1 )(b) 206
s.5 205, 206
s.6 41, 187, 199, 205, 207, 208, 215, 216
s.6(2) 207
s.6(4) 187, 205
s.8 196, 217
Company Securities (Insider Dealing) Act 1985 218
s.2 220
s.3 223
s.9 220
Criminal Justice Act 1993 218, 347
Part V 218
s.lO 219
s.52 221
s.52(2) 223
s.52(2)(a) 221
s.52(2)(b) 222
s.52(3) 222
s.53 222
s.53(3) 222
s.53(b) 222
s.54(2) 218-19
s.55 221
s.56 219
s.57 219, 220, 221
s.57(1)(b) 219
s.58 219
s.62 223
s.63 223

Disclosure of Interests in Shares (Amendment) Regulations 1993 333

Disclosure of Interests in Shares (Amendment) (No.2) Regulations
1993 333

Employment Act 1982 158

Employment Protection Act 1975
s.l7 157
European Community First Directive ()11968 spec.ed 41-5) 328, 330
European Community Second Directive of 1976
(OJ L 16 of 31.1.1977) 130, 328, 329
European Community Third Directive of 1978 (OJ L 195 of
12.10.1978 329
European Community Fourth Directive 329, 330-1, 332
 Table of Statutes and Directives xxxi

European Community Fifth Directive

(OJ Vol. 26 C240, 9.9.1983) 24, 141, 187, 188, 198, 333-41
Art. 1 334
Art.3(a) 334
Art. 4 338
Art.4.1 338
Art.4.b 338
Art.4.b(2) 338
Art.4.c 339
Art.4.d 339
Art.4.e 339
Art.4.i 340
Art.4.3 338
Art.5 334
Art.7 335
Art.8 335
Art.9 337
Art.IO 335, 337
Art.IO.a 335, 337
Art.10.3 335
Art.11 336, 337, 339
Art.l2 337, 339
Art.13 336
Art.l3.2 336
Art.l4 187
Art.17 187
Art.21 187, 338
Art.21a 336
Art.21.a.2 336
Art.2l.n 337
Art.21.o 337
Art.21.q 337, 341
Art.2l.u 337
Art.21.r 337
Art.21.t 336
European Community Sixth Directive (OJ L 378 of 31.12.1982) 330
European Community Seventh Company Law Directive
(OJ Vol. 261 193, 18.7.1983) 330--1, 332
European Community Eighth Company Law Directive on the
Qualification of Auditors (OJ Vol. 27, L 126, 12.5.1984) 331
European Community Ninth Directive 32, 34, 341
European Community Tenth Directive 341
European Community Proposal for an Eleventh Directive on the
Disclosure Requirements Branches of Certain Types of Company
(OJ Vol. 31, C 105, 21.4.1988) 292, 332
European Community Twelfth Company Law Directive
(OJ Vol. 32, L 395, 30.12.1989, pp. 40--42 6, 332
xxxii Table of Statutes and Directives

European Community Thirteenth Directive on Take-overs OJ Vol. 32,

C64, 14.3.1989, pp. 8-14) 343--4
European Community Directive 18/151/EEC 44, 70
European Community Directive on the Common System of
Taxation Guidelines 348
European Community Directive on the Conditions for the
Admission of Securities to Stock Exchange Listing (OJ 22 L66/21) 342
European Community Directive on the Continuing Disclosure
of Information (OJ 25 L48/26 342
European Community Directive on the Information to be
Published when a Major Holding in a Listed Company is
Acquired or Disposed of 332-3
European Community Directive for Informing and Consulting
Employees of Groups (OJ 254/64) 347
European Community Directive on the Listing Particulars to be
Published for the Admission of Securities to Official
Stock Exchange Listing 342
European Community Directive on the Mutual Recognition of
Listing Particulars (OJ Vol. 30, L 185, 4.7.1987, pp. 21-32) 342-3
Amendments 342-3
European Community Insider Dealing Directive (OJ Vol. 32,
L 334, 11.11.1989), pp. 30--32 218,222--4, 343
European Community Investment Services Directive 103-8, 109, 343
Annex 104, 105-6
Art.l 103, 104, 343
Art.4 104, 106, 343
Art.4.1 108
Art.4.2 107
Art.4.5 108
Art.6 108
Art.7 108
Art.8 106
Art.9 104, 108
Art.ll 107
Art.12 107
Art.l3 108
Art.l3.5 108
European Community Money Laundering Directive
(91/308 OJ 1991 L166/77) 346--7, 348
European Community Prospectus Directive
(OJ Vol. 32, L 124, 5.5.1989, pp. 8-15) 85, 90--1, 92--4, 96
European Community Second Banking Directive 11, 103--4
European Company Statute 24, 327
European Economic Interest Grouping (OJ 28 L199/1) 327

Fair Trading Act 1973 290

Financial Services Act 1986 87, 94, 95, 9~ 106, 108, 292
Part 4 85
 Table of Statutes and Directives xxxm

Regulation 4(1) 94
Schedule 12 292
s.l 98
s.1(2) 99
s.l (3) 100
s.3 97-9, 99, 101
s.4 101
s.5 101
s.35 101
s.42 101
s.43 101
s.47 91, 101-2
s.48 223
s.60 102
s.61 102, 103
s.62 102, 103
s.62A 102
s.146 87, 88, 89, 91
s.l46(2) 89
s.l46(3) 89
s.147 87, 89
s.l50 87, 88
s.150(1) 89
s.l51 89,90
s.l51(2) 89, 90
s.l51(4) 90
s.l52 90
s.l59 93
s.160 93
S.l68(8) 91
Schedule 1 98-100
Part I 99
Part II 99
Part III 99
Part IV 100, 101
Schedule 2 101
Schedule 3 101
Ch. V 101-2
Ch. IX 102
Financial Services Act 1999 97

Insider Dealing Act 1986

s.7 223
Insolvency Act 1986 297-320
Part I 125, 298
Schedule I 304
Schedule 6 306
s.1 207, 303
xxxiv Table of Statutes and Directives

s.2 207
s.2(2) 303
s.3 207
s.4 207
s.5 207
s.6 207
s.6(1) 303
s.7 207
s.8 207
s.8(1) 297
s.9(1) 298
s.9(2) 299
s.9(3) 300
s.9(4) 299
s.10 300
s.11(1) 300
s.14(1 )(b) 301
s.14(4) 300
s.17 301
s.l8 302
s.21 300
s.23 301
s.24 302
s.24(5) 301
s.27 302
s.42(1) 304
s.84 137, 305
s.89 305
s.94 312
s.95 306
s.96 306
s.107 305, 306
s.110 125, 294, 295
s.111 294, 295
s.122(1 )(g) 249
s.l23 297, 298
s.l24 302
s.l24A 305
s.125(2) 249, 250
s.129(1A) 306
s.143 306
s.l65 137
s.l75 306
s.201 312
s.205 312
s.212 186, 310, 312
s.213 309
s.214 41, 186, 308
 Table of Statutes and Directives xxxv

s.214(2) 310
s.214(5) 311
s.216 14
s.238 111, 306, 307
s.239(4)(B) 307
s.239 307, 308
s.241 307
s.241(1A) 307
s.244 308
s.245 309
s.249 309
s.251 283, 309
s.386 306, 315-18
s.390(1) 306
s.423 308
s.435 309, 318-19
s.651 312
s.642 312
Insolvency (No. 2) Act 1994 307
Insolvency Rules 1986
r.1.20(1) 303
r.2.1(2) 298
r.2.1 (3) 298
r.2.28(1) 302
r.2.4(2) 299
r.2.9 299
r.2.10 300

Landlord and Tenant Act 1954

s.30 29
Law of Property Act 1925
s.85(1) 277
s.86(1) 277
Law of Property Act 1969
s.6 29

Oversea Companies and Credit Financial constitutions (Branch

Disclosure) Regulations 1992 332

Partnership and Unlimited Companies Regulations 1993 331

Public Offers of Securities Regulations 1995 85, 91, 92, 94--5, 96

Stock Exchange (Listing) Regulations 1984 (SI 1984 No. 716) 87, 88, 95
s.5 88

Theft Act 1968 91

Theft Act 1978 91
Trade Descriptions Act 39