Professional Documents
Culture Documents
Special thanks to the Financial Reporting Council for allowing us to reproduce extracts
from the UK Corporate Governance Code and the Stewardship Code.
PA RT I Fundamental Principles 1
Introduction 14
Corporate personality 14
Salomon and the logic of limited liability 17
Some other good examples of the consequence of separate personality 22
Members, shareholders, and the ownership of the corporation 23
FU RT H ER READ ING 28
S ELF-T EST QUESTIONS 28
Introduction 29
Statutory examples 30
Veil lifting by the courts 32
Classical veil lifting, 1897–1966 32
The interventionist years, 1966–1989 33
Back to basics, 1989–present 34
Tortious liability 41
xii Contents
Introduction 51
Defining the term ‘promoter’ 51
Promoters as fiduciaries 53
Pre-incorporation contracts 56
Section 51 CA 2006: pre-incorporation contracts, deeds,
and obligations 58
Freedom of establishment 59
FURT H E R READ ING 61
S ELF-T E ST QUESTIO NS 61
Introduction 63
Public and private companies 64
Methods of raising money from the public 67
The Financial Conduct Authority and the London Stock Exchange 68
The regulation of listed companies 69
The regulation of takeovers 72
Insider dealing 77
The regulation of other public offers 81
Sanctions 82
The regulatory regime 83
FURT H E R READ ING 84
S ELF-T E ST QUESTIO NS 85
Introduction 86
Types of loan capital 87
Contents xiii
Introduction 115
Receiving proper value on issue of shares 117
Returning funds to shareholders: dividends 122
Returning funds to shareholders: reduction of share capital 126
Returning funds to shareholders: redemption or purchase by a
company of its own shares 129
Financial assistance for the acquisition of shares in a public company 131
The prohibition and the exceptions 134
FU RT H ER READ ING 142
S ELF-T EST QUESTIONS 142
Introduction 143
A company’s constitution 144
Some elements of corporate theory 146
The articles of association 148
The contract of membership 151
A contract between the company and the members 152
A contract between the members? 153
Who can sue? 154
Outsider rights 156
Reform 158
Shareholder agreements and statutory effects 158
xiv Contents
Introduction 163
The legal nature of a share 164
Class rights 165
Variation of class rights 168
Enhancing transparency and shareholder engagement 173
FURT H E R READ ING 175
S ELF-T E ST QUESTIO NS 175
Introduction 176
The rule in Foss v Harbottle: the proper claimant principle 178
The types of shareholder actions 179
Exceptions to the rule in Foss v Harbottle 185
The statutory procedure: Companies Act 2006, Part 11 191
Section 996(2)(c) Companies Act 2006 201
Bars to a derivative action 201
Liability insurance and qualifying third party indemnity provisions 202
Conclusion 203
FURT H E R READ ING 203
S ELF-T E ST QUESTIO NS 204
Introduction 255
The ultra vires doctrine 256
The reform of ultra vires 260
Agency 262
Statutory authority 265
FU RT H ER READ ING 271
S ELF-T EST QUESTIONS 271
Introduction 272
The emergence of the professional managerial organ 274
The relationship between directors and the general meeting 276
Appointment of directors 278
The fiduciary nature of the office 287
Directors’ remuneration 288
Vacation and removal from office 296
Disqualification of directors 300
FU RT H ER READ ING 315
S ELF-T EST QUESTIONS 315
Introduction 317
The fiduciary position of directors 319
To whom do directors owe their duties? 320
The general duties of directors: CA 2006, Part 10 325
Remedies 369
Accessory liability 374
Relief from liability 377
FU RT H ER READ ING 385
S ELF-T EST QUESTIONS 386
xvi Contents
Introduction 388
A brief history of corporate governance 388
Corporate theory 391
Global corporate governance 402
FURT H E R READ ING 405
S ELF-T E ST QUESTIO NS 406
Introduction 407
The background to the UK debate 407
A word on UK corporate theory 408
The corporate governance debate: the industry response 411
The corporate governance debate: the Government response 416
Corporate governance failure and the financial crisis 425
The Walker Report 2009 425
Ongoing reform 427
FURT H E R READ ING 433
S ELF-T E ST QUESTIO NS 434
Dissolution 476
Reform 477
FU RT H ER READ ING 478
S ELF-T EST QUESTIONS 479
4Eng Ltd v Harper (2008) Times, 23 Allard Holdings Ltd, Re [2001] 1 BCLC
June . . . 17.59 404 . . . 17.77
A and BC Chewing Gum Ltd, Re, Topps Allen v Gold Reefs Co of West Africa [1900] 1
Chewing Gum Inc v Coakley [1975] 1 All Ch 656, CA . . . 8.43
ER 1017 . . . 11.12 Alpha Club (UK) Ltd, Re [2002] EWHC
A-G for Hong Kong v Reid (1992), NZCA; on 884 . . . 17.39
appeal [1994] 1 AC 324, PC . . . 14.83, 14.85 Amalgamated Pest Control Ltd v McCarron
A-G v Belfast Corpn (1855) 4 IR Ch [1994] 12 ACLR 171 . . . 8.40
119 . . . 13.25 AMG Global Nominees (Private) Ltd v
A-G v Great Eastern Railway (1880) 5 App Africa Resources Ltd [2008] EWCA Civ
Cas 473, HL . . . 12.9 1278 . . . 7.55
A I Levy (Holdings) Ltd, Re [1964] Ch Amin v Amin [2009] EWHC 3356
19 . . . 17.30 (Ch) . . . 11.77
Abbington Hotel Ltd, Re [2011] EWHC 635 AMP Music Box Enterprises Ltd v Hoffman
(Ch) . . . 11.72 [2002] EWHC 1899 . . . 17.18
Aberdeen Railway Co v Blaikie Bros (1854) 1 Anderson v Hogg [2001] SLT 634 . . . 10.51,
Macq 461 . . . 14.5, 14.68, 14.76 11.59
Abouraya v Sigmund [2014] EWHC 277 Angel Group Ltd v British Gas Trading Ltd
(Ch) . . . 10.15 [2012] EWHC 2702 (Ch) . . . 17.26
Adams v Cape Industries plc [1990] 1 Ch 433, Anglo-Moravian Co, Re (1875) 1 Ch
CA . . . 3.16–3.25, 3.27, 3.30, 3.32, 3.33, 3.34, D . . . 17.41
3.37, 3.47, 3.48 Anglo-Petroleum Ltd v TFB (Mortgages) Ltd
Advance Bank of Australia Ltd v FAI [2007] EWCA Civ 456 . . . 7.39, 7.54, 7.56
Insurances Australia Ltd (1987) 5 ACLC Annacott Holdings Ltd, Re [2013] 2 BCLC
725 . . . 14.19 46 . . . 11.71
AG (Manchester) Ltd (in liq); Official Apex Global Management Ltd v FI Call Ltd
Receiver v Watson (2008) [2008] 1 BCLC [2015] EWHC 3269 (Ch) . . . 11.64
321 . . . 13.66 Arab Bank plc v Mercantile Holdings Ltd
Agip (Africa) Ltd v Jackson [1991] Ch [1994] Ch 71 . . . 7.55
547 . . . 17.37 Arthur D Little Ltd v Ableco Finance LLC
Agnew v IRC [2001] 2 BCLC 188, PC . . . 6.14, [2003] Ch 217 . . . 6.16
6.15, 6.16, 6.22, 6.24, 6.25, 6.26 Ashbury Carriage Company v Riche (1874–
Airbase (UK) Ltd [2008] EWHC 124 75) LR 7 HL 653 . . . 12.8
(Ch) . . . 17.50 Ashpurton Estates Ltd, Re [1983] Ch 110,
Akers v Samba Financial Group [2017] UKSC CA . . . 6.42
6 . . . 17.29 ASIC v Healey [2011] FCA 717 . . . 14.51
Aktieselskabet Dansk Skibsfinansiering v ASRS Establishment Ltd, Re [2000] 1 BCLC
Brother [2001] 2 BCLC 324 . . . 17.65 727, CA . . . 6.21
Akzo Nobel NV v Competition Commission Assénagon Asset Management SA v IBRC
[2013] CAT 13 . . . 3.35 (formerly Anglo Irish Bank) [2012] EWHC
Alexander Ward & Co Ltd v Samyang 2090 (Ch); [2013] 1 All ER 495 . . . 9.26
Navigation Co Ltd (1975), aff’d [1975] 1 Atlantic Computer Systems plc, Re (1992) 2
WLR 673 . . . 13.10 WLR 367 . . . 6.16
Table of cases xix
Atlasview Ltd v Brightview Ltd (LTL 19/ Barings plc (in liquidation) v Coopers
4/2004) sub nom Brightview, Re [2004] & Lybrand (No 1) [2002] EWHC 461,
EWHC 1056 . . . 10.12 ChD . . . 10.10
Augustus Barnett & Son Ltd, Re [1986] PCC Barings plc (in liquidation) v Coopers
167 . . . 17.66 & Lybrand (No 4) [2002] EWHC 461,
Australian Metropolitan Life Assurance Co ChD . . . 3.56
Ltd v Ure (1923) 33 CLR 199 . . . 14.22 Barings plc (No 5), Re [1999] 1 BCLC
Automatic Bottle Makers Ltd, Re [1926] Ch 433 . . . 14.51, 14.52
412, CA . . . 6.35 Barings plc (No 6), Re [1999] 1 BCLC
Automatic Self-Cleansing Filter Syndicate 433 . . . 13.68
Co Ltd v Cunninghame [1906] 2 Ch 34, Barleycorn Enterprises Ltd, Re [1970] Ch 465,
CA . . . 13.7, 14.19 CA . . . 17.48
Aveling Barford Ltd v Perion Ltd [1989] BCLC Barlow Clowes International v Eurotrust
626 . . . 7.17, 7.18, 7.19 International [2005] UKPC 37 . . . 14.87
Bairstow v Queens Moat Houses plc [2001] Barn Crown Ltd, Re [1995] 1 WLR
EWCA Civ 712 . . . 7.13, 7.14, 14.7, 14.108 147 . . . 17.34
Baker v Potter [2005] BCC 855 . . . 11.60 Barnes v Addy (1874) 9 Ch App 244 . . . 14.87
Baker v Secretary of State for Trade and Barrett v Duckett [1995] BCLC 243,
Industry [2001] BCC 273 . . . 13.63 CA . . . 10.31, 10.32, 10.40, 10.47
Ball v Eden Project Ltd [2002] 1 BCLC Barron v Potter [1914] 1 Ch 895 . . . 13.10
313 . . . 14.29 Barton Manufacturing Co Ltd, Re [1999] 1
Ball v Hughes [2017] EWHC 3228 BCLC 741 . . . 17.55
(Ch) . . . 14.39 Baumler (UK) Ltd, Re sub nom Gerrard v
Balston Ltd v Headline Filters Ltd [1990] FSR Baumler (UK) Ltd, Gerrard v Koby [2005] 1
385 . . . 14.69, 14.72 BCLC 92 . . . 11.55, 11.56
Bamford v Bamford [1970], aff’d [1970] Ch BC & G Care Homes Ltd [2015] All ER
212, CA . . . 10.3, 10.23, 14.19, 14.20 115 . . . 11.49, 11.71
Bamford v Harvey [2012] EWHC 2858 (Ch); BCCI Ltd v Chief Akindele (2000) The Times,
[2013] Bus LR 589 . . . 10.39 22 June, CA . . . 14.88
Bangla Television Ltd (in liq); Valentine v BCCI SA, Re [2001] All ER (D) 227 . . . 17.70
Bangla Television Ltd [2009] EWHC 1632 Beam Tube Products Ltd, Re [2006] EWHC
(Ch) . . . 17.55, 17.74 486 (Ch) . . . 6.27
Bank of Credit and Commerce International Beattie v E & F Beattie Ltd [1938] Ch 708,
SA (No 14), Re [2003] EWHC 1868 (Ch); CA . . . 8.33, 8.34, 8.35
[2003] BCC 735 ChD . . . 3.6 Bechuanaland Exploration Co v London
Bank of Scotland v A Ltd [2001] WLR 751, Trading Bank Ltd [1898] 2 QB 658 . . . 6.4
CA . . . 14.87, 14.90 Beckett Investment Management Group Ltd v
Bank of Scotland plc v Targetfollow Hall [2007] EWCA Civ 613 . . . 3.22, 3.34
Property Holdings [2010] EWHC 3606 Belfield Furnishings Ltd, Re [2006] 2 BCLC
(Ch) . . . 17.4 705 . . . 11.62, 11.73
Barclay Pharmaceuticals Ltd v Waypharm LP Bell v Lever Bros Ltd [1932] AC 161, HL . . . 14.73
[2012] EWHC 306 (Comm) . . . 3.44 Bell Davies Trading Ltd v Secretary of State
Barclays Bank plc v British and for Trade and Industry [2004] EWCA Civ
Commonwealth Holdings plc (1996), aff’d 1066 . . . 17.40
sub nom British and Commonwealth Bell Group Ltd (in liq) v Westpac Banking
Holdings plc v Barclays Bank plc [1996] 1 Corporation (No 9) [2008] WASC 239;
BCLC 1, CA . . . 7.51 (2008) 70 ACSR 1 . . . 14.28
Barclays Bank plc v Stuart Landon Ltd [2001] Bell Houses Ltd v City Wall Properties Ltd
2 BCLC 316 . . . 6.43 [1966] 2 QB 656, CA . . . 12.11
xx Table of cases
Bellador Silk Ltd [1965] 1 All ER 667 . . . 11.61 Boardman v Phipps [1967] 2 AC 46,
Bellmex International Ltd v Green HL . . . 14.54, 14.55, 14.65, 14.68, 14.83,
[2001] BCC 253; (2000) The Times, 31 14.85, 14.86
March . . . 17.77 Bolton (Engineering) Co Ltd v Graham &
Belmont Finance Corpn Ltd v Williams Sons [1957] 1 QB 159, CA . . . 12.37
Furniture Ltd [1980] 1 All ER 393, Bond v Barrow Haematite Steel Co [1902] 1
CA . . . 7.56, 14.88, 14.90 Ch 353 . . . 10.8
Belmont Park Investments Pty Ltd v BNY Bond Worth Ltd, Re [1980] Ch 228 . . . 6.10
Corporate Trustee Services Ltd and Borland’s Trustee v Steel Bros & Co Ltd [1901]
Lehman Brothers Special Financing Inc 1 Ch 279 . . . 9.3, 9.5
[2011] UKSC 39 . . . 17.45 Boswell & Co (Steels) Ltd, Re (1988) 5 BCC
Ben Hashem v Ali Shayif [2008] EWHC 2380 145 . . . 11.62
(Fam); [2009] EWHC 864 (Fam) . . . 3.34, Boughtwood v Oak Investment Partners
3.51 XII Ltd Partnership [2010] EWCA Civ
Benfield Greig Group plc, Re [2002] 1 BCLC 23 . . . 11.69
65, CA . . . 11.62, 11.73 Boulting v Association of Cinematograph,
Benjamin Cope & Sons Ltd, Re [1914] 1 Ch Television and Allied Technicians [1963] 2
800 . . . 6.35 QB 606, CA . . . 14.42, 14.55, 14.78
Bentley Stevens v Jones [1974] 1 WLR Bovey Hotel Ventures Ltd, Re [1981]
638 . . . 11.13 unreported, 31 July . . . 11.32, 11.44
Bernasconi v Nicholas Bennett & Co [2000] Bradcrown Ltd, Re [2001] 1 BCLC
BCC 921 . . . 17.65 547 . . . 13.66, 14.51
Berryland Books Ltd v BK Books Ltd [2009] Bradford Investments plc (No 2), Re [1991]
EWHC 1877 (Ch) . . . 14.67, 14.72 BCLC 688 . . . 7.10
BHS Ltd, Re [2016] EWHC 1965 (Ch) . . . 17.4 Brady v Brady [1989] AC 755, HL . . . 7.47,
Bhullar v Bhullar [2003] 2 BCLC 241, 7.48–7.55, 7.56, 7.57, 12.15
CA . . . 14.68 Bray v Ford [1896] AC 44, HL . . . 14.55
Bhullar v Bhullar [2015] EWHC 1943 Braymist Ltd v Wise Finance Co Ltd [2002] 1
(Ch) . . . 10.15 BCLC 415, CA . . . 4.19
Birch v Cropper (1889) 14 App Cas 525, Brazilian Rubber Plantations and Estates Ltd,
HL . . . 9.7, 17.78 Re [1911] 1 Ch 425 . . . 14.47
Bird Precision Bellows Ltd, Re (1984), aff’d Breckland Group Holdings Ltd v London &
[1986] Ch 658, CA . . . 11.67, 11.71 Suffolk Properties Ltd [1989] BCLC 100,
Birdi v Specsavers Optical Group Ltd [2015] ChD . . . 10.2, 13.11
EWHC 2870 (Ch) . . . 11.71 Breitenfeld UK Ltd v Harrison [2015] EWHC
Bishopsgate Investment Management Ltd v 399 (Ch) . . . 14.7, 14.83
Maxwell [1993] Ch 1, CA . . . 14.14 Brian D Pierson (Contractors) Ltd, Re [2001]
Blackspur Group plc, Re [2001] 1 BCLC 1 BCLC . . . 14.51, 14.107, 14.109, 17.59,
327 . . . 13.74 17.72, 17.73
Blackspur Group plc (No 4), Re [2004] BCC Brian Sheridan Cars Ltd, Re Official Receiver
839 . . . 13.74 v Sheridan [1996] 1 BCLC 327 . . . 13.70
Blue Arrow plc, Re [1987] BCLC 585 . . . 11.49 Bridge v Daley [2015] EWHC 2121
Blue Index Ltd, Re [2014] EWHC 2680 (Ch) . . . 10.41
(Ch) . . . 11.71 Brightlife Ltd, Re [1987] Ch 200, ChD . . . 6.20,
Blunt v Jackson [2013] EWHC 2090 6.21, 6.30, 6.31, 6.32, 6.34
(Ch) . . . 11.60 Brightview Ltd, Re [2004] EWHC
BNY Corporate Trustee Services Ltd v 1056 . . . 11.60, 11.64
Eurosail-UK 2007-3BL plc [2011] EWCA Bristol Airport plc v Powdrill [1990] Ch
Civ 227 . . . 17.22 744 . . . 17.4
Table of cases xxi
Bristol and West Building Society v Mothew Canadian Land Reclaiming and Colonising
[1998] Ch 1, CA . . . 14.53, 14.55, 14.74 Co, Re (1880) 14 ChD 660 (CA) . . . 13.17
British America Nickel Corpn v MJ O’Brien Caparo v Dickman [1990] 2 AC 605 . . . 2.44
Ltd [1927] AC 369 . . . 9.26 Cape Breton Co, Re (1885) 9 Ch D 795, CA,
British Eagle International Airlines Ltd v aff’d sub nom Cavendish Bentinck v Fenn
Compagnie Nationale Air France [1975] 1 (1887) 12 App Cas 652, HL . . . 4.12
WLR 758, HL . . . 17.45 Cardiff Savings Bank, Marquis of Bute’s Case,
British India Steam Navigation Co v IRC Re [1892] 2 Ch 100 . . . 14.46
(1881) 7 QBD 165 . . . 6.3 Carecraft Construction Co Ltd, Re [1994] 1
British Racing Drivers’ Club Ltd v Hextall WLR 172 . . . 13.69, 13.74
Erskine & Co [1997] 1 BCLC 182, Carlen v Drury (1812) 1 Ves & B 154 . . . 10.3
ChD . . . 14.93 Carman v Bucci [2013] EWHC 2371
Brooks v Armstrong [2015] EWHC 2289 (Ch); (Ch) . . . 17.22
[2015] All ER (D) 69 (Oct) . . . 17.73 Carney v Herbert [1985] AC 301, PC . . . 7.56
Brooks v Armstrong [2016] EWHC 2893 (Ch); Carrington v Viyella plc, Re (1983) 1 BCC
[2016] All ER (D) 117 (Nov) . . . 17.74 98 . . . 11.22
Brown v Bennett [1999] 1 BCLC 649, Cartesio Okató és Szolgáltató bt (Case
CA . . . 14.89 C-210/06) [2008] ECR I-9641 . . . 4.22
Brown v British Abrasive Wheel Co Ltd [1919] Castell and Brown Ltd, Re [1898] 1 Ch
1 Ch 290 . . . 5.22, 8.45, 10.25 315 . . . 6.34
Browne v La Trinidad (1887) 37 Ch D 1, Cayne v Global Natural Resources plc
CA . . . 8.32 (1982) unreported, aff’d [1984] 1 All ER
Brumark Investments Ltd, Re, IRC v Agnew 225 . . . 14.21
see Agnew v IRC Centralcrest Engineering Ltd, Re [2000] BCC
Brunninghausen v Glavanics (1999) 46 727, ChD . . . 17.76
NSWLR 538 . . . 14.11 Centros Ltd v Erhversus-og Selkabssyrelsen
Bryanston Finance Ltd v De Vries (No 2) (Case C-212/97) [2000] 2 WLR 1048,
[1976] Ch 63 . . . 17.26 ECJ . . . 4.22
BTI 2014 LLC v Sequana SA [2016] EWHC Champagne Perrier-Jouet SA v HH Finch Ltd
1686(Ch) . . . 14.39 [1982] 1 WLR 1359, ChD . . . 14.99
BTR (UK) Ltd, Re; Lavin v Swindell [2012] Chan v Zacharia I (1984) 154 CLR 178, HC
EWHC 2398 (Ch) . . . 17.5 Aust . . . 14.54, 14.55, 14.83
Bugle Press, Re Houses and Estates Ltd (1961), Chandler v Cape Plc [2011] EWHC 951 (QB);
aff’d [1961] Ch 270, CA . . . 3.12 [2012] EWCA Civ 525 . . . 3.34, 3.42, 3.44,
Bulawayo Market and Offices Co Ltd, Re 3.47, 3.48
[1907] 2 Ch 458 . . . 13.14 Chard Hunt Investments Ltd v Hunt [2017]
Bull v Hughes [2017] EWHC 3228 . . . 14.39 EWHC 988 (Ch) . . . 14.90, 14.107
Burland v Earle [1902] AC 83, PC . . . 10.5, Charitable Corpn v Sutton (1742) 2 Atk
10.24, 10.26 400 . . . 14.6
Burry & Knight Limited & Another v Knight Charles Parry Group, Re, Parry v Bartlett
[2014] EWCA Civ 604 . . . 1.8 [2011] EWHC 3146 . . . 10.40
Bushell v Faith [1970] AC 1099, HL . . . 8.40, Charter v City Index Ltd [2008] 3 All ER
9.18, 13.45 126 . . . 14.88
Cadogan Petroleum plc v Tolly [2011] EWHC Charterbridge Capital Ltd, Re [2015] EWCA
2286 . . . 14.85 Civ 536 . . . 11.24, 14.39
Campbell v Paddington [1911] 1 KB 869 . . . 12.35 Charterbridge Corpn Ltd v Lloyd’s Bank Ltd
Canadian Aero Service Ltd v O’Malley [1970] Ch 62 . . . 14.28, 14.39
(‘Canaero’) (1973) 40 DLR (3d) 371, Can Charterhouse v Tempest Diesels [1986] BCLC
SC . . . 14.63 1 . . . 7.51, 7.54
xxii Table of cases
Chaston v SWP Group [2002] All ER (D) 345, Commercial and Industrial Insulations Ltd,
CA . . . 7.38, 7.51 Re [1986] 2 BCC 98 . . . 11.14
Chatterley-Whitfield Collieries Ltd, Re (1948) Commissioners of Inland Revenue v
CA, aff’d sub nom Prudential Assurance Richmond [2003] EWHC 999 . . . 7.14,
Co Ltd v Chatterley-Whitfield Collieries 14.108
Ltd [1949] AC 512, HL . . . 7.29 Company, A (No 02567 of 1982), Re [1983]
Chesterfield Catering Co, Re [1977] Ch BCLC 151 . . . 11.16
373 . . . 11.14 Company, A (No 004475 of 1982), Re [1983]
Cheyne Finance plc, Re [2008] EWHC 2402 BCLC 126 . . . 11.35
(Ch) . . . 17.22 Company, A (No 002612 of 1984), Re (1985),
Chez Nico (Restaurants) Ltd, Re [1992] BCLC aff’d sub nom Cumana Ltd, Re [1986] BCLC
192 . . . 14.11 430, CA . . . 11.55, 11.59, 11.65
Cimex Tissues Ltd, Re [1994] BCC 626 . . . 6.8, Company, A (1985), Re CA . . . 3.14, 3.25
6.16 Company, A (No 005287 of 1985), Re [1986]
Cinematic Finance Ltd v Ryder [2010] All ER BCLC 68 . . . 10.47, 11.55, 11.63
(D) 283 (Oct) . . . 10.41, 10.48 Company, A (No 008699 of 1985), Re [1986]
City Branch Group Ltd, Re; Gross v Rackind PC 296 . . . 11.55
[2005] BCC 11 . . . 11.26, 11.28, 11.32 Company, A (No 00477 of 1986), Re [1986]
City Equitable Fire Insurance Co, Re [1925] BCLC 376 . . . 11.30
Ch 407, CA . . . 13.26, 14.48, 14.49 Company, A (No 003160 of 1986), Re [1986]
Cityspan Ltd, Re [2007] All ER (D) 61 . . . 17.59 BCLC 391 . . . 11.35
CKE Engineering Ltd, Re (2007) . . . 17.46 Company, A (No 003843 of 1986), Re [1987]
CL Nye Ltd, Re (1971), revs’d [1971] Ch 442, BCLC 562 . . . 11.72, 11.75
CA . . . 6.41 Company, A (No 004377 of 1986), Re [1987]
Clark v Cutland [2004] 1 WLR 783, BCLC 94 . . . 11.2, 11.35, 11.37, 11.41, 11.50
CA . . . 11.75 Company, A (No 007623 of 1986), Re [1987]
Clearwell International Ltd v MSL BCLC 200 . . . 11.41, 11.62
Group Holdings Ltd [2012] EWCA Civ Company, A (No 00370 of 1987), ex p Glossop,
1440 . . . 7.16 Re [1988] BCLC 570 . . . 11.22, 11.58
Clemens v Clemens Bros Ltd [1976] 2 All ER Company, A (No 007281 of 1986), Re [1987]
268 . . . 8.44, 11.13 BCLC 593 . . . 11.63
CMB Holdings Ltd, Re [2016] EWHC 191 Company, A (No 005685 of 1988), ex
(Ch) . . . 11.14, 11.60 p Schwarcz (No 2), Re [1989] BCLC
CMS Dolphin Ltd v Simonet [2001] 2 BCLC 427 . . . 11.29
704 . . . 14.71, 14.74, 14.85 Company, A (No 00314 of 1989), ex p Estate
Cohen v Selby [2001] 1 BCLC 176, CA . . . 14.107 Acquisition and Development Ltd, Re
Coilcolor Ltd v Cantrex Ltd [2015] EWHC [1991] BCLC 154 . . . 11.64
3202 (Ch) . . . 17.25 Company, A (No 0012209 of 1991), Re [1992]
Coleman v London County and Westminster 1 WLR 351 . . . 17.25
Bank Ltd [1916] 2 Ch 353 . . . 6.33 Company, A, ex p Burr, Re [1995] BCLC
Coleman v Myers [1977] 2 NZLR 225, 14 . . . 11.85
NZCA . . . 14.11 Company, A (No 004415 of 1996), Re [1997] 1
Coleman Taymar Ltd v Oakes [2001] 2 BCLC BCLC 479 . . . 11.16, 11.59, 11.77
749 . . . 14.69, 14.79, 14.83, 14.108 Conegrade Ltd, Re [2003] BPIR 358 . . . 14.95,
Colin Gwyer and Associates Ltd v London 17.61
Wharf (Limehouse) Ltd [2003] 2 BCLC 153, Confiance Ltd v Timespan Images Ltd [2005]
ChD . . . 14.30, 14.39 EWHC 1557 . . . 6.43
Collen v Wright (1857), aff’d (1857) 8 E & B Connelly v RTZ Corpn plc [1998] AC 854,
647, Ex Ch . . . 4.17 HL . . . 3.38, 3.39, 3.41
Table of cases xxiii
Donoghue v Stevenson [1932] AC Elder v Elder & Watson Ltd [1952] SC 49 . . . 11.43
562 . . . 14.45, 14.49 Eley v Positive Government Security Life
Dorchester Finance Co Ltd v Stebbing [1989] Assurance Co (1876) 1 Ex D 88, CA . . . 8.32,
BCLC 498, ChD . . . 14.107 9.18
Douglas Construction Ltd, Re [1988] BCLC Elgindata Ltd, Re [1991] BCLC 959, revs’d sub
397 . . . 13.51 nom Elgindata Ltd (No 2), Re [1993] 1 All
DR Chemicals Ltd, Re [1988] BCLC ER 232, CA . . . 11.52, 11.53, 11.54, 11.85
383 . . . 11.71 Ellis v Property Leeds (UK) Ltd [2002] 2
Dranez Anstalt v Hayek [2002] 1 BCLC 693, BCLC 175, CA . . . 10.11
CA . . . 14.70 Elsworth Ethanol Co Ltd v Hartley [2015] 1
Drivertime Recruitment Ltd, Re [2004] BCLC 221 . . . 13.20
EWHC 1637 . . . 17.39 Equitable Life Assurance Society v Bowley
Dubai Aluminium Co Ltd v Salaam [1999] 1 [2003] EWHC 2263 . . . 14.52
Lloyd’s Rep 415; (2000) The Times, 27 April, Equitable Life Assurance Society v Ernst &
CA; revs’d sub nom Dubai Aluminium Co Young [2003] EWHC 112 . . . 14.52
Ltd v Salaam (Livingstone, third parties) Equitable Life Assurance Society v Hyman
[2003] 2 AC 366, HL . . . 13.23, 14.87 [2000] 2 WLR 798 . . . 14.52
Duckwari plc (No 2), Re [1998] 2 BCLC Eric Holmes (Property) Ltd, Re [1965] Ch
315 . . . 14.95, 14.104 1052 . . . 6.41
Duckwari plc (No 3), Re [1999] 1 BCLC Erlanger v New Sombrero Phosphate Co (1878)
168 . . . 14.95 3 App Cas 1218, HL . . . 4.8, 4.9, 4.11, 4.12
Duomatic, Re [1969] 2 Ch 365, ChD . . . 8.43, Erste Group Bank AG v ISC ’VMZ Red
13.28, 14.92, 14.95, 14.103 October’ [2015] EWCA Civ 379 . . . 17.70
Dyment v Boyden (Liquidator of Pathways Estmanco (Kilner House) Ltd v Greater
Residential and Training Centres Ltd) London Council [1982] 1 WLR 2 . . . 10.26
[2005] 06 EG 142, CA . . . 7.47, 7.50, 7.53, 7.54 Euro Brokers Holdings Ltd v Monecor
Eastford Ltd v Gillespie [2010] CSOH (London) Ltd [2003] BCC 573, CA . . . 8.38
132 . . . 14.13 European Directories (DH6) BV, Re [2010]
Ebbvale Ltd v Hosking [2013] 2 BCLC 204, EWHC 3472 (Ch) . . . 4.22
PC . . . 17.25 Evans v Rival Granite Quarries Ltd [1910] 2
Ebrahimi v Westbourne Galleries Ltd [1973] KB 979, CA . . . 6.10, 6.29
AC 360, HL . . . 1.21, 11.3, 11.4, 11.9, 11.10, Exchange Banking Co, Re Flitcroft’s Case
11.12, 11.13, 11.17, 11.33, 11.35, 11.37, 11.70, (1882) 21 Ch D 519 (CA) . . . 7.13
11.78 Exeter City AFC v Football Conference
Eclairs Group Ltd v JKX Oil & Gas plc Ltd [2004] BCC 498; [2004] 1 WLR
[2013] EWHC 2631 (Ch); [2014] 1 BCLC 2910 . . . 11.60
202 . . . 14.16 Expanded Plugs Ltd, Re [1966] 1 WLR
Eclairs Group Ltd v JKX Oil & Gas plc [2014] 514 . . . 11.14
EWCA Civ 640 (CA); [2015] UKSC 71 Express Electrical Distributors Ltd v Beavis
(SC) . . . 14.19, 14.21, 14.23 [2016] EWCA Civ 765; [2016] 1 WLR
Eco Link Resources Ltd, Re (Case No: 8326 4783 . . . 17.38, 17.45
of 2012, Birmingham District Registry) (2 Extrasure Travel Insurances Ltd v
July 2012) . . . 17.4 Scattergood [2003] 1 BCLC 598 . . . 13.28,
Edwards v Halliwell [1950] 2 All ER 1064, 14.15, 14.23, 14.27, 14.31, 14.103
CA . . . 8.30, 10.5, 10.16, 10.19, 10.20, 10.23 Exxon Corpn v Exxon Insurance Consultants
EIC Services Ltd v Phipps [2004] 2 BCLC 589, International Ltd [1982] Ch 119 . . . 8.5
CA . . . 12.29, 13.28, 14.80, 14.103 F & C Alternative Investments (Holdings)
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All ER 685, CA . . . 14.89 [2011] EWHC 2807 (Ch) . . . 11.28
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PRINSSI
No, eihän tämä nyt vielä mitään merkitse. Imandra, mitä hän teki!
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
Mitä, mitä!
IMANDRA
IMANDRA
PRINSSI
Ja silloin?
IMANDRA
IMANDRA
Hän aikoi minut ryöstää. Ah, minä ummistin silmäni, minä purin ja
potkin ja pääsin pakoon.
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Mitä kummaa! Katsos tätä laatikkoa!
PRINSSI
Aukaise!
PRINSSI
IMANDRA
Oletpa sinä aika taikuri! Kuinka tämä kaikki maistuu, hovissa minä
niihin kyllästyin, sillä siellä minulla ei koskaan ollut nälkä.
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Miksi sinä sanot samoin kuin prinssikin?
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
IMANDRA
PRINSSI
IMANDRA
Imandra!
Hoo-oo!
PRINSSI
Nukutko?
IMANDRA
PRINSSI
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Kiekukoon vaan!
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Mutta minun nousuni ei riipu kukosta.
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
Älähän nyt taas ala lueskella sitä unikirjaasi, sitten sinua taas
unettaa.
IMANDRA
PRINSSI
Sinä näet päinvastaisia uniakin.
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
Sinä et löydä enään kotiin.
IMANDRA
PRINSSI
IMANDRA
En katso kiusallakaan.
IMANDRA
PRINSSI
IMANDRA
IMANDRA
PRINSSI
IMANDRA
Mikä käsky?
PRINSSI
IMANDRA
PRINSSI
Hyvä olet kutoja, ei muut hovin kutojattaret vedä sinulle vertoja.
Missäkö se prinsessa? Kuuluu istuvan eräässä tornikamarissa,
häntä ei saa nähdä ennenkuin hääiltana ensi viikolla.
IMANDRA
PRINSSI
IMANDRA
PRINSSI
IMANDRA
PRINSSI
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Minutko unohtanut?
PRINSSI
IMANDRA
PRINSSI
Mutta minäpä keksin keinon, minä liehittelen sitä prinssiä niin, että
hän unohtaa prinsessan. Sanoihan hän kerran rakastavansa minua,
silloin kun tarjosi minulle sitä taikapeiliä. Ehkä minä peilin avulla
saan hänet taas pauloihini. Sinullahan on pala peilistä.
PRINSSI
PRINSSI
IMANDRA
PRINSSI
IMANDRA
IMANDRA
PRINSSI
IMANDRA (peilaillen)
PRINSSI
IMANDRA
PRINSSI
IMANDRA
Prinssinkö? Voisitko sinä surmata hänet minun tähteni? Mutta
silloinhan pyöveli sinut teloittaisi. Oh!
PRINSSI
PRINSSI
IMANDRA
Oh, minä pelkään! Tämä peili sekoittaa selvimmät ajatukset. Ei, ei,
en erehtyisi sittenkään! Mutta nyt minä menen peseytymään kaivolle.
(Menee, Otro tulee toisesta ovesta.)
OTRO
PRINSSI
OTRO
Hovissa nauretaan tälle sukkelalle seikkailullenne. Kuinka korkea
vartijattarenne edistyy?
PRINSSI
OTRO
PRINSSI
Toivon niin, mutta minä olen toisinaan niin piintynyt hänen hulluihin
päähänpistoihinsa, että olen unohtaa oman opetukseni.
OTRO
PRINSSI
OTRO
PRINSSI
Oh, mutta minä iloitsen aamun raikkaudesta, iloitsen onnestani,
kasvavista voimistani. Ymmärrän nyt työn arvon paremmin kuin
ennen.
OTRO
PRINSSI
OTRO
PRINSSI
OTRO
PRINSSI (pukeutuen)
OTRO