COMPANY LAW. Second Edition. London Sydney. Cavendish Publishing Limited

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2 COMPANY LAW Second Edition CP Cavendish Publishing Limited London Sydney

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4 COMPANY LAW Second Edition Simon Goulding, BA, LLM, Barrister Lecturer in law University of East Anglia CP Cavendish Publishing Limited London Sydney

5 First published in Great Britain 1996 by Cavendish Publishing Limited The Glass House, Wharton Street, London WC1X 9PX, United Kingdom. Telephone: +44 (0) Facsimile: +44 (0) Visit our Home Page on Goulding, S 1999 First edition 1996 Second edition 1999 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE, UK, without the permission in writing of the publisher. Goulding, Simon Company Law. 2nd ed. 1. Corporation Law England 2. Corporation Law Wales I. Title 346.4'2'066 ISBN Printed and bound in Great Britain

6 For Oliver

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8 PREFACE It is well recognised that company law is a large and complex subject which has expanded rapidly in volume in recent years. Added to this is the continual reform to the existing law. This is partly due to the need to comply with obligations imposed on the United Kingdom from Brussels, but partly because of the increasing complexity of commercial life generally. There is no sign that the growth and reform is at an end. In addition, there are now two established series of specialist company law reports (Butterworths Company Law Cases and British Company Cases) which have obviously resulted in many more cases reaching the public domain for comment and analysis. Further, no work on Company Law can now ignore the extra-legal controls and influences on director s conduct contained in the recent reports on corporate governance nor the proposals for reform put forward, in particular, by the Law Commission. This edition deals with the main features of both the Law Commission s Report on Shareholder Remedies and the Law Commission s Consultation Paper on the reform of director s duties. This all places enormous pressure on any undergraduate course which bears the general title of company law, especially if it is accompanied by the increasing time constraints placed on undergraduate law courses with the move towards modular degrees. To a certain extent, some topics, such as securities regulation and insolvency, can be isolated and treated separately but there is a considerable, interrelated core to company law which simply has to be covered. From the point of view of the student, some kind of perspective needs to be maintained of the subject as a whole so that this core can be understood and applied. I have attempted in this book to present the core principles of company law in a readable and intelligible form, focussing particularly on important cases and extracting key passages of judgment. This is to acknowledge that, despite being a statute based subject, like any subject in a common law jurisdiction, the law lives in the cases. Further, a more immediate pragmatic reason for doing so for most of the readers of this book is that examination questions tend to focus on issues which have received judicial attention. I have been ably assisted by Jennifer James of the University of Reading, who has written the chapter on company charges, an area where the law has experienced considerable changes in the last few years. Overall responsibility for the accuracy of the book, however, remains mine. I would like to express my gratitude to all at Cavendish who have worked on the book. I have attempted to state the law as at 1 March References to the 1985 Act and the 1989 Act throughout the book are to the Companies Act 1985 and the Companies Act 1989 respectively. Simon Goulding Norwich March 1999 vii

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10 CONTENTS Preface Table of Cases Table of Statutes Table of Statutory Instruments Table of European Legislation vii xv xxxvii xlv xlvii 1 Introduction 1 GENERAL 1 PUBLIC AND PRIVATE COMPANIES 2 COMPANIES AND PARTNERSHIPS 5 FEATURES OF THE REGISTERED COMPANY 5 Incorporation by registration 5 Transferable shares 8 Limited liability 9 Disclosure and formality 11 The advantages of forming a company 13 The purpose of company law 15 The sources and reform of company law 16 2 Formation and Promotion 27 FORMATION 27 Company names 29 Promoters 32 PROTECTION OF SUBSCRIBERS AND ALLOTTEES OF SHARES 38 Civil liability 38 Criminal liability 46 PRE-INCORPORATION CONTRACTS 47 3 Corporate Personality and the Registered Company 53 THE REGISTERED COMPANY AS A SEPARATE PERSON 53 CORPORATE LIABILITY 56 Identification theory 56 Corporate criminal liability 58 Lennard s Carrying Co re-appraised: the attribution theory 61 LIFTING THE VEIL OF INCORPORATION 66 Judicial lifting the veil 66 Statutory lifting the veil 79 Miscellaneous legislative provisions 88 4 The Constitution of the Registered Company 91 THE MEMORANDUM OF ASSOCIATION 91 THE ARTICLES OF ASSOCIATION 94 The contractual effect of the articles 94 ix

11 Company Law Alteration of the articles 103 The articles and separate contracts 109 USING THE CONSTITUTION TO CONTRACT OUT OF COMPANY LAW Corporate Decision Making 117 THE GENERAL MEETING 117 Introduction 117 The basic requirements 119 Annual general meeting 120 Extraordinary general meeting 121 Notices 122 Circulars 123 Power of the court to order a meeting 124 Resolutions 126 Voting 128 Proxy voting 130 Exercise of the right to vote in general meeting 132 Unanimous informal agreement 134 Written resolutions 138 BOARD MEETINGS 141 THE RELATIONSHIP BETWEEN THE BOARD OF DIRECTORS AND THE GENERAL MEETING 144 THE RESIDUAL POWERS AND ROLE OF THE GENERAL MEETING 149 Shareholders powers to remove directors 150 Ratification and approval of irregularities 152 Miscellaneous residual statutory powers of the general meeting Corporate Transactions 155 GENERAL 155 TRANSACTIONS OUTSIDE THE OBJECTS CLAUSE OF THE MEMORANDUM 156 The history of ultra vires 156 Powers 158 Reform of ultra vires 159 Gratuitous dispositions and non-commercial transactions 162 TRANSACTIONS WHERE THERE IS A NON-COMPLIANCE WITH INTERNAL MANAGEMENT PROCEDURES 164 TRANSACTIONS WHERE THE PERSON ACTING FOR THE COMPANY IS NOT AUTHORISED 167 x

12 Contents REFORMS IN RESPECT OF LIMITATIONS ON THE BOARD S POWERS 170 A FUTURE ROLE FOR THE RULE IN TURQUAND? 174 WHERE THE CONTRACTING PARTY IS A DIRECTOR OF THE COMPANY Capital 177 INTRODUCTION 177 REDUCTION OF CAPITAL 180 REDEMPTION AND PURCHASE BY A COMPANY OF ITS OWN SHARES 183 Redemption 184 Purchase 185 Redemption and purchase of a company s own shares out of capital 188 Effect of a company s failure to redeem or purchase its own shares 189 FINANCIAL ASSISTANCE BY A COMPANY FOR THE ACQUISITION OF ITS OWN SHARES 190 General prohibition 190 Exceptions to the s 151 prohibition 194 Private companies and the relaxation of s Consequences where a transaction infringes s ULTRA VIRES AND THE MAINTENANCE OF CAPITAL RULE 198 DIVIDENDS 199 BONUS SHARES 202 SERIOUS LOSS OF CAPITAL Shares 205 THE NATURE OF SHARES 205 THE POWER TO ALLOT SHARES 206 PRE-EMPTION RIGHTS 208 PAYMENT FOR SHARES 210 Non-cash allotments by a private company 210 Non-cash allotments by a public company 211 CLASSES OF SHARES 213 Ordinary shares 214 Preference shares 214 VARIATION OF CLASS RIGHTS 215 Procedure 215 Meaning of class rights 216 Voting at class meetings on a proposed variation 218 What is a variation of class rights? 219 xi

13 Company Law TRANSFER OF SHARES 220 Directors powers to refuse registration of a new member 220 Register of members 222 Share certificates 223 Method of transfer: generally 224 Transfer of shares: listed companies 225 DISCLOSURE OF INTEREST IN SHARES 227 Directors shareholdings 228 Disclosure of substantial interests 228 Concert parties 229 Investigation by the company 229 Investigation by the Secretary of State 230 Freezing orders Insider Dealing 231 BACKGROUND 231 THE COMMON LAW 231 EXTRA-LEGAL CONTROL 232 THE EMERGENCE OF CRIMINAL SANCTIONS 232 JUSTIFICATION FOR THE PROHIBITION OF INSIDER DEALING 233 THE OFFENCES OF INSIDER DEALING 235 The meaning of securities 235 The meaning of dealing 236 The meaning of inside information 237 The meaning of insider 238 Defences 239 The territorial scope of the offences 241 The penalties for insider dealing 241 Investigations Directors 245 INTRODUCTION 245 Corporate governance 245 The office of director 246 Remuneration 249 DUTIES AND OBLIGATIONS OF DIRECTORS GENERALLY 255 Duties are owed to the company 255 Duty to employees 258 Duty to creditors 260 THE FIDUCIARY DUTY 262 General 262 Obligation on directors not to fetter their discretion 263 xii

14 Contents Nominee and multiple directorships 265 Duty to use powers for a proper purpose 266 Conflict of personal interest and duty 271 Control of directors profits 282 DUTIES OF SKILL AND CARE 288 Liability to third parties 292 MISCELLANEOUS STATUTORY PROVISIONS 294 Misfeasance proceedings 294 Relief from liability: the articles 295 Relief from liability: statute 296 REFORM OF THE LAW RELATING TO DIRECTORS DUTIES 297 DISQUALIFICATION ORDERS Accounts and Auditors 305 ACCOUNTS 305 General requirements 305 Directors report 307 Auditors report 308 Exemptions for small and medium-sized companies 309 Dormant companies 310 Elective resolutions 310 AUDITORS 311 General 311 Qualifications and eligibility for appointment 312 Liabilities of auditors Company Charges 317 INTRODUCTION 317 The contract for security 319 The rights of a debenture holder 321 CHARGES 323 Distinguishing fixed and floating charges 324 Crystallisation of floating charges 327 Drawbacks of floating charges 329 AVOIDANCE OF CHARGES 333 Section Sections 238 and REGISTRATION OF CHARGES 337 What is registrable? 337 Failure to register Shareholder Remedies 341 INTRODUCTION 341 xiii

15 Company Law THE COMMON LAW 342 The principle of majority rule 342 Limits to the principle of majority rule 344 STATUTORY REMEDIES 355 Companies Act 1985, s Insolvency Act 1986, s 122(1)(g) 374 Companies Act 1985, ss of Part XIV 379 THE LAW COMMISSION RECOMMENDATIONS 383 A new derivative action 384 Active case management of s 459 proceedings 385 Presumptions in s 459 proceedings 386 A new exit article for Table A Winding up 389 THE TYPES OF WINDING UP 389 Compulsory winding up 389 Voluntary winding up 392 Powers of the liquidator 394 The distribution of the company s assets 396 DISSOLUTION 397 STRIKING OFF DEFUNCT COMPANIES European Union Action in Company Law 399 HARMONISATION 399 OTHER COMMUNITY ACTION 403 European Economic Interest Grouping 403 European Company Statute 404 Bibliography 409 Index 411 xiv

16 TABLE OF CASES ADT Ltd v BDO Binder Hamlyn [1996] BCC Abbey Leisure Ltd, Re [1989] BCLC 619 (see, also, Virdi v Abbey Leisure) 115, 372, 374, 377 Aberdeen Railway Co v Blaikie Bros (1854) 1 Macq , 271 Acatos and Hutcheson plc v Watson [1995] 1 BCLC Adams v Cape Industries plc [1990] Ch , 74, Al-Nakib Investments Ltd v Longcroft [1990] 1 WLR Al Saudi Banque v Clarke Pixley [1990] Ch Albazero, The [1977] AC Alexander v Automatic Telephone Co [1900] 2 Ch , 349 Alexander Ward & Co Ltd v Samyang Navigation Co Ltd [1975] 1 WLR Allen v Gold Reefs of West Africa [1900] 1 Ch , 108, 112, 113, 218 Allen v Hyatt (1914) 30 TLR Aluminium Industrie Vaasen BV v Romalpa Aluminium Ltd [1978] 1 WLR Andrews v Gas Meter Co [1897] 1 Ch g Andrews v Mockford [1892] 2 QB Anglo-Austrian Printing and Publishing Union, Re Brabourne v Same [1895] 2 Ch Anglo-Austrian Printing and Publishing Union, Re (Isaacs Case) [1892] 2 Ch , 112 Anglo-Greek Shipping Co Ltd, Re (1866) LR Eq Anglo-Moravian Hungarian Junction Rly Co, ex p Watkin (1875) 1 Ch D Antoniades v Wong [1997] 2 BCLC Arab Monetary Fund v Hashim (No 3) [1991] 2 AC Armagas v Mundogas SA [1986] AC Armagh Shoes Ltd, Re [1982] NI Arthur Rathbone Kitchens Ltd, Re [1997] 2 BCLC Artic Engineering Ltd, Re [1986] 1 WLR Ashbury Railway Carriage and Iron Co v Riche (1875) LR 7 HL , 156 Astec (BSR) plc, Re [1998] 2 BCLC , 367, 368 Atlas Maritime Co SA v Avalon Maritime Ltd (The Coral Rose) (No 1) [1991] 4 All ER Attorney General s Reference (No 2 of 1982) [1984] QB 624 1, 65 Attorney General s Reference (No 1 of 1988) [1989] 1 AC xv

17 Company Law Attorney General and Ephraim Hutchings v Great Eastern Railway Co (1880) 5 App Cas Atwool v Merryweather (1867) LR 5 Eq Augustus Barnett & Son Ltd, Re [1986] BCLC , 84 Automatic Bottlemakers Ltd [1926] Ch Automatic Self Cleansing Filter Syndicate Ltd v Cunninghame [1906] 2 Ch , 146 Aveling Barford Ltd v Perion Ltd [1989] 1 WLR 360; 198, 199, 202 BSB Holdings Ltd (No 2), Re [1996] IBCLC , 360 Badgerhill Properties Ltd v Cottrell [1991] BCLC Bagnall v Carlton (1877) 6 Ch D Bahia and San Francisco Rly Co, Re (1868) LR 3 QB Baily v British Equitable Assurance Co [1904] 1 Ch , 114 Baillie v Oriental Telephone Co [1915] 1 Ch Balston Ltd v Headline Filters Ltd [1990] BCLC Bamford v Bamford [1970] Ch , 270 Bank of Credit and Commerce International SA v BRS Kumar Bros Ltd [1994] 1 BCLC Bank of Tokyo Ltd v Karoon [1987] AC Barakot Ltd v Epiette Ltd [1998] 1 BCLC Barclays Bank plc v British and Commonwealth Holdings plc [1996] 1 BCLC 1 189, 190, 193, 199 Barclays Bank Ltd v TOSG Trust Fund Ltd [1984] BCLC Barings plc v Coopers and Lybrand [1997] 1 BCLC , 314, 346 Barleycorn Enterprises Ltd, Re [1970] Ch Barnes v Addy (1874) LR 9 Ch App Baroness Wenlock v River Dee Co (1885) 36 Ch D Barrett v Duckett [1995] BCC , 355 Barron v Potter [1914] 1 Ch , 148, 149 Barry Artists Ltd, Re [1985] 1 WLR Barton v London and North Western Railway Co (1888) 38 Ch D Barton v North Staffordshire Railway Co (1888) 38 Ch D Beattie v E & F Beattie [1938] Ch , 102 Beauforte, Jon, Re [1953] Ch Bell Houses Ltd v City Wall Properties Ltd [1966] 1 WLR Belmont Finance Corpn Ltd v Williams Furniture Ltd (No 2) [1979] Ch 250; [1980] 1 All ER , 197, 293 Benjamin Cope Ltd, Re [1914] 1 Ch Bestwood plc, Re [1989] BCLC xvi

18 Table of Cases Birch v Cropper (1889) 14 App Cas , 215 Bird Precision Bellows Ltd, Re [1984] Ch Bisgood v Henderson s Transvaal Estates [1908] 1 Ch Bishopsgate Investment Management Ltd v Maxwell (No 2) [1993] BCC , 290 Bligh v Brent (1837) 2 Y & C Ex Blisset v Daniel (1853) 10 Hare Bloomenthal v Ford [1897] AC Blue Arrow plc, Re [1987] BCLC , 367 Blum v OCP Repartition SA [1988] BCLC Boardman v Phipps [1967] 2 AC Bolton (HL) (Engineering) Co Ltd v Graham (TJ) & Sons Ltd [1957] 1 QB , 58, 60, 143 Bond v Barrow Haematite Steel Co [1902] 1 Ch , 214 Bonelli s Telegraph Co, Re (1871) LR 12 Eq Borland s Trustee v Steel Brothers & Co Ltd [1901] 1 Ch , 205 Boschoek Pty Co Ltd v Fuke [1906] 1 Ch Boston Deep Sea Fishing and Ice Co v Ansell (1888) 39 Ch D Bovey Hotel Ventures Ltd, Re (1981) unreported 356 Bowman v Secular Society Ltd [1917] AC Bradford Corporation v Pickles [1895] AC Bradford Investments plc, Re [1991] BCLC Bradford Investments plc (No 2), Re [1991] BCLC Brady v Brady [1989] AC , 195 Braemar Investments Ltd, Re [1990] BCLC Bratton Seymour Service Co Ltd v Oxborough [1992] BCLC Brazilian Rubber Plantations and Estates Ltd, Re [1911] 1 Ch Breckland Group Holdings Ltd v London and Suffolk Properties Ltd [1989] BCLC , 149 Brian D Pierson (Contractors) Ltd, Re (1998) unreported, 26 August 86 Brightlife Ltd, Re [1987] Ch British and American Corp v Couper [1894] AC British America Nickel Corpn Ltd v O Brien [1927] AC British Bank of the Middle East v Sun Life Assurance Co of Canada (UK) Ltd [1993] BCLC British Murac Syndicate Ltd v Alperton Rubber Co [1915] 2 Ch xvii

19 Company Law British Racing Drivers Club Ltd v Hextall Erskine and Co [1996] BCC , 279 British Union for the Abolition of Vivisection, Re (1995) The Times, 3 March 125 Broderip v Salomon [1895] 2 Ch , 55, 92 Brown v British Abrasive Wheel Co Ltd [1919] 1 Ch Buchan and Ivey v Secretary of State for Employment [1997] IRLR 80 (EAT) 54 Bugle Press Ltd, Re [1961] Ch Burkinshaw v Nicholls (1878) 3 App Cas Burland v Earle [1902] AC 83 37, 342, 343, 347 Burton v Palmer (1980) 5 AC LR Bushell v Faith [1970] AC , 150, 151, 341 Byng v London Life Association Ltd [1990] 1 Ch , 142 Cade (JE) and Son Ltd, Re [1992] BCLC Canadian Aero Service Ltd v O Malley (1973) 40 DLR (3d) Cane v Jones [1980] 1 WLR Caparo plc v Dickman [1990] AC , 314, 315 Cape Breton Co, Re (1885) 29 Ch D , 37 Cardiff Savings Bank, Re (Marquis of Bute s Case) [1892] 2 Ch Castleburn Ltd, Re [1991] BCLC Catamaran Cruisers Ltd v Williams [1994] IRLR Cavendish Bentinck v Fenn (1887) 12 App Cas , 294 Charge Card Services Ltd, Re [1987] Ch Charterbridge Corp Ltd v Lloyds Bank plc [1970] Ch , 262, 263 Charterhouse Investments Trust Ltd v Tempest Diesels Ltd (1985) The Financial Times, 28 June 193 Chase Manhattan Equities Ltd v Goodman [1991] BCLC , 242 Chatterley-Whitfield Collieries Ltd, Re, [1948] 2 All ER 593; sub nom, Prudential Assurance Co Ltd v Chatterley-Whitfield Colleries Ltd [1949] AC , 219 Chesterfield Catering Co Ltd, Re [1977] Ch Chez Nico (Restaurants) Ltd, Re [1992] BCLC , 256 Chiarella v US 445 US 222 (1980) 234 Cimex Tissues, Re [1995] 1 BCLC City Equitable Fire Insurance Co Ltd, Re [1925] Ch , 295 Clemens v Clemens Bros Ltd [1976] 2 All ER , 133 xviii

20 Table of Cases Cleveland Trust plc, Re [1991] BCLC Clough v The London & North Western Railway Co (1871) LR 7 Ex Coleman v Myers [1977] 2 NZLR , 257 Compania de Electricidad de la Provincia de Buenos Aires Ltd, Re [1980] Ch Company, A, Re [1983] 1 WLR Company, A, Re ex p Schwarz (No 2) [1989] BCLC , 109 Company, A, Re [1986] BCLC Company, A, Re [1986] BCLC Company, A, Re [1986] BCLC Company, A, Re [1986] BCLC Company, A, Re [1987] BCLC , 373 Company, A, Re [1991] BCLC Company, A, Re ex p Burr [1992] BCLC Company, A, Re ex p Copp [1989] BCLC Company, A, Re ex p Holden [1991] BCLC , 372 Company, A, Re ex p Kremer [1989] BCLC Company, A, Re (No of 1986) [1987] BCLC Company, A, Re (No of 1987), ex p Glossop [1988] BCLC Company, A, Re (No of 1992) [1997] 2 BCLC Company, A, Re (No of 1996) [1997] 2BCLC Company, A, Re (No of 1996) [1997] 1 BCLC , 358, 373 Constitution Insurance Co of Canada v Kosmopoulos (1987) 34 DLR (4th) Cook v Deeks [1916] 1 AC , 287, 347, 348 Cooke v Cooke [1997] 2 BCLR , 353, 361 Cooper, Gerald Chemicals Ltd, Re [1978] Ch Coöperative Pabobank Vecht en Plassengebeid BA v Minderhound [1998] 1 WLR Copal Varnish, Re [1971] 2 Ch Cornhill Insurance plc v Improvement Services Ltd [1986] BCLC Cotman v Brougham [1918] AC Cotronic (UK) Ltd v Dezonie [1991] BCLC , 51 County of Gloucester Bank v Rudry Merthyr Steam & House Coal Colliery Co [1895] 1 Ch Cousins v International Brick Co Ltd [1931] 2 Ch Cranleigh Precision Engineering Ltd v Bryant [1965] 1 WLR Craven-Ellis v Canons Ltd [1936] 2 KB Creasey v Breachwood Motors [1993] BCLC , 71, 72 Crown Bank, Re (1890) 44 Ch D xix

21 Company Law Cuckmere Brick Co Ltd v Mutual Finance Ltd [1971] Ch Cumana, Re [1986] BCLC , 358, 270 Cumbrian Newspapers Group Ltd v Cumberland and Westmorland Herald Newspapers and Printing Co Ltd [1987] Ch 1 103, 151, 216, 217 Cunliffe Engineering Ltd v English Industrial Estates Corp [1994] BCC Customs and Excise Commissioners v Hedon Alpha Ltd [1981] QB DHN Food Distributors v Tower Hamlets London Borough Council [1976] 1 WLR , 77 D Jan of London Ltd, Re [1994] 1 BCLC Dafen Tinplate Co Ltd v Llanelly Steel Co [1920] 2 Ch , 107 Daniels v Daniels [1978] Ch Danish Mercantile Co Ltd v Beaumont [1951] Ch Darby ex p Brougham, Re [1911] 1 KB Davidson and Begg Antiques Ltd v Davidson [1997] BCC Dawson International v Coats Paton (1988) SLT Dawson Print Group Ltd, Re [1987] BCLC Demite Ltd v Protec Health Ltd (1998) The Times, 25 July 277 Derry v Peek (1889) 14 App Cas Diamond v Oreamuno 24 NY 2d 494 (1969) 234 Dimbleby & Sons Ltd v NUJ [1984] 1 WLR Dimbula Valley (Ceylon) Tea Co Ltd v Laurie [1961] Ch Diplock, Re [1948] Ch DPP v Kent and Sussex Contractors Ltd [1944] KB Dominion International Group plc (No 2), Re [1996] 1 BCLC Dorchester Finance Co Ltd v Stebbing [1989] BCLC Dorman Long & Co Ltd, Re [1934] Ch Dovey v Cory [1901] AC , 291 Downsview Nominees Ltd v First City Corpn Ltd [1993] AC Duckwari plc (No 1), Re [1997] 2 BCLC , 278 Duckwari plc (No 2), Re [1997] 2 BNLC , 279 Duke v GEC Reliance [1988] AC Duomatic Ltd, Re [1969] 2 Ch , 254 xx

22 Table of Cases Durham Fancy Goods Ltd v Michael Jackson (Fancy Goods) Ltd [1968] 2 QB EB Tractors Ltd, Re [1986] NI ELS Ltd, Re [1994] 3 WLR East Pant Du United Lead Mining Co Ltd v Merryweather (1846) 2 Hem & M Ebbw Vale Urban District Council v South Wales Traffic Area Licensing Authority [1951] 2 KB Ebrahimi v Westbourne Galleries Ltd [1973] AC , 366, 375, 387 Eddystone Marine Insurance Co, Re [1893] 3 Ch Edennote Ltd, Re [1996] 2 BCLC Edmunds & Tillard v Brown (1668) 1 Lev Edwards v Halliwell [1950] 2 All ER , 344, 347 El Ajou v Dollar Land Holdings plc [1994] 2 All ER Elder v Elder and Watson 1952 SC Eley v Positive Government Security Life Assurance Co (1876) 1 Ex D 88 99, 100, 217 Elgindata, Re [1991] BCLC , 360, 367, 372, 373 Emma Silver Mining Co v Grant (1879) 11 Ch D English and Scottish Mercantile Investment Co Ltd v Brunton [1892] 2 QB , 331 Equiticorp International plc, Re [1989] 1 WLR , 390 Erlanger v New Sombrero Phosphate Co Ltd (1878) 3 All Cas 1218 (see, also, New Sombrero Phosphate v Erlanger) 34, 35 Ernest v Nicholls (1857) 6 HL Cas , 171 Esal (Commodities) Ltd, Re [1997] 1 BCLC Estate Acquisition and Development Ltd, Re [1995] BCC Estmanco (Kilner House) Ltd v Greater London Council [1982] 1 WLR Evans v Brunner, Mond & Co Ltd [1921] 1 Ch Exchange Banking Co, Re (Flitcroft s Case) (1882) 21 Ch D , 202 Express Engineering Works Ltd, Re [1920] 1 Ch , 138 FG (Films) Ltd, Re [1953] 1 WLR Fablehill Ltd, Re [1991] BCLC Faccenda Chicken Ltd v Fowler [1986] IRLR Facia Footwear Ltd (in administration) v Hinchliffe [1998] 1 BCLC xxi

23 Company Law Factortame Ltd v Secretary of State for Transport [1990] 2 AC Fairway Magazines Ltd, Re [1993] BCLC , 336 Fargo Ltd v Godfroy [1986] 1 WLR Faure Electric Accumulator Co, Re (1888) 40 Ch D First Energy (UK) Ltd v Hungarian International Bank Ltd [1993] BCLC , 169 Five Minute Car Wash Service Ltd, Re [1966] 1 WLR , 365 Floating Dock Co of St Thomas Ltd [1985] 1 Ch Forest of Dean Coal Mining Co, Re (1878) 10 Ch D , 289 Foss v Harbottle [1843] 2 Hare , 294, 342, 344, 346, 347, , 360 Foster v Foster [1916] 1 Ch Francovich v Italian State [1991] ECR Freeman & Lockyer v Buckhurst Properties Ltd [1964] 2 QB , 168, 170, 172 Freudiana Music Company Ltd, Re (1993) unreported 373 Fulham Football Club Ltd v Cabra Estates plc [1994] 1 BCLC , 263, 264 Geers Gross plc, Re [1987] 1 WLR General Auction Estate & Monetary Co v Smith [1891] 3 Ch George Fischer (Great Britain) Ltd v Multi-Construction Ltd (Dexion Ltd, third party) [1995] 1 BCLC George Newman & Co Ltd, Re [1895] 1 Ch , 250 German Date Coffee Co, Re (1882) 20 Ch D Gething v Kilner [1972] 1 WLR Ghyll Beck Driving Range Ltd, Re [1993] BCLC Gibson s Executor v Gibson 1980 SLT Gilford Motor Co Ltd v Horne [1933] Ch , 69 Gorringe v Irwell India Rubber Works (1886) 34 Ch D Government Stock Investment Co v Manila Rly Co Ltd [1897] AC Gramophone & Typewriter Ltd v Stanley [1908] 2 KB 89 73, 146 Grant v Cigman [1996] 2 BCLC Grant v United Kingdom Switchback Railways Co (1888) 40 Ch D Gray s Inn Construction Co Ltd, Re [1980] 1 WLR xxii

24 Table of Cases Great Eastern Rly Co v Turner (1872) LR 8 Ch App , 249 Great Wheal Poolgooth Co Ltd, Re (1883) 53 LJ Ch Greene, Re [1949] Ch Greenhalgh v Arderne Cinemas Ltd [1951] Ch , 256, 358 Greenwell v Porter [1902] 1 Ch Griffiths v Yorkshire Bank plc [1994] 1 WLR , 331 Grovewood Holdings plc v James Capel and Co Ltd [1995] Ch Guinness plc v Saunders [1990] 2 AC , 143, 175, 250, 253, 274 Guinness v Land Corporation of Ireland (1882) 22 Ch D Gwembe Valley Development Co Ltd v Koshy [1998] 2 BCLC H and K (Medway) Ltd, Re, Mackay v IRC [1997] 1 BCLC H (Restraint Order: Realisable Property) [1996] 2 All ER Halifax Sugar Refining Co Ltd v Francklyn (1890) 62 LT Halt Garage (1964) Ltd, Re [1982] 3 All ER , 199, 252, 253 Hamlet International plc, Re [1998] 2 BCLC Hampson v Price s Patent Candle Co (1876) 45 LJ Ch Harben v Phillips (1883) 23 Ch D Harman v BML Group Ltd [1994] 1 WLR 893; [1944] 2 BCLC , 125, 151, 369 Harmer (HR), Re [1959] 1 WLR , 355 Harold Holdsworth & Co (Wakefield) Ltd v Caddies [1955] 1 WLR Hartley Baird Ltd, Re [1955] Ch Heald v O Connor [1971] 1 WLR Hedley Byrne & Co Ltd v Heller & Partners Ltd [1964] AC 465; [1963] 2 All ER , 41, 292 Hely-Hutchinson v Brayhead Ltd [1968] 1 QB , 169, 273, 274 Henry v Great Northern Railway Co (1857) 1 De G & J Henry Browne Ltd v Smith [1964] 2 Lloyd s Rep , 70 Heron International Ltd v Lord Grade [1983] BCLC Hickman v Kent or Romney Marsh Sheep Breeder s Association [1915] 1 Ch , , 111 xxiii

25 Company Law Hilton v Plustitle [1989] 1 WLR Hogg v Cramphorn Ltd [1967] Ch , 267, 270 Holders Investment Trust Ltd, Re [1971] 1 WLR , 218 Holmes v Keyes [1959] Ch Home Treat Ltd, Re [1991] BCLC Homer District Consolidated Gold Mines, Re (1883) 39 Ch D Hong Kong and China Gas Co Ltd v Glen [1914] 1 Ch Hood Sailmakers Ltd v Axford [1997] 1 WLR 6251; [1997] 1 BCLC Horsley & Weight Ltd, Re [1982] Ch 442; [1982] 3 All ER , 154, 163, 179 Houghton & Co v Nothard, Lowe & Wills [1927] 1 KB , 167 Houldsworth v City of Glasgow Bank (1880) 5 App Cas House of Fraser plc v ACGE Investments Ltd [1987] AC Howard Holdings Inc, Re (1997) LEXIS transcript, 6 June 85 Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC , 269, 362 Howard v Patent Ivory Manufacturing Co (1888) 38 Ch D , 166 Hutton v Scarborough Cliff Hotel Co Ltd (1865) 2 Dr & Sim Hutton v West Cork Rly Co (1883) 23 Ch D , 258 Hydrodam (Corby) Ltd, Re [1994] 2 BCLC IDC v Cooley [1972] 1 WLR Ian Chisholm Textiles Ltd v Griffiths [1994] BCC Illingworth v Houldsworth [1904] AC Imperial Hydropathic Hotel Co, Blackpool v Hampson (1822) 23 Ch D Imperial Mercantile Credit Association v Coleman (1871) 6 Ch App Inquiry under the Company Securities (Insider Dealing) Act 1985, an, Re [1988] AC Instrumental Electrical Services, Re [1988] BCLC International Credit and Investment Co (Overseas) Ltd v Adham [1998] BCC International Sales Agencies Ltd v Marcus [1982] 3 All ER , 402 Introductions Ltd, Re [1970] Ch , 158 xxiv

26 Table of Cases Inverdeck Ltd, Re [1998] BCC Island Export Finance Ltd v Umunna [1986] BCLC Isle of Wight Railway Co v Tahourdin (1883) 25 Ch D , 145 Jacobus Marler Estates v Marler (1913) 85 LJ PC James ex p (1803) 8 Ves Jenice Ltd v Dan [1993] BCLC , 32 John Crowther Group plc v Carpets International plc [1990] BCLC John Shaw & Sons (Salford) Ltd v Shaw [1935] 2 KB Joint Receivers and Managers of Niltan Carson Ltd v Hawthorne [1988] BCLC Jones v Lipman [1962] 1 WLR Jupiter House Investments (Cambridge) Ltd, Re [1985] 1 WLR Karellas v Greek Minister of Industry (1993) BCC Kaye v Croydon Tranways Co [1898] 1 Ch Keech v Sandford (1726) Sel Cas Ch Kelner v Baxter (1866) LR 2 CP Kinsela v Russell Kinsela Pty Ltd (1986) 4 NSWLR , 262 Kitson & Co Ltd, Re [1946] 1 All ER Knowles v Scott [1891] 1 Ch Kuwait Asia Bank EC v National Mutual Life Nominees Ltd [1991] 1 AC , 262 Lady Gwendolen, The [1965] P Lagunas Nitrate Co v Lagunas Syndicate [1899] 2 Ch , 35 Lander v Premier Pict Petroleum Ltd [1998] BCC , 277 Lee Behrens & Co, Re [1932] 2 Ch Lee Panavision Ltd v Lee Lighting Ltd [1992] BCLC , 274 Lee v Lee s Air Farming [1961] AC Leeds & Hanley Theatres of Varieties, Re [1902] 2 Ch , 37 Legal Costs Negotiators Ltd, Re (1998) unreported, 3 June 363 xxv

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