Podcast Location:
Download it here [file size: 21.8 MB]
Categories:
Corporate & Commercial Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This CPDcast will discuss a number of issues which advisers need to address when considering a wide range of corporate transactions, including directors' duties, the maintenance of capital provisions of the companies' legislation, and various provisions of the Insolvency Act 1986. It will look at these issues first in general terms and then by reference to some specific forms of transaction.

Outcomes:
After completing the course you will:
  • Understand the relevant provisions of the Companies Act 2006 relating to the distribution rules;
  • Know the rule outlined in Averling Barford v Perion and how it has been reflected in the 2006 Act;
  • Understand the changes made to the financial assistance regime;
  • Understand the reduction of capital procedure under the 1985 Act and the 2006 Act and how it relates to private companies;
  • Understand how transactions at an undervalue are dealt with under the Insolvency Act 1986;
  • Know what test the Courts apply in determining whether a transaction is at an undervalue;
  • Know the time period during which a transaction is exposed to challenge as being at an undervalue;
  • Appreciate the defences available to a party who is pursued for a transaction at an undervalue;
  • Understand the provisions of the 1986 Act dealing with transactions defrauding creditors.
Level:
Complex Difficulty: 4 of 5
Classification:
Legislative Updates
Practical Guide
Sources and References:
  • Insolvency Act 1986;
  • Companies Act 2006;
  • Companies Act 1985;
  • Aveling Barford Limited v Perion. Limited [1989] BCLC 626.

In this CPDcast, Andrew Thornton and Ben Griffiths of Erskine Chambers discuss the key issues which advisers need to address when considering a wide range of corporate transactions. They look at the companies' legislation concentrating on the maintenance of capital provisions of the legislation, namely the distribution rules and the financial assistance regime; the statutory duties of directors set out in Chapter 2 of Part 10 of the Companies Act 2006; and the self-dealing provisions relating to directors contained in Chapters 3 and 4 of Part 10 of the Act. There is also an examination of the relevant provisions of the Insolvency Act 1986, in particular the provisions dealing with transactions at an undervalue and transactions defrauding creditors under sections 238 and 423 of the 1986 Act.

Podcast uploaded: 23/06/09

Podcast last reviewed: 2011-07-25

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