Podcast Location:
Download it here [file size: 34 MB]
Categories:
Litigation & Dispute Resolution
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 podcast aims to guide practitioners through the principles to be applied when awarding costs in derivative claims under the Companies Act. These cases are often manifest as a disturbance in the normal governance procedures of a company where there is a wrong done to the corporation but no effective remedy when applying the principles of majority rule. This podcast is about how that wrong can be remedied and importantly, who pays for it.

Outcomes:
After completing the course you will:
  • Understand what a derivative claim is;
  • Know the rules as to the award of costs in derivative claims;
  • Be aware of the procedural hurdles in getting a derivative action to court;
  • Be aware of the role of the company as both victim and nominal Defendant in proceedings and whether the company is permitted an active role;
  • Understand the tactical advantage to a Claimant in obtaining a Wallesteiner Order;
  • Know the extent of a Claimant’s right to an indemnity from the company;
  • Understand the importance of the Board’s independence;
  • Be aware of the conditions that can come attached to Wallesteiner Orders;
  • Have had a recent statement of the relevant principles as to costs in these claims from the Court of Appeal;
  • Be aware of the potential any right of indemnity will have on the outcome of who pays for successful litigation against a wrongdoing director.
Level:
Specialist Difficulty: 5 of 5
Classification:
Introduction
Legal Principles
Sources and References:
  • Re Beddoe [1893] 1 Ch 547;
  • Companies Act 2006 s 232, 260-264;
  • Wallersteiner v Moir (No 2) [1975] QB 373;
  • CPR Rules 19.9-9F PD 19;
  • Re a Company (No. 001126 of 1992) [1993] BCC 325;
  • McDonald v Horn [1995] 1 All ER;
  • Carlisle & Cumbria United Independent Supporters' Society Ltd v C.U.F.C. [2010] EWCA Civ 463.
Tags:

This podcast with Chancery silk Robin Hollington QC addresses the issue of costs in derivative claims under the Companies Act 2006. It will examine what role the company plays in proceedings, how the classic ‘winner’ v ‘loser’ analysis is applied, what cost protection is available for viable claims and what the courts have had to say as to principles to be applied.

Podcast added: 19/04/11

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