Podcast Location:
Download it here [file size: 22.6 MB]
Categories:
Company Law
CPD Points:
Up to 1 point. details »

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

This podcast is aimed at all levels of practitioners. It provides a detailed explanation of the new statutory derivative claim procedure under the Companies Act 2006. Listeners will gain an understanding of the types of claims which are capable of being brought under the new procedure and the mechanics of the procedure itself whilst being made aware of some of the procedural issues which may arise.

Outcomes:
After completing the course you will:
  • Have learnt which claims can be brought under the new procedure;
  • Have learnt the restrictions on derivative claims and the circumstances in which claims will be barred;
  • Have learnt how the procedure works and how the court is expected to deal with some tricky procedural issues;
  • Have learnt the role to be taken by the Company in a derivative action;
  • Have learnt the circumstances in which the Claimant will be entitled to an indemnity in respect of his costs.
Level:
Specialist Difficulty: 5 of 5
Classification:
Legislative Updates
Panel Discussion
Practical Guide
Sources and References:
  • Companies Act 2006, sections 260 to 264;
  • Foss v Harbottle 2 Hare 461;
  • Companies Act 2006, Part 10, Chapter 2;
  • Airey v Cordell [2006] EWHC 2728 (Ch);
  • Woodhouse and Co Ltd v Woodhouse (1914) 30 TLR 559;
  • Re Hydrosan Ltd [1991] BCLC 418; CAS (Nominees) Ltd v Nottingham Forest plc [2000] 1 All ER 954;
  • Arrow Trading & Investments v Edwardiant Group Ltd [2005] 1 BCLC 696;
  • Jaybird Group Ltd v Greenwood [1986] BCLC 319;
  • Jafari-Fini v Skillglass Ltd [2005] EWCA Civ 356, [2005] All ER (D) 274 (Mar), CA;
  • The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007.

In this podcast, we interview four members of Erskine Chambers about the statutory procedure introduced by the Companies Act 2006. Under the new procedure, shareholders will be able to bring derivative actions on behalf of a company in relation to a broader category of claims than before. The new procedure came into effect on 1st October 2007.

Richard Snowden Q.C., James Potts, Ben Shaw and Alex Barden set out the types of claims that can be brought, the steps to be taken in proceedings, as well as procedural issues such as cost implications and disclosure. It is a comprehensive and complete guide to the new statutory procedure.

Podcast Added: 9/11/2008

Podcast last reviewed: 2011-09-26

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