Shadows of the Past and Back to the Future: Part 11 of the UK Companies Act 2006 (in)action

Reisberg Arad
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Reisberg Arad: *LL.B (Cum Laude), LL.M, D.Phil (Oxon). Reader in Corporate and Financial Law and Vice-Dean for Research, Faculty of Laws, University College London; Director, UCL Centre for Commercial Law; Co-Director, Centre for Law and Economics

European Company and Financial Law Review, 2009, vol. 6, issue 2-3, 219-243

Abstract: The purpose of this article is primarily to look into the early demonstration of the new statutory procedure relating to derivative claims under Part 11 of the UK Companies Act 2006. The article is organized as follows. Section II briefly outlines the scope and the procedural framework for the application for leave of the new statutory derivative claim under Part 11 of the 2006 Act. Section III looks into an early demonstration of the new statutory procedure in practice in two recent cases, namely, Franbar Holdings Ltd v Patel and others and Mission Capital plc v Sinclair. Section III then discusses the lessons that can be drawn from these two cases. It also assesses the likely impact of these cases on the future development of the law. Section IV discusses recent important international development in relation to these proceedings. Finally, Section V draws some conclusions.

Date: 2009
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DOI: 10.1515/ECFR.2009.219

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