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If a company is unable to pay its debts as they fall due, UK insolvency law requires an administrator to attempt a rescue of the company (if the company itself has the assets to pay for this). If rescue proves impossible, a company's life ends when its assets are liquidated, distributed to creditors and the company is struck off the register.
The Companies Act 2006 (c. 46) is an act of the Parliament of the United Kingdom which forms the primary source of UK company law. The act was brought into force in stages, with the final provision being commenced on 1 October 2009. It largely superseded the Companies Act 1985.
The board of directors invariably holds the right to sue in the company's name as a general power of management. [2] So if wrongs were alleged to have been done to the company, the principle from the case of Foss v Harbottle, [3] was that the company itself was the proper claimant, and it followed that as a general rule that only the board could bring claims in court.
Breckland Group Holdings Ltd v London & Suffolk Properties Ltd [1989] BCLC 100 is a UK company law case, concerning the right of a majority shareholder to litigate in the company's name. Facts [ edit ]
Rayfield v Hands [1960] Ch 1 is a UK company law case, ... Notes. References This page was last edited on 4 May 2024, at 17:40 (UTC). Text ...
Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 is a UK company law case, concerning the predecessor of the unfair prejudice provision, an action for "oppression" under section 210 of the Companies Act 1948 (now section 994 of the Companies Act 2006).
The decision in Mosely v Koffyfontein Mines Ltd established an important precedent in UK company law regarding the issuance of debentures convertible into shares. It clarified that such debentures cannot be issued at a price below the nominal value of the company's shares, thereby protecting the rights of existing shareholders and maintaining the nominal value of share capital.
It introduced the power of the court to make a disqualification order prohibiting a person from being concerned in the management of a company was introduced by section 75. This was subsequently consolidated as section 275 of the Companies Act 1929 and based on the recommendation of the Report of the Company Law Amendment Committee (1925-1926 ...