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Company Law Memo Newsletter Issue 3 (May 2009)

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Welcome to the Company Law Memo 2009 newsletter, highlighting important recent developments in company and insolvency law.  You can also access comprehensive updates to specific paragraphs via our online updating service.  We always welcome suggestions from readers, so please contact us if you have any comments. 

COMPANY LAW MEMO 2009

Newsletter Issue 3

May 2009

185 PARK STREET

BANKSIDE

LONDON

SE1 9DY

(T) 020 7803 4666

(F) 020 7803 4699

In this issue…

Types of business and corporate structures

»         Limited partnership law reform put on hold

»         Consultation on Community Interest Company dividend and interest caps

Shareholders

»         Can a director and controlling shareholder also be an employee?

»         Information under the Northern Rock plc compensation scheme

Directors

»         Shareholder’s right to appoint directors linked to shareholding

»         Do nominee directors owe duties to the company and their appointer?

»         Preparing to compete with the company’s business may amount to breach of fiduciary

           duty

»         Third party enforcement of transactions when directors’ authority invalid

»         Naming and shaming of deliberate tax defaulters

»         European statement and recommendations on directors’ remuneration

Company management and decision making

»         Execution of documents by a company - practical guidance for signature by absent parties

»         Forged director’s signature can be binding on company

»         Draft regulations to implement the Shareholders’ Rights Directive published

»         Northern Irish companies registry integration

Company accounts

»         New personal obligation for tax reporting on senior accounting officers of large companies

»         Revised guidance on an auditor’s report and new illustrative examples 

Transaction

»         Revised EU proposal on mergers and divisions

»         Consultation on extending the disclosure regime in takeovers

Litigation

»         First company prosecution under new corporate manslaughter law 

»         Focus on… bribery law reform

Insolvency

»         Insolvency law modernisation and consolidation project

»         Disputing the petition debt in winding up proceedings

»         Court’s discretion on public interest petitions

»         Set-off of mutual dealings between a creditor and an insolvent company

»         High Court gives guidance on proposed pre-pack sales and administrators’ pre-

           appointment expenses

»         Insolvency Service to consult on measures to encourage rescue procedures

»         Combating late payments in commercial transactions at EU level

Companies Act 2006

»         Overseas companies

»         Company and business names

»         Functions of Companies House and material on the register

»         Registrar of Companies and applications for striking off

»         Accounts and audit

»         Powers of the Takeover Panel in the Isle of Man