In this week's update: a distribution was valid despite discrepancies in the accounts justifying the dividend and an examination of vexatious resolutions.
Court considers whether demerger by dividend was valid (part 2)
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Macfarlanes LLP, Easement, Companies Act 2006 (UK)
In this week's update: directors implementing a management buy-out did not owe fiduciary duties to the other shareholders and a distribution was valid despite the relevant accounts not being in the usual format.
Directors did not owe fiduciary duty to shareholders
The High Court has held that the directors of a company did not owe a fiduciary duty to the company’s shareholders when implementing a management buy-out (MBO).
What happened?
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Macfarlanes LLP, Private equity, Public limited company, HM Revenue and Customs (UK)