On 21 October 2024 the High Court handed down judgment in Lane v Lane [2024] EWHC 2616 (Ch). Following a 5-day trial, HHJ Keyser KC (sitting as a Judge of the High Court) allowed the First Claimant’s claim to disputed shares based on an oral agreement alternatively found that it would have succeeded...
The Court of Appeal held that whilst the Judge below correctly identified the law he subsequently erred in applying it to the pleaded claim. The pleaded (disputed) personal conduct of the shareholder and directors (which largely related to steps taken in pursuit of the recovery of their costs of previous...
As a general principle, a company may make “distributions” to shareholders out of profits available for the purpose, but not out of capital. The circumstances in which a company may properly make distributions to its shareholders are governed by two sets of rules: those in Part 23 of the Companies Act 2006,...
Following his ruling that his failure to provide the minority with the Company’s financial statements as required by the Company’s articles constituted unfair prejudice, Leon J had ordered that the majority shareholder buy the shares of the minority. The Eastern Caribbean Court of Appeal upheld his finding of...
The court was required to determine issues in the administrations of two Lehman Brothers companies (P and L) concerning the priority of certain subordinated debts for the purpose of distributing funds in the administrators' hands. P and L were intermediate holding companies in the Lehman Brothers group. L was the...