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DIRECTORS' LIABILITY FOR UNLAWFUL DIVIDENDS

  • Eilís Ferran (a1)

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1 Companies Act 2006, s. 830 and for public companies s. 831.

2 Companies Act 2006, s. 836.

3 [2010] UKSC 51, [2010] 1 W.L.R. 2793.

4 [2008] EWHC 2200 (Ch), [2008] 2 BCLC 613.

5 Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (SI 2008/409), sch. 7, para. 2; Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410), sch. 9, para. 2.

6 [1901] A.C. 477, HL.

7 At para. 46.

8 First introduced as Judicial Trustees Act 1896, s. 3, now Trustee Act 1925, s. 61.

9 D.G. Hemmant, Companies Act, 1907 (London 1907), pp. 51–52.

10 Maugham, F.H., ‘Excusable Breaches of Trust’ (1898) 14 L.Q.R. 159, 161.

11 Companies Act 2006, s. 174.

12 Equitable Life Assurance Society v Bowley [2003] EWHC 2263 (Comm), [2004] 1 BCLC 180, at para 41.

13 Re Barings plc and others (No 5) [1999] 1 BCLC 433, 489, approved [2000] 1 BCLC 523 at 535–536 (para. 36).

14 eg, HM Treasury: A Review of Corporate Governance in UK Banks and Other Financial Industry Entities – Final Recommendations (November 2009) (“Walker Review”).

15 Precision Dippings Ltd v. Precision Dippings Marketing Ltd. [1986] 1 Ch. 447, CA.

16 Companies Act 2006, Part 15, chs. 4–7.

17 Companies Act 2006, s. 393.

18 Macquarie Internationale Investments Ltd v. Glencore UK Ltd [2010] EWCA Civ 697, para 51 per Jackson L.J.

19 Macquarie at para. 55 per Jackson L.J..

20 Companies Act 2006, ss. 454–457.

21 Financial Services and Markets Act 2000, s. 91 and FSA, Disclosure Rules and Transparency Rules, DTR 1.3.4 and DTR 1A.3.2.

22 Financial Services and Markets Act 2000, s. 90A and sch. 10A.

23 Companies Act 2006, s. 463.

24 77/91/EEC. E. Ferran, Principles of Corporate Finance Law (Oxford 2008) ch. 9 provides an account of the debate on reform of the legal capital rules.

25 As was the case, for instance, in Bairstow v. Queens Moat Houses plc [2001] EWCA Civ 712, [2001] 2 BCLC 531.

I am grateful to Kathryn Cearns and Richard Nolan for their very helpful comments on draft versions of this piece.

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DIRECTORS' LIABILITY FOR UNLAWFUL DIVIDENDS

  • Eilís Ferran (a1)

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