THE concept of ownership is a complex, powerful and controversial idea. In law it explains, justifies and gives moral force to a host of rights and duties as well as serving to legitimate the allocation of wealth and privilege. The influence of this idea is, furthermore, everywhere embodied in the law. In company law, legal and economic conceptions have both rested on and have been shaped by the normative implications of ownership. Historically, ownership was the principal explanation and justification for the central role of shareholders in corporate affairs. As owners, shareholders were entitled to control the management of the company and to the exclusive benefit of the company's activities. Ownership also served to legitimate the corporate form itself. So long as it was owned by individuals the economic and political power of the company was both benign and a bulwark against the intrusion of the state.

THE English Law Commission's Consultation Paper “Limitation of Actions” is a long study of a complex subject. The subject has produced a large and detailed literature. Reform is necessary. The occasion of a Consultation Paper should stimulate both substantive and procedural lawyers to think deeply about how this subject, which is truly the gateway to justice, might be re-built.