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Offshore Insights: Shareholder Remedies

May 20, 2024 | Videos

The next instalment of our Offshore Insights webinar series features Adrian Pay, who delves into the topic of “Shareholder Remedies” in this jurisdiction and offshore.

The webinar will cover:

A brief history of shareholder remedies in this jurisdiction

The webinar will cover:

A brief history of shareholder remedies in this jurisdiction

  • Winding-up on the just-and-equitable ground
  • The rule in Foss v Harbottle
    • Shareholder claims directly against the company
    • The derivative action:
      • The original common law derivative action
      • The statutory derivative action under the Companies Act 2006
      • The survival of the common law derivative action for claims outside the scope of the statutory derivative action
    • The unfair prejudice remedy

Are we all the same?

Some high level similarities and differences between this jurisdiction and other common law jurisdictions

  • Derivative claims (statutory and common law)
  • Unfair prejudice proceedings

Recent developments

The direct shareholder action

  • Tianrui (International) Holding Company Ltd v China Shanshui Cement Group Ltd JCPC 2023/0002 – appeal to the Privy Council from the CICA (argument heard, decision awaited)

Unfair prejudice proceedings

  • The unfair prejudice remedy: O’Neill v Phillips [1999] 1 WLR 1092 and a wider approach?
    • Latimer Holdings Ltd v Sea Holdings New Zealand Ltd [2005] 2 NZLR 328
    • Financial Technology Ventures II (Q) LP and Ors v ETFS Capital Limited and Tuckwell [2021] JCA 176
  • Good faith and fair process:
    • Re Compound Photonics Ltd [2022] EWCA Civ 1371
    • Pender v GGH (Jersey) Ltd [2023] JRC 124
  • Limitation:
    • THG plc v Zedra Trust Company (Jersey) Ltd [2024] EWCA Civ 158
  • The relationship with the derivative action:
    • Re Chime Corp Ltd [2004] 7 H.K.C.F.A.R. 546
    • Re Coinomi Ltd [2023] EWCA Civ 1480 [2024] B.C.C. 68
  • Minority discount:
    • Dodson v Shield [2023] EWCA Civ 1391

Derivative claims

  • Key differences between the common law derivative claim and a statutory derivative claim:
    • Boston Trust Co Ltd v Szerelmey Ltd [2023] EWHC 308 (Ch)
  • An alternative view to the requirement of wrongdoer benefit
    • Wang Pengying v Fai and Ors [2021] HKCA 100
  • A requirement of reflective loss or harm
    • McGaughey v Universities Superannuation Scheme Ltd [2023] EWCA Civ 873 [2023] Bus. L.R. 1614
    • Shareholder activism
      • Clientearth v Shell Plc & Ors [2023] EWHC 1897 (Ch) 1897

    Winding-up on the just-and-equitable ground

    • A re-invigoration of the remedy?
      • Chu v Lau [2020] UKPC 24 [2020] 1 W.L.R. 4656
      • Financial Technology Ventures II (Q) LP and Ors v ETFS Capital Limited and Tuckwell [2021] JCA 176; Ferguson v Bespoke Ltd [2023] JRC 250
      • Re Klimvest Plc [2022] EWHC 596 (Ch) [2022] BCC 747
    • Arbitration
      • FamilyMart China Holding Co Ltd v Ting Chuan (Cayman Islands) Holding Corporation [2023] UKPC 33
      • Kenworth Industrial Ltd v Xin Gang Power Investments Ltd (1.2.24) BVIHCOM 2023/0006

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