Front Matter

Cambridge University Press 978-0-521-76255-7 - Corporate Lawyers and Corporate Governance Joan Loughrey Frontmatter More information

CORPORATE LAWYERS AND CORPORATE GOVERNANCE

This assessment of the corporate governance role of corporate lawyers in the United Kingdom analyses the extent to which lawyers can and should act as gatekeepers, counsellors and reputational intermediaries. Focusing on external and in-house lawyers’ roles in both dispersed share-ownership and owner-managed companies, Joan Loughrey highlights the conﬂicts of interest that are endemic in corporate representation and examines how lawyers should respond when corporate agents provide instructions con- trary to the company client’s interests. She also considers the legitimacy of ‘creative compliance’,the ethical arguments for and against lawyers pri- oritising the public interest over their clients’ interests, and their exposure to liability if they fail to perform a corporate governance role. Finally, she considers whether the reforms to the legal profession will promote the lawyer’s corporate governance role and advances suggestions for reform.

joan loughrey is currently the Director of the Centre for Business Law and Practice at the School of Law, University of Leeds, where her research interests include corporate law, corporate governance, and ethics and the legal profession.

international corporate law and financial market regulation

Recent years have seen an upsurge of change and reform in corporate law and financial market regulation internationally as the corporate and institutional investor sector increasingly turns to the international financial markets. This follows large-scale institutional and regulatory reform after a series of international corporate governance and financial disclosure scandals exemplified by the collapse of Enron in the United States. There is now a great demand for analysis in this area from the academic, practitioner, regulatory and policy sectors. The International Corporate Law and Financial Market Regulation series will respond to that demand by creating a critical mass of titles which will address the need for information and high-quality analysis in this fast developing area. Series editors Professor Eilis Ferran, University of Cambridge Professor Niamh Moloney, London School of Economics and Political Science Professor Howell Jackson, Harvard Law School Editorial board Professor Marco Becht, Professor of Finance and Economics at Universite´ Libre de Bruxelles and Executive Director of the European Corporate Governance Institute (ECGI). Professor Brian Cheffins, S. J. Berwin Professor of Corporate Law at the Faculty of Law, University of Cambridge. Professor Paul Davies, Cassel Professor of Commercial Law at the London School of Economics and Political Science. Professor Luca Enriques, Professor of Business Law in the Faculty of Law at the University of Bologna. Professor Guido Ferrarini, Professor of Law at the University of Genoa and Honorary Professor, Faculty of Law, University College London. Professor Jennifer Hill, Professor of Corporate Law at Sydney Law School. Professor Klaus J. Hopt, Director of the Max Planck Institute of Comparative and International Private Law, Hamburg. Professor Hideki Kanda, Professor of Law at the University of Tokyo. Professor Colin Mayer, Peter Moores Professor of Management Studies at the Sa¨ıd Business School and Director of the Oxford Financial Research Centre. James Palmer, Partner in Herbert Smith, London. Professor Michel Tison, Professor at the Financial Law Institute of the University of Ghent. Andrew Whittaker, General Counsel to the Board at the UK Financial Services Authority. Professor Eddy Wymeersch, Chairman of the Committee of European Securities Regulators (CESR); Co-chair of the CESR–European Central Bank Working Group on Clearing and Settlement, and part-time Professor of Commercial Law, University of Ghent.

CORPORATE LAWYERS AND CORPORATE GOVERNANCE

JOAN LOUGHREY

cambridge university press Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, SaoPaulo,Delhi,Tokyo,MexicoCity˜ Cambridge University Press The Edinburgh Building, Cambridge CB28RU,UK Published in the United States of America by Cambridge University Press, New York

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C Joan Loughrey 2011

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First published 2011

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Library of Congress Cataloguing in Publication data Loughrey, Joan, 1968– Corporate lawyers and corporate governance / Joan Loughrey. p. cm. – (International corporate law and ﬁnancial market regulation) Includes bibliographical references and index. ISBN 978-0-521-76255-7 (hardback) 1. Corporate governance – Law and legislation – Great Britain. 2. Corporate lawyers – Great Britain. 3. Corporation law – Great Britain. I. Title. II. Series. KD2088.L68 2011 346.410664 – dc22 2011008368

ISBN 978-0-521-76255-7 Hardback

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To Andrew, Molly and Fergus, ﬁnally

CONTENTS

Preface page xiii Table of cases xv Table of statutes xxvi Table of statutory instruments xxxi International treaties xxxii List of abbreviations xxxiii

1Introduction 1 The role of corporate lawyers and their firms: the issues 1 Thescopeofthebook 7 Corporate lawyers 7 The large corporate firms 8 Smaller firms 10 In-house lawyers 10 The corporate client 12 Corporate governance 14 The organisation of the book 17 2 The international perspective 19 Introduction 19 The comparative landscape: the United States, Australia and Canada 21 The United States 21 The US Legal profession and corporate scandals 21 Aprofessionunderscrutiny 26 The ABA Model Rules 28 The Sarbanes-Oxley Act 2002 29 Australia 30 Canada 35

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viii contents Extraterritorial regulation of the corporate lawyer 38 Europe and the in-house lawyer 38 The cross-border provision of services and double deontology 41 The global role of UK (and US) corporate lawyers 45 3 The roles of the corporate lawyer 48 Introduction 48 The legal services business 49 The professional role and public service 56 A public-service role? 56 The standard conception of the lawyer’s role 62 Zealous advocacy 63 Neutrality 65 Renegotiating the professional role 70 The social functions of the corporate lawyer 70 Counsellor 72 The duty to counsel on ethical issues 73 Counselling respect for the law 75 Gatekeeper 76 Whistle-blower 78 Conclusion 80 4 Identifying the corporate client 82 Introduction 82 Establishing the retainer 83 Express and implied retainers 83 Implying a retainer: relevant factors 86 Identifying the client in owner-managed companies 88 Start-ups 88 Majority shareholders and alter ego companies 89 Minority shareholders 92 Identifying the client in groups 93 The consequences of acting for more than one corporate constituent 96 Conﬂicts of interest 96 Informed consent 98

contents ix

The reasonableness of representation – representing joint owners 100 Standing to complain 102 Avoiding conflicts of interest 105 Limited retainers 105 Joint representation and information barriers 106 Confidentiality and privilege 107 Dispersed share-ownership companies 108 Identifying the client 109 Three Rivers (No. 5) and actual authority 109 Section 40 of the Companies Act 2006 and apparent authority 111 Agent acting without authority 112 The effect of the director’s assertions of the client’s approval 115 Agents possessing authority but acting in breach of duty to the company 117 The lawyer’s response to misconduct: who is the client for up-the-line reporting? 118 Conclusion 122 5 The role of the corporate lawyer in intra-corporate litigation 124 Introduction 124 The corporate governance function of the unfair prejudice remedy and the derivative claim 126 The role of the lawyer in unfair prejudice litigation in owner-managed companies 129 Section 994 litigation and the interests of the company 129 Representing the company 133 Representing the majority 134 Present clients and conflicts of interest 135 The company as a past client 137 The minority shareholder as a past client 140 Where the minority shareholder was never a client 140 Problems and possible solutions 141 A fiduciary relationship surviving the end of the retainer 143 The supervisory jurisdiction of the courts 146 The role of the lawyer in the derivative claim 149 Representing the company 150

x contents

Representing the company and the alleged wrongdoers 154 Representing the alleged wrongdoers 155 Conclusion 156 6 The corporate lawyer as director 158 Introduction 158 Arguments for lawyers sitting on the board of client companies 159 It promotes the client’s interests 159 It promotes the interests of lawyers and their firms 161 Arguments against lawyers sitting on the board of client companies 163 The board’s composition and performance and the lawyer-director 163 Conflicts of interest 166 Loss of professional independence 170 Legal professional privilege 173 Conclusion 176 7 The regulation of the corporate lawyer 179 Introduction 179 Civil liability controls: lawyers as reputational intermediaries and gatekeepers 181 Obligations to the client and resulting liabilities 181 An obligation to advise 182 An obligation to report up the line 186 An obligation to withhold assistance 190 Dishonest assistance of breach of fiduciary duty 193 The economic torts 196 Third parties’ causes of action 196 Duty of care in tort 198 The economic torts 201 Lawful means conspiracy 207 Inducing breach of contract 208 Legislative controls 209 Disciplinary controls: the SRA Code 211 Refusing assistance 212 The duty to disclose and up-the-line reporting 213

contents xi Whistle-blowing 214 The common law 214 Disciplinary controls: the SRA Code 216 Legislative controls 217 Conclusion 220 8 The case against reform 223 Introduction 223 Change is unnecessary 223 The present system of corporate governance is sufﬁciently strong 223 Reforms should focus on other groups 230 Reform would not work 232 Reputational capital 232 Structural constraints 234 Cognitive bias 236 Reform would undermine legal professional privilege 238 Reform would be too costly 244 Whistle-blowing 244 Disclosure counsel and certiﬁcation 246 Conclusion 248 9 Reforming the role of the corporate lawyer 249 Addressing fraud 249 Strengthening the gatekeeper role of in-house and external lawyers: up-the-line reporting 249 To whom should lawyers report? 252 Triggering the obligation 253 To whom should the obligation apply? 255 Withdrawal 255 Strengthening the gatekeeper role of in-house lawyers 256 Addressing creative compliance 258 The SRA Code of Conduct and the spirit of the law 258 The proposal is too uncertain 258 The proposal offends against the rule of law 260 The proposal requires lawyers to impose their moral views on the client 261

xii contents

The proposal could deter legitimate innovation and place lawyers at a competitive disadvantage 262 Lawyers will ignore it 263 Withdrawing legal advice privilege 263 Third-party rights of action 268 Strengthening the counselling role 274 Conclusion 275 10 The reform of the legal profession and the role of the corporate lawyers 276 Introduction 276 Alternative business structures 277 How ABSs might strengthen the lawyer’s corporate governance role 279 Privilege 279 Professional values 280 Closing the information and accountability gap 283 Practising to share price 284 How ABSs could undermine the lawyer’s corporate governance role 287 Practising to share price 287 Conflicts of interest: MDPs 287 Conflicts of interest: outside-owned firms 289 Innovation 291 Entity regulation 292 Outcomes- and principles-based regulation 294 Risk-based regulation 296 Conclusion 300 11 Conclusion 303

Bibliography 311 Index 336

PREFACE

In the years following Enron, the absence of debate in the United Kingdom over the role of corporate lawyers stood in sharp contrast to the position in the United States, where the volume of material had been overwhelming. Although there was a brief flurry of interest as the profession in England and Wales galvanised itself successfully to fight off the Securities and Exchange Commission’s proposals to regulate non-US lawyers through the Sarbanes-Oxley Act 2002, this did not last long. Why was this so? Practitioners at the time pointed out that the United States was different, and that if we wished to improve corporate governance we needed to look to auditors, not to lawyers. However, it seemed premature to reach such conclusions without at least some debate about them both within and without the profession, and this debate was lacking. Matters have since moved on. The financial crisis has occurred, and regulatory attention worldwide has shifted. Nevertheless, questions relating to the corporate governance role of English and Welsh corporate lawyers have remained unaddressed. Given that the legal profession in England and Wales is undergoing radical reform in the wake of the Legal Services Act 2007, with the introduction of alternative business structures and changes to the manner in which the profession is regulated, now seems a good time to consider these. Financial services regulation is also changing, with the government intending to abolish the Financial Services Author- ity. The discussion in the book focuses on the law and regulatory position as of 2010. I am grateful to all those who assisted me. The City lawyers I have spoken to in my research have, without exception, been generous with their time, immensely patient in explaining what they do and graceful in dealing with views on the lawyer’s role that may not always have accorded with their own. I would like in particular to thank Professor John Stumbles of the University of Sydney, Ken Lord of Mallesons Stephen Jaques, Professor Jennifer Hill of the University of Sydney for kindly sponsoring me on the xiii

xiv preface Parsons Visitorship programme which enabled me to carry out research in Australia, James Palmer of Herbert Smith whose suggestions were invalu- able, Charles Hollander, QC, who directed me towards some extremely useful sources, Tom Nicholls of Lawrence Graham LLP for his advice on NOMADS, Professor Andrew Keay of the University of Leeds, Profes- sor Horton Rogers of the University of Nottingham and Professor John Flood of the University of Westminster, all of whom read and provided very helpful comments on different chapters of the book, and the British Academy, which funded me through an Overseas Conference Grant to attend the Fourth International Legal Ethics Conference at the University of Stanford in summer 2010. Finally I thank my family. They were far more patient and supportive than I was entitled to expect. ThelawyersIhavedealtwithhavealwaysseemedtobestrivingtodo what they consider their professional obligations require of them and to care deeply about what it means to be a professional and to act ethically. The book’s purpose is not cynically to challenge this, but to open the debate about what exactly the professional values of corporate lawyers should be and whether the status quo best serves the interests of the client, the public and lawyers themselves.

Joan Loughrey

TABLE OF CASES

Australia Ampolex v. Perpetual Trustee Company (Canberra) Ltd, [1996] HCA 15; (137) ALR 28 121 Australian Competition and Consumer Commission v. Real Estate Institute of Western Australia, [1999] FCA 1387 32 Australian Securities and Investments Commission v. Macdonald (No. 11), [2009] NSWSC 287 32, 34–5 British American Tobacco Australia Services Ltd v.Cowell(representingtheestateof McCabe (deceased)), (2002) 7 VR 524 33 Carpenter v. Pioneer Park Pty Ltd (in liquidation), [2004] NSWSC 973 155 Chahwan v. Euphoric Pty Ltd, [2006] NSWSC 1002 155 Farrow Mortgage Service Pty Ltd v. Webb, (1996) 14 Australian Company Law Cases 1240 107 Giannerelli v. Wraith, (1988) 165 CLR 543 79 Heydon v. NRMA Ltd, (2000) 51 NSWLR 1 32 Kallinicos v. Hunt, [2005] NSWSC 1181 146–7, 167 Lysaght Bros & Co Ltd v. Falk, (1905) 2 CLR 421 112 Maronis Holdings Ltd v. Nippon Credit Australia Ltd, [2001] NSWSC 448 93 McCabe v. British American Tobacco Australia Services Ltd, [2002] VSC 73 33, 35, 38, 299 New South Wales Bar Association v. Cummins, [2001] NSWCA 284 32 Rich v. Harrington, (2007) 245 ALR 106 171 Southern Equities Corp. Ltd v. Arthur Andersen and Co (No. 6), [2001] 1 SASC 398 171 Spincode Pty Ltd v. Look Software Pty Ltd, [2001] VSCA 248 138, 144–5, 146–7, 156 Stringer v. Flehr & Walker, (2003) Aust. Torts Reports 81-718 86 Village Roadshow Ltd v. Blake Dawson Waldron, [2003] VSC 505 104, 146 Yunghannis v. Elﬁc Pty Ltd, [2000] 1 VR 92 139, 142

Canada Brookville Carriers Flatbed GP Inc. v. Blackjack Transport Ltd, [2008] NSCA 22 145–6 xv

xvi table of cases

Chiefs of Ontario v. Ontario, (2003) 63 OR (3d) 335 145 Lederer v. 372116 Ontario Ltd, (2001) 53 OR (3d) 203; (2001) 141 OAC 338 155 Re Credit Suisse First Boston Canada Inc., (2004) 2 BLR (4th) 109 145 Stanley v. Advertising Directory Solutions Inc., [2007] BCSC 1125 103 Stewart v. Canadian Broadcasting Corporation, (1997) 150 DLR (4th) 24 145 Wilder v. Ontario (Securities Commission), (2001) 53 OR (3d) 519 36–7

European Communities Akzo Nobel Chemicals Ltd v. Commission of the European Communities (Case T-125/03 and T-253/03), [2007] ECR II-3523; [2008] 4 CMLR 3 21, 38–9, 40, 304 Akzo Nobel Chemicals Ltd v. Commission of the European Communities (Case C-550/07 P) (29 April 2010) 39, 40 Akzo Nobel Chemicals Ltd v. Commission of the European Communities (Case C-550/07 P) (14 September 2010) (European Court of Justice, Grand Chamber) 21, 38–9, 40, 304 A.M. & S. Europe v. Commission of the European Communities (Case 155/79), [1982] ECR 1575; [1982] 2 CMLR 264 38–9 Campbell v. United Kingdom, Series A 233-A (1993) 15 EHRR 137 264–5 Dombo Beheer BV v. Netherlands, Series A 274-A (1993) 18 EHRR 213 (ECtHR) 238–9 Klass v. Germany, Series A 28 (1979–80) 2 EHRR 214 264–5 Sunday Times v. United Kingdom (No. 1), Series A 30 (1979–80) 2 EHRR 245 264–5 W v. United Kingdom, Series A 121 (1988) 10 EHRR 29 264–5

Hong Kong PCCW-HKT Telephone Ltd v. McDonald, (2009) 12 HKCFAR 114 175

India Lawyers Collective v. Bar Council of India, High Court of Bombay, 16 December 2009 41

New Zealand Black v. Taylor, [1993] 3 NZLR 403 146 Raats v. Gascoigne Wicks, [2006] NZHC 598 146, 147

United Kingdom A. and J. Fabrication (Batley) Ltd v. Grant Thornton (a ﬁrm), [1999] PNLR 811 199

table of cases xvii

Abou-Ramah v. Abacha, [2006] EWCA Civ 1492; [2007] Bus. LR 220 194, 195 Adams v. Cape Industries Plc, [1990] Ch 433 93, 96, 104 ADT Ltd v. BDO Binder Hamlyn, [1996] BCC 808 199 A.L. Underwood Ltd v. Bank of Liverpool, [1924] 1 KB 775 112, 114 Alfred Crompton Amusement Machines Ltd v. Customs and Excise Commissioners (No. 2), [1972] 2 QB 102 38, 173, 186 Allyson v. Clayhills, (1907) 97 LT 709 168 Anderson v. Hogg, [2002] BCC 923 133 Andrew v. Kounnis Freeman, [1999] 2 BCLC 641 198–9 Ansbacher (Henry) & Co. Ltd v. Binks Stern, [1998] PNLR 221 201 Armagas Ltd v. Mundogas (SA) (The Ocean Frost), [1986] AC 717 116 Armstrong v. Jackson, [1917] 2 KB 822 118 ArrowTrading and Investments Est 1920 v. Edwardian Group Ltd (No. 2), [2004] EWHC 1319; [2005] 1 BCLC 696 130, 133 Attorney General v. Guardian Newspapers (No. 2), [1990] 1 AC 109 214 Attorney General v. Blake, [1998] Ch 439 143 Attorney General of Zambia v. Meer Care & Desai, [2008] EWCA Civ 1007; [2008] Lloyd’s Rep. FC 587 B v. Auckland District Law Society, [2003] UKPC 38; [2003] 2 AC 736 268 Baden v. Societe Generale pour Favoriser le Developpement du Commerce et de L’Industrie en France SA, [1993] 1 WLR 509 191–2 Balabel v. Air India, [1988] Ch 317 173–4 Balfron Trustees Ltd v. Petersen, [2002] Lloyd’s Rep (PN) 1 99, 193, 211 Ball v. Druces & Attlee(a ﬁrm) (No. 2), [2004] EWHC 1402 (QB); [2004] PNLR 39 88–9, 92–3, 135, 143 Barclays Bank plc v. Eustice, [1995] 1 WLR 1238 204, 205, 207, 216, 267–8 Barings plc (in liquidation) v. Coopers & Lybrand (No.7), [2003] EWHC 1319 (Ch); [2003] PNLR 34 182, 229 Barlow Clowes International Ltd (in liquidation) v. Eurotrust International Ltd, [2005] UKPC 37; [2006] 1 WLR 1476 193–4, 195 Barron v. Potter, [1914] 1 Ch 895 119, 153 Bates v. Microstar Ltd, [2003] EWHC 661 (Ch) 150 BDG Roof-Bond Ltd v. Douglas, [2000] BCC 770 87, 91–2 Belmont Finance Corporation Ltd v. Williams Furniture Ltd, [1979] Ch 250 206 Beloff v. Pressdram Ltd, [1973] 1 All ER 241 214 Bernasconi v. Nicholas Bennett & Co, [2000] BCC 921 91 Bhullar v. Bhullar, [2003] EWCA Civ 424; [2003] BCC 711 132, 133 Bird v. Sylvester, [2007] EWCA Civ 1052; [2008] ICR 208 208 Birtles v. Longstaff, [2001] EWCA Civ 1219; [2002] 1 WLR 470 84–5 Boardman v. Phipps, [1967] 2 AC 46 HL 192 Bowman v. Fels, [2005] EWCA Civ 226; [2005] 1 WLR 3083 (CA) 218, 245 Boyce v. Rendells, (1983) 268 EG 268 106, 183, 187

xviii table of cases

Brady v. Brady, (1987) 3 BCC 535 91 Braymist Ltd v. The Wise Finance Co. Ltd, [2002] EWCA Civ 127; [2002] Ch 273 (CA) 88 Brimelow v. Casson, [1924] 1 Ch 302 209 British Midland Tool Ltd v. Midland International Tooling Ltd, [2003] EWHC 466 (Ch); [2003] 2 BCLC 523 120, 189, 203, 206 Bristol & West Building Society v. Baden Barnes Groves & Co, [2000] Lloyd’s Rep. PN 788 187 Bristol & West Building Society v. Fancy and Jackson, [1997] 4 All ER 582 Ch D 192 Bristol & West Building Society v. Mothew, [1998] Ch 1 82, 96–7, 102, 135, 181, 191, 192–3 Bryant v. Law Society, [2009] 1 WLR 45 Burkle Holdings Ltd v. Laing (No. 1), [2005] EWHC 638 (TCC) 87 Camden Nominees Ltd v. Forcey, [1940] Ch 352 209 Campbell v. M.G.N. Ltd, [2004] UKHL 22, [2004] 2 AC 457 140–1, 214 Caparo Industries plc v. Dickman, [1990] 2 AC 605 198, 228–9 Carradine Properties Ltd v. D. J. Freeman, [1999] Lloyd’s Rep PN 483 183–4 CAS (Nominees) Ltd v. Nottingham Forest FC plc, [2001] 1 All ER 954 130, 133, 134 CBS Songs Ltd v. Amstrad Consumer Electronics Plc, [1988] AC 1013 203 Chapman v. Barclay’s Bank plc, [1998] PNLR 14 91–2 Charterbridge Corporation Ltd v. Lloyds Bank Ltd, [1970] Ch 62 104, 105 Cholmondeley v. Clinton, (1815) 19 Ves. Jun. 261; 34 ER 515 146 CIA Barca de Panama SA v. George Wimpey & Co. Ltd (No 1), [1980] 1 Lloyd’s Rep. 598 107, 140 Clark v. Cutland, [2003] EWCA Civ 810; [2004] 1 WLR 783 133 Clark Boyce v. Mouat, [1994] 1 AC 428 96–7, 105, 106, 107, 135, 140, 183 Coco v. A.N. Clark (Engineers) Ltd, [1969] RPC 41 140–1, 214 Colliers CRE Plc v. Pandya, [2009] EWHC 211 (QB) 203 Connolly v. Law Society, [2007] EWHC 1175 (Admin) 96, 104 Conway v. Petronius Clothing Co Ltd, [1978] 1 WLR 72 139 Cowan v. Jeffrey Associates, (1998) SC 496 96 Credit´ Lyonnais Bank Nederland NV v. Export Credits Guarantee Department, [1998] 1 Lloyd’s Rep. 19 CA (Civ Div) 202, 203 Credit´ Lyonnais SA v. Russell Jones & Walker, [2002] EWHC 1310 (Ch); [2003] Lloyd’s Rep. PN 7 106, 188 Crescent Farm (Sidcup) Sports Ltd v. Sterling Ofﬁces Ltd, [1972] 1 Ch 553 216 Criterion Properties plc v. Stratford UK Properties LLC, [2004] UKHL 28; [2004] 1 WLR 1846 112, 113–14, 136, 184 Crofter Hand Woven Harris Tweed Co Ltd v. Veitch, [1942] AC 435 207 Crown Dilmum v. Sutton, [2004] EWHC 52 (Ch); [2004] 1 BCLC 468 116, 189, 191, 194–5

table of cases xix

Customs and Excise Commissioners v. Barclays Bank plc, [2006] UKHL 28; [2007] 1 AC 181 199, 200–1 Cutler v. Wandsworth Stadium Ltd, [1949] 3 AC 498 204 Darlington Building Society v. O’Rourke James Scourﬁeld & McCarthy, [1999] PNLR 365 187, 188 The David Agmashenebeli, [2001] CLC 942 268 Davies v. Clough, (1837) 59 ER 105 146, 214 Day v. Cook, [2001] EWCA Civ 592; [2003] BCC 256 85, 86, 89, 198, 289 Dean v. Allin & Watts, [2001] EWCA Civ 758; [2001] 2 Lloyd’s Rep 249 85, 87, 200–1 Derry v. Peek, (1889) LR 14 App Cas 337 201 D.H.N. Food Distributors Ltd v. Tower Hamlets London Borough Council, [1976] 1 WLR 852 96 Diamantides v. JP Morgan Chase Bank, [2005] EWCA Civ 1612 86, 89, 96 Donsland Ltd v. Van Hoogstraten, [2002] EWCA Civ 253; [2002] PNLR 26 89 Douglas v. Hello! Ltd (No. 6), [2005] EWCA Civ 595; [2006] QB 125 208 Dubai Aluminium Co Ltd v. Salaam, [2002] UKHL48, [2003] 2 AC 386 162–3, 193, 211 Dunlop Pneumatic Tyre Co. Ltd v. Moseley & Sons Ltd, [1904] 1 Ch 612 203 Eaton Square Properties Ltd v. O’Higgins, (2001) 33 HLR 68 96 Ebrahimi v. Westbourne Galleries Ltd, [1973] AC 360 13 Erridge v. Coole & Haddock, (2000) 97 (27) LSG 38 87, 88, 89, 90, 91–2 Extrasure Travel Insurances Ltd v. Scattergood, [2003] 1 BCLC 598 93, 99–100 Financial Services Authority v. Fox Hayes, [2009] EWCA Civ 76; [2009] Bus. LR D109 210 Financial Services Authority v. Martin, [2004] EWHC 3255 (Ch); [2005] 1 BCLC 495; afﬁrmed on appeal, [2005] EWCA Civ 1422; [2006] 2 BCLC 193 211 First Energy (UK) Ltd v. Hungarian International Bank Ltd, [1993] 2 Lloyd’s Rep. 194 116–17 Football League Ltd v. Edge Ellison, [2006] EWHC 1462; [2007] PNLR 2 183 Ford v. Polymer Vision Ltd, [2009] EWHC 945 (Ch) Foss v. Harbottle, (1843) 2 Hare 461; 67 ER 189 149 Foster v. Foster, [1916] 1 Ch 532 119, 153 Franbar Holdings Ltd v. Patel, [2008] EWHC 1534; [2008] BCC 885 152 Freeman & Lockyer v. Buckhurst Park Properties (Mangal) Ltd, [1964] 2 QB 480 110, 111 Gaiman v. National Association for Mental Health, [1971] Ch 317 130 Galoo Ltd v. Bright Grahame Murray, [1994] 2 BCLC 492 198 Gamlen Chemical Co (UK) v. Rochem Ltd (No. 2), [1980] 124 S.J. 276, unrep 215 Gamlestaden Fastigheter AB v. Baltic Partners Ltd, [2007] UKPC 26, [2007] Bus. LR 1521 133 Gartside v. Outram, (1857) 26 LJ Ch. 113 215 General Mediterranean Holdings SA v. Patel, [2000] 1 WLR 272 268

xx table of cases

The Good Luck, [1992] 2 Lloyd’s Rep 540 121 Grace v. Biagioli, [2005] EWCA Civ 1222; [2006] BCC 85 129–30 Gran Gelato v. Richcliff (Group) Ltd, [1992] Ch 560 199 Groom v. Crocker, [1939] 1 KB 194 84 Hall v. Cable & Wireless plc, [2009] EWHC 1793 (Comm); [2010] 1 BCLC 95 196 Hanco ATM Systems Ltd v. Cashbox ATM Systems Ltd, [2007] EWHC 1599 (Ch) 189 Harley Street Capital v. Tchigirinsky, [2005] EWHC 1897; [2006] BCC 209 150, 151 Hely-Hutchinson v. Brayhead Ltd, [1968] 1 QB 549 110, 118 Hilton v. Barker Booth & Eastwood, [2005] UKHL 8; [2005] 1 WLR 567 107, 108, 140, 181, 187–8, 189 Hilton v. Plustitle Ltd, [1989] 1 WLR 149 96 Hopkins v. TL Dallas Group Ltd, [2004] EWHC 1379 (Ch); [2005] 1 BCLC 543 112, 114 Hornan v. Latif Group SL, [2003] EWHC 536 (Ch); [2003] BCC 976 148–9 Iceland Frozen Foods Ltd v. Jones, [1983] ICR 17 186 Iesini v. Westrip Holdings Ltd, [2009] EWHC 2526; [2010] BCC 420 152–3 Incasep Ltd v. Jones, [2002] EWCA Civ 961; [2003] BCC 226 124, 134, 136, 137 Initial Services v. Putterill, [1968] 1 QB 396 214, 215 Item Software (UK) Ltd v. Fassihi, [2004] EWCA Civ 1244; [2004] BCC 994 189, 191 J.D. Wetherspoon plc v. Van de Berg & Co.Ltd, [2007] EWHC 1044 (Ch), [2007] PNLR 28 96 Jewo Ferrous BV v. Lewis Moore (a ﬁrm), [2001] PNLR 12 84, 86–7, 93 John Mowlem Construction plc v. Jones & Co, [2004] EWCA Civ 768; [2004] PNLR 45 182, 183 Johnson v. Gore Wood (No. 1), [1999] PNLR 426 87, 89 Johnson v. Gore Wood (No. 1), [2002] 2 AC 1 85, 198, 289 Johnson v. Gore Wood (No. 2), [2002] EWHC 776; [2002] NPC 65 87, 89, 200 KLtdv. National Westminster Bank plc, [2006] EWCA Civ 1039; [2007] Bus. LR 26 245–6 Keith v. Davidson Chalmers, [2004] SC 287 183 Kuwait Airways Corporation v. Iraqi Airways Co., [2005] EWCA Civ 286; [2005] 1 WLR 2734 266 Kuwait Oil Tanker SAK v. Al Bader (No. 3), [2000] 2 All ER (Comm) 271 207 Lexi Holdings plc (in administration) v. Luqman, [2008] EWHC 1639 (Ch); [2008] 2 BCLC 725; [2009] EWCA Civ 117; [2009] BCC 716 120 Lexi Holdings plc (in administration) v. Pannone and Partners, [2009] EWHC 2590 (Ch) 112, 113, 114–15, 184 Lillicrap v. Nalder & Son, [1993] 1 WLR 94 215 Liquidator of West Mercia Safetywear Ltd v. Dodd, (1988) 4 BCC 30 6–7 Lister v. Hesley Hall Ltd, [2001] UKHL 22; [2002] 1 AC 215 162–3 Longstaff v. Birtles, [2001] EWCA Civ 1219; [2002] 1 WLR 470 143 Lonrho Plc v. Fayed, [1992] 1 AC 448 204, 205

table of cases xxi

Lonrho Ltd v. Shell Petroleum (No. 2), [1982] AC 173 204–5, 206, 207 Lowe v. Fahey, [1996] 1 BCLC 262 132 Macaura v. Northern Assurance Co. Ltd, [1925] AC 619 96 McCutcheon v. David MacBrayne Ltd, [1964] 1 WLR 125 85 McE v. Prison Service of Northern Ireland, [2009] UKHL 15; [2009] 1 AC 908 268 Mainsteam Properties v. Young, [2005] EWCA 861 206 Majrowski v. Guy’s and St Thomas’s NHS Trust, [2006] UKHL34; [2007] 1 AC 224 162–3 Marks and Spencer plc v. Freshﬁelds Bruckhaus Deringer, [2004] EWCA Civ 741, [2005] PNLR 4 96–7, 104, 105, 135, 170, 214, 293 Marplace (Number 512) Ltd v. Chaffe Street, [2006] EWHC 1919 (Ch) 183, 185 Masons v. WD King Ltd, [2003] EWHC 3124 (TCC); 92 Con. LR 144 93, 94, 96 Mayor and Corporation of Bristol v. Cox (1884) LR 26 Ch D 678 110, 119 Medcalf v. Mardell, [2002] UKHL 27; [2003] 1 AC 120 268 Meretz Investments NV v. ACP Ltd, [2007] EWCA Civ 1303; [2008] Ch 244 205–6 Merrett v. Babb, [2001] EWCA Civ 214; [2001] QB 1174 196–8 Midland Bank Trust Co. Ltd v. Hett, Stubbs and Kemp, [1979] Ch 384 168, 181, 182 Minter v. Priest, [1930] AC 558 174 Moody v. Cox, [1917] 2 Ch 71 187 Morgan Crucible Co plc v. Hill Samuel Bank & Co Ltd, [1991] Ch 295 197–8 Morphitis v. Bernasconi, [2003] EWCA Civ 289; [2003] Ch 552 91 Mortgage Express Ltd v. Bowerman and Partners, [1996] 2 All ER 836 187 Munro-Wilson v. Olswang, [2003] EWHC 721 (QB) 84 Murphy v. Brentwood District Council, [1991] 1 AC 398 198 Nationwide Building Society v. Balmer Radmore (a ﬁrm), [1999] PNLR 606 182, 187–8 Nederlandse Reassurantie Groep Holding NV v. Bacon & Woodrow (No. 1), [1995] 2 Lloyd’s Rep. 77 174, 175–6, 183, 279 Norman v. Theodore Goddard, [1992] BCC 14 165–6 North Holdings Ltd v. Southern Tropics Ltd, [1999] BCC 746 134 North-West Transportation v. Beatty, (1887) LR 12 App Cas, 589, PC 99 Oak Investment Partners XII Ltd Partnership v. Boughtwood, [2009] EWHC 176 (Ch), [2009] 1 BCLC 453 132 OBG Ltd v. Allan, [2007] UKHL 21; [2008] 1 AC 1 206, 208–9 O’Donnell v. Shanahan, [2009] EWCA Civ 751; [2009] BCC 822 132 O’Neill v. Phillips, [1999] 1WLR 1092 128–9 O’Rourke v. Darbishire, [1920] AC 581 266 Oxford Gene Technology Ltd v. Affymetrix Inc (No 2), [2001] RPC 18 121 Oxford Legal Group Ltd v. Sibbasbridge Services plc, [2008] EWCA Civ 387; [2008] Bus. LR 1244 132, 139 P v. P (Ancillary Relief: Proceeds of Crime), [2003] EWHC 2260 (Fam); [2004] Fam 1 218

xxii table of cases

Paragon Finance plc v. Freshfields, [1999] 1 WLR 1183 215, 257 Parry-Jones v. Law Society, [1969] 1 Ch 1 214–16, 264, 266 Partco Group Ltd v. Wragg, [2002] EWCA Civ 594; [2004] BCC 782 199 Perry v. Day, [2004] EWHC 3372; [2005] 2 BCLC 405 134 Pickersgill v. Riley, [2004] UKPC 14; [2004] PNLR 31 183 Pollard v. Pollard, (2007) 151 SJLB 1260 137 Portfolios of Distinction Ltd v. Laird, [2004] EWHC 2071; [2005] BCC 216 150 Post Office v. Liddiard, [2001] EWCA Civ 940; [2001] Employment Law Review 784 186 Prince Jefri Bolkiah v. KPMG, [1999] 2 AC 222 107, 137–8, 143, 146, 155–6, 280 Prudential Assurance Co Ltd v. Newman Industries Ltd (No. 2), [1982] Ch 204 85, 124–5, 150, 151, 198, 289 R v. Broadcasting Standards Commission ex p. British Broadcasting Corporation, [2001] QB 885 79 R v. Central Criminal Court ex p. Francis & Francis (a firm), [1989] AC 346 215 R v. Churchill, [1967] 2 AC 224 206 R v. Cox & Railton, [1884] 14 QBD 153 121, 215, 218, 264 R v. Derby Magistrates’ Court, ex p. B, [1996] AC 487 215, 264–5 R v. Gibbins, [2004] EWCA Crim 311 266 R (on the application of Kent Pharmaceuticals Ltd) v. Serious Fraud Office, [2004] EWCA Civ 1494; [2005] 1 WLR 1302 238–9 R (on the application of Morgan Grenfell & Co. Ltd) v. Special Commissioners of Income Tax, [2002] UKHL 21; [2003] 1 AC 563 217, 238–9, 264, 266 R (on the application of Prudential plc) v. Special Commissioner of Income Tax, [2009] EWHC 2494 (Admin); [2010] 1 All ER 1113 59 Rakusen v. Ellis, Munday & Clarke, [1912] 1 Ch. 831 138, 146 Ratiu v. Conway, [2005] EWCA Civ 1302; [2006] 1 All ER 571 94–6 RBG Resources plc v. Rastogi, [2002] EWHC 2782 (Ch) 188 Re A & BC Chewing Gum Ltd, [1975] 1 WLR 579 133 Re a Company (No. 005136 of 1986), (1987) BCLC 82 150–1 Re a Company (No. 004502 of 1988), ex p. Johnson, [1991] BCC 234 133 Re a Company (No. 005685 of 1988), ex p. Schwarcz, [1989] BCLC 424 133–4 Re a Company (No. 000789 of 1987), ex p. Shooter, [1990] BCLC 384 132 Re a Solicitor, [1992] QB 959 103, 141–9 Re Astec (BSR) plc, [1998] 2 BCLC 556 124, 127 Re Baron Investments (Holdings) Ltd, [2000] 1 BCLC 272 142–3 Re Blue Arrow, (1987) 3 BCC 618 124, 127 Re Brenfield Squash Racquets Club Ltd, [1996] 2 B.C.L.C. 184 132 Re British & Commonwealth Holdings plc, unrep. 4 July 1990, Commercial Court 110, 119 Re Crossmore Electrical & Civil Engineering Ltd, [1989] BCLC 137 133 Re Duomatic, [1969] 2 Ch 365 257

table of cases xxiii

Re Elgindata (No. 2), [1992] 1 WLR 1207 128 Re Highgrade Traders, [1984] BCLC 151 173 Re Hydrosan Ltd, [1991] BCLC 418 130, 133, 134 Re Kenyon Swansea Ltd, [1987] BCLC 514 133 Re Maxwell Communication Corp plc, [1992] BCLC 465 142–3 Re Milgate Developments Ltd, [1993] BCLC 291 133 Re Ortega Associates Ltd (in liquidation), [2007] EWHC 3251 (Ch); [2008] BCC 256 165–6 Re Regional Airports Ltd, [1999] 2 BCLC 30 98, 153 Re Saul D. Harrison & Sons plc, [1995] 1 BCLC 14 129 Re Wishart, [2009] CSIH 65; 2009 SLT 812 150–1, 154–5 Reeves v. Thrings & Long, [1996] PNLR 265 185 Regal (Hastings) Ltd v. Gulliver, [1967] 2 AC 134 192 Revenue and Customs Commissioners v. Total Network SL, [2008] UKHL 19; [2008] 1 AC 1174 203, 204, 205, 207 Richardson v. Blackmore, [2005] EWCA Civ 1356; [2006] BCC 276 124, 137 Ridehalgh v. Horseﬁeld, [1994] Ch 205 134 Rolled Steel Products (Holdings) Ltd v. British Steel Corporation, [1986] Ch 246 112, 136 Rondel v. Worsley, [1969] 1 AC 191 79 Royal Brunei Airlines Sdn Bhd v. Tan, [1995] 2 AC 378 99, 191–2, 193, 194, 195, 211 R. P. Howard Ltd & Witchell v. Woodman Mathews & Co, [1983] BCLC 117 87, 89, 90 The Sagheera, [1997] 1 Lloyd’s Rep. 160 107, 139, 140 Saloman v. Salomon & Co Ltd, [1897] AC 22 89 Searles v. Cann & Hallett, [1999] PNLR 494 84 Shaker v. Al-Bedrawi, [2002] EWCA Civ 1452; [2003] Ch 350 99, 193, 211 Shepherds Investments Ltd v. Walters, [2006] EWHC 836 (Ch); [2007] FSR 15 189 SIB v. Pantell SA (No.2), [1993] Ch 256 211 SIB v. Scandex Capital Management A/S, [1998] 1 WLR 712 211 Simtel Communications Ltd v. Rebak, [2006] EWHC 572 (QB); [2006] 2 BCLC 571 203–4 Singh v. Anand, [2006] All ER (D) 153 137 Skjevesland v. Geveran Trading Co. Ltd (No. 2), [2002] EWCA Civ 1567; [2003] 1 WLR 912 147–8 Smith v. Croft (No. 2), [1988] Ch 114 150–1 Smith v. Eric S Bush, [1990] 1 AC 831 198 Stainer v. Lee, [2010] EWHC 1539 (Ch) unrep., 29th June 2010 151–2 Starglade Properties v. Nash, [2010] EWCA Civ 1314 Stimpson v. Southern Private Landlords Association, [2009] EWHC 2072; [2010] BCC 387 151–2

xxiv table of cases

Stone & Rolls Ltd (in liquidation) v. Moore Stephens (a ﬁrm), [2009] UKHL 39; [2009] 1 AC 1391 89, 228–9 Swain v. West (Butchers) Ltd, [1936] 3 All ER 261 188 Swindle v. Harrison, [1997] 4 All ER 705 221 Sybron Corp v. Rochem Ltd, [1984] Ch 112 188 Tackey v. McBain, [1912] AC 186 201 Tamlura N.V. v. CMS Cameron McKenna, [2009] EWHC 538 (Ch); [2009] Lloyd’s Rep. PN 71 183–4 Tesco Stores v. Pook, [2003] EWHC 823 (Ch); [2004] IRLR 618 189 Tottenham Hotspur plc v. Edennote plc, [1995] 1 BCLC 65 124 Three Rivers District Council v. Bank of England (Disclosure) (No. 3), [2002] EWHC 2730; [2003] CP Rep 34 109 Three Rivers District Council v. Bank of England (Disclosure) (No. 4), [2002] EWHC 2730 (Comm); [2003] CP Rep 34 109, 184 Three Rivers District Council v. Bank of England (Disclosure) (No. 5), [2003] EWCA Civ 474; [2003] QB 1556 108, 109–11, 218, 240 Three Rivers District Council v. Bank of England (No. 6), [2004] UKHL 48; [2005] 1 AC 610 38, 173 Tow nsend v. Haworth, (1879) 48 L.J. Ch. 770 203 TSB Bank plc v. Robert Irving & Burns, [2000] PNLR 384 139 Twinsectra Ltd v. Yardley, [2002] UKHL 12; [2002] 2 AC 164 193, 194, 195–6, 201, 253–4, 273 UBS Wealth Management (UK) Ltd v. Vestra Wealth LLP, [2008] EWHC 1974 (QB); [2008] IRLR 965 189 Unilever Plc v. Gillette (UK) Ltd, [1989] RPC 583 203 United Bank of Kuwait v. Hammoud, [1988] 1 WLR 1051 116 W v. Egdell, [1990] Ch 359 79, 214 Wallersteiner v. Moir (No. 2), [1975] QB 373 150–1 Walsh v. Sprecher Grier Halberstam, [2008] EWCA Civ 1324; [2009] Lloyd’s Rep. PN 58 202 Waugh v. British Railways Board, [1980] AC 521 214, 279 Webster v. Sandersons Solicitors, [2009] EWCA Civ 830; [2009] 2 BCLC 542 85, 198 White v. Jones, [1995] 2 AC 207 198–9 White v. Withers LLP, [2009] EWCA Civ 1122; [2010] 1 FLR 859 202 Williams v. Natural Life Health Foods Ltd, [1998] 1 WLR 830 199 Winterﬂood Securities Ltd v. FSA, [2010] EWCA Civ 423; [2010] BCC 718 265 Winters v. Mishcon de Reya, [2008] EWHC 2419 (Ch) 84, 87, 107, 108, 139, 140–1, 148–9 Woolfson v. Strathclyde Regional Council 1978 SC (H.L.) 90 96 Wrexham AFC Ltd v. Crucialmove Ltd, [2006] EWCA Civ 237; [2008] 1 BCLC 508 113, 116 Wyatt v. Wyatt, [2003] EWHC 520 (Ch) unrep., 24 February 2003 133

table of cases xxv

United States Central Bank of Denver v. First Interstate Bank of Denver, 511 US 164 (1994) 27 Citizens United v. Federal Elections Commission, 558 US 50 (2010) 66–7 SEC v. The National Student Marketing Corporation 457, F. Supp 682, (DDC 1978) 23 Stoneridge Investment Partners LLC v. Scientiﬁc-Atlanta Inc., 552 US 148 (2008) 27 Upjohn Co. v. United States, 449 US 383 (1981) 176

TABLE OF STATUTES

Australia Australian Securities and Investments Commissions Act 2001 s. 12GF 32 Corporations Act 2001 32 s. 728 32 s. 1041H 273 s. 729(1) 32 s. 1041H 32 Crimes (Document Destruction) Act 2006 (Vic) s. 3 33–4 Trade Practices Act 1974 32 s. 52 32, 273

Canada Securities Act 1990 (Ontario) 37 s. 130 37 s. 138 37

European Union Council Directive 77/249/EEC of 22 March 1977 to Facilitate the Effective Exercise by Lawyers of Freedom to Provide Services, OJ 1977 No. L78, 26 March 1977 41 Council Directive 89/48/EEC of 21 December 1988 on a general system for the recognition of higher-education diplomas awarded on completion of professional education and training of at least three years’ duration, OJ 1989 No. L19, 24 January 1989 41 Directive 98/5/EC of the European Parliament and of the Council of 16 February 1998 to facilitate practice of the profession of lawyer on a permanent basis in a Member State other than that in which the qualiﬁcation was obtained, OJ 1998 No. L36, 14 March 1998 41

xxvi

table of statutes xxvii

United Kingdom Administration of Justice Act 1985 s. 9 276 s. 9A 276 Bank of England Act 1998 s. 1(2) 109 s. 2(1) 109 Companies Act 1985 78 s. 459 124, 129 Companies Act 2006 78, 151, 169, 229, 230, 290 s. 4 12 s. 40 111–12 s. 40(2)(b)(iii) 111 s. 40(5) 111 s. 51 88 s. 170(1) 290 s. 171 111, 117, 169 s. 171(b) 291 s. 172 15, 90, 117, 130, 131–2, 168, 169, 184, 274, 290–1 s. 172(1) 117, 184 s. 173 285 s. 174 118, 162, 242, 285 s. 174(2)(a) 162 s. 175(1) 98, 152, 169 s. 175(4) 152, 169 s. 175(5) 98–9, 169 s. 175(6) 99 ss. 175–177 117–18 s. 177 112, 168–9 s. 177(1) 169 s. 177(6)(a) 168–9 s. 177(6)(b) 169 s. 180(4) 98–9 s. 239(3) 99 s. 239(4) 99 s. 260 181, 285 s. 260(3) 149 s. 261 285 s. 261(2) 149 s. 261(3)(a) 151 s. 263 285 s. 263(2) 149–50

xxviii table of statutes

s. 263(2)(b) and (c) 151 s. 263(3) 150 s. 263(3)(c),(d) and (e) 151 s. 263(4) 150 s. 276 218 s. 288 120 s. 296(4) 153–4 s. 303(2) 120 s. 307(1) 153–4 s. 307(5) 153–4 s. 307(6) 153–4 s. 336 120 s. 338(3) 120 s. 382 253 s. 463 196 s. 463(4) 196 s. 465 253 s. 498 230, 280 s. 534–538 229 s. 755 12 s. 994 124, 127, 129–33 s. 996(2)(c) 132 Pt 11 559 Company Directors Disqualiﬁcation Act 1986 s. 6 165–6 Employment Rights Act 1996 s. 43B(4) 189–90, 215, 256–7 Financial Services and Markets Act 2000 180, 196, 210, 217 s. 21 210 s. 64(8) 217 s. 66 217 s. 80 266 s. 90 197 s. 90(6) 197 s. 90A(6) 196 s. 90A(8) 196 s. 118 265 s. 382 210 s. 384 196 Sch. 10 para. 1(2) 197 para. 2 197

table of statutes xxix

Human Rights Act 1998 238–9, 268 Insolvency Act 1986 s. 213 91 s. 214 91 s. 423 204, 267–8 Legal Services Act 2007 6–7, 32, 61, 158, 276–7, 290–1, 292–3, 300 s. 1(1)(a) 60 s. 1(3) 60 s. 1(3)(c) 82 s. 2 6–7, 58, 276 s. 12 58 s. 18(1)(b) 276 s. 21 276 s. 89 158 s. 90 282, 290 s. 91(1) 282 s. 91(1)(b) 282 s. 91(3) 282 s. 91(3)(b) 282 s. 91(4) 282 s. 91(4)(b) 282 s. 92 282 s. 92(2) 282 s. 176 276, 290 s. 190(1) 279 s. 190(3) 279 s. 190(4) 279 Sch. 4 para. 1 276 para. 19(1) 276 para. 19(2) 276 Sch. 11 para. 9(1) 282 Sch. 13 158 para. 3(1) 282 para. 6 282 Sch. 16(2) para. 81(2)(b) 276 Limited Liability Partnerships Act 2000 229 Partnership Act 1890 s. 10 162–3

xxx table of statutes

Proceeds of Crime Act 2002 218–19 s. 328 218, 219 s. 328(2) 218 s. 328(2)(b) 218–19, 252–3 s. 330 61, 219 s. 330(2)(b) 219 s. 330(5) 252–3 s. 330(6) 59 s. 330(10) 219 s. 330(14) 59 s. 337 245–6 s. 338 218 s. 338(1)(a) 252–3 s. 340(2) 218 s. 340(3) 218 Sch. 9, para. 1(m) and (n) 61 Public Interest Disclosure Act 1998 189–90, 256–7 s. 1 189–90, 215, 256–7 Senior Courts Act 1981 s. 51(6) and (7) 134 Solicitors’ Act 1974 s. 57(3) 84 Supply of Goods and Services Act 1982 s. 13 181

United States Sarbanes-Oxley Act 2002 1, 20, 24, 26–7, 29–30, 249–51 s. 307 27, 29–30, 246–7 s. 404 251 Securities and Exchange Act 1934 Rule 10b-5 209–10, 272, 273

TABLE OF STATUTORY INSTRUMENTS

Companies (Model Articles) Regulations 2008 (SI 2008 No. 3229) Sch. 1 art. 3 98, 110 art. 4 110 art. 5 110 art. 14 152 art. 14(1) 169 Sch. 3 art. 3 98, 110 art. 4 110 art. 5 110 art. 16 152, 169 Companies (Tables A to F) Regulations 1985 (SI 1985 No. 805) reg. 94 169 Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001 (SI 2001 No. 2587) reg. 2 230 Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010 (SI 2010 No. 1192) 196–7 Sch. 1 para. 7(2) 196–7 para. 7(3) 197, 198 Money Laundering Regulations 2007 (SI 2007 No. 2157) 210, 218 reg. 7 84 reg. 8 210 reg. 8(1) 210 reg. 8(2) 210 reg. 42(1) 210 reg. 42(2) 210 reg. 45(1) 210 reg. 45(4) 210 Proceeds of Crime Act 2002 (Business in the Regulated Sector and Supervisory Authorities) Order 2007 (SI 2007 No. 3287) art. 2 219 xxxi