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Assessing and rethinking the statutory scheme for derivative actions under the Companies Act 2006

Keay, Andrew 2016, Assessing and rethinking the statutory scheme for derivative actions under the Companies Act 2006, Journal of corporate law studies, vol. 16, no. 1, pp. 39-68, doi: 10.1080/14735970.2015.1090140.

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Title Assessing and rethinking the statutory scheme for derivative actions under the Companies Act 2006
Author(s) Keay, Andrew
Journal name Journal of corporate law studies
Volume number 16
Issue number 1
Start page 39
End page 68
Total pages 30
Publisher Routledge
Place of publication Abingdon, Eng.
Publication date 2016
ISSN 1473-5970
1757-8426
Summary In October 2007 a statutory scheme, designed to address the issue of derivative actions, came into force. The scheme provided that shareholders wishing to continue (or commence) derivative proceedings in relation to wrongs committed against their company had to obtain the permission/leave of the court. In the subsequent eight years there have been few derivative actions instituted by shareholders and only a small percentage of actions commenced have succeeded in obtaining court permission/leave to proceed. This article undertakes an analytical review of the statutory scheme and identifies reasons why there are so few proceedings in the UK, and more broadly it examines and evaluates the derivative action scheme itself. The article considers whether the statutory scheme is too narrow and explores some changes that might be made to it in order to make it more accessible and more effective.
Language eng
DOI 10.1080/14735970.2015.1090140
Field of Research 1801 Law
Socio Economic Objective 970118 Expanding Knowledge in Law and Legal Studies
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Taylor & Francis
Persistent URL http://hdl.handle.net/10536/DRO/DU:30091778

Document type: Journal Article
Collection: Law
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