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Derivative Actions and Corporate Governance$
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Arad Reisberg

Print publication date: 2007

Print ISBN-13: 9780199204892

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199204892.001.0001

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The Way to Reform and a New Statutory Derivative Action: Much Ado About Nothing?

The Way to Reform and a New Statutory Derivative Action: Much Ado About Nothing?

Chapter:
(p.125) 4 The Way to Reform and a New Statutory Derivative Action: Much Ado About Nothing?
Source:
Derivative Actions and Corporate Governance
Author(s):

Arad Reisberg

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199204892.003.0005

This chapter analyses the reforms of the derivative action in the UK. It begins by highlighting the deficiencies in the common law, the approach to reform, and the guiding principles for resolving the problems identified. Section 4.3 analyses the new statutory derivative action introduced by the Companies Act 2006. It provides a summary of the reform package while discussing the scope of the new derivative action and the procedural framework for the application for leave. Section 4.4 assesses critically the recent reforms, looking in particular at major possible obstacles, drawing on recent experience in foreign jurisdictions in which the derivative action has been put on a statutory footing. This analysis is meant to bring the reader forward to see the impact (in cost/benefit terms) of reforms in what proved to be a rather contentious area of reform.

Keywords:   Part 11, Companies Act 2006, policy, procedural framework obstacles, cost/benefit

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