Wills & Trusts Law Reports | Winter 2020 #181This was an appeal against summary judgment on a claim for equitable compensation for £13,149,479 plus interest at 2.5% pa compounded annually.
A was a director of R. A and his sister (Ms Patel) had founded R and had been sole directors and (directly and indirectly) owned all of the shares. Between 2009 and 2014, A had caused R to pay £13,763,452 against sham invoices to Dubai companies. The Dubai companies had retained 5-10% of the invoiced sums and paid the balance to A (and Ms Patel’s) personal bank accounts, to them in cash, and to third parties for the purchase of a New York ...
Maxine Cupitt, Simon Garrett and Barney Hearnden examine the lessons to be learned from Madoff ‘In Madoff Securities International Ltd (In Liquidation) v Raven [2013] the judge looked through the now legendary frauds of Madoff to arrive at a practical evaluation of the directors’ obligations given all the circumstances.’ In the recent decision of Madoff …
Continue reading "Directors’ duties: Beggering belief"
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Mirit Ehrenstein summarises the requirements introduced last month aimed at curbing excessive executive pay ‘If the policy does not change, shareholder approval is required every three years. If the policy is not approved in the first year, companies will need to go back to shareholders as there is no previous approved policy.’ Directors’ pay for …
Continue reading "Directors: Understanding the new voting and reporting rules"
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Alexander Fox and Clare Arthurs look at the implications of GHLM Trading v Maroo ‘Newey J held that much as a trustee must show what he has done with trust property, “it is incumbent on a director to explain what has become of company property in his hands”.’ Corporate governance and directors’ duties are hot …
Continue reading "Directors: Doing your duty"
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