There is an argument that in certain circumstances greater prudence is now required from members dividends following the Court of Appeal case It's a Wrap (UK) Ltd (In Liquidation) v (1) Barbara Gula and (2) Anthony Gula [2006] EWCA Civ 544, which reverses an earlier High Court decision. The case involved an insolvent company which had claimed repayment of dividends unlawfully paid to the defendants who were the only members and directors of the company ...
Patent Opinion Letters: Privilege Waivers after Knorr Knorr-Bremse: The Federal Circuit Changes the Role of Options of Counsel in Patent Cases In September 2004, the en banc opinion of the Federal Circuit Court in Knorr- Bremse System Fuer Nutzfahrzeuge Bmbh v. Dana Corp ...
The Office of Fair Trading (OFT) announced in June that it was considering launching an investigation into the UK airports market "with a view to establishing if the current market structure works well for consumers". This raised a number of eyebrows in the City, as the European Commission had only just cleared Ferrovial's bid for BAA, confirming that the market (at least for ground-handling services) "is broadly perceived as well-functioning by airlines" ...
Interdisciplinary collaborations and partnering across the medical research and life sciences sectors are becoming increasingly common. Large corporations with good industry reputations and large research budgets are seeking to collaborate with smaller companies developing next-generation products. Equally, smaller companies are coming together to share complementary know-how and technologies and to work together in the global marketplace ...
Last March 15th was published Decree Law nr. 52/2006 implementing Directive 2003/6/CE, of the European Parliament and the Council, dated January 28th, on insider dealing and market manipulation, and Directive 2003/71/CE, of the European Parliament and the Council, dated November 4th, on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/CE ...
There are a number of legal mechanisms that can improve the economics and liability of industrial and commercial development projects for developers willing to take advantage of them. This article will explore some of the incentives available to developers that will assist in maximizing profits and freeing-up capital that would otherwise be devoted to conventional construction or permanent loan financing. 1. Tax Incremental Financing Districts (“TIF’s”) ...
In April last year, companies were given greater flexibility in protecting their directors against certain liabilities as a result of changes to the law. The changes recognised increasing concern over directors' exposure to liability arising from legal proceedings brought by third parties. The Companies Actprohibits a company from exempting directors in respect of liability if negligent, in default or in breach of duty or trust ...
On 17 February 2006, The Stock Exchange of Hong Kong Limited (the "Exchange") announced various minor and housekeeping amendments to the Main Board and GEM Listing Rules. The amendments came into effect on 1 March 2006. They relate to the following matters: Disclosures of "advances to entities" and "financial assistance and guarantees to affiliated companies" Rules 13.13 to 13.16 of the Main Board Listing Rules and rules 17.15 to 17 ...
ALERT Hospital May Be Excluded For Physician Recruiting On May 8, 2006 the OIG announced that it intends to exclude San Diego-based Alvarado Hospital from participation in Medicare, Medicaid and all other federal health care programs because of payments the Hospital made under relocation agreements involving placement of newly-recruited physicians in established physician practices ...
SEC and PCAOB To Take Action on Section 404 Internal Controls Reporting Matters The SEC recently announced a series of actions it and the PCAOB intend to take to improve the implementation of the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act of 2002. These actions include: • Providing Guidance for Companies ...
Certificate of Need Strategies for New Nursing Home Beds Special Population Beds are Re-Approved At its March 2006 meeting, the Michigan Certificate of Need (“CON”) Commission took action to re-approve several state-wide pools of nursing home beds that are set aside to serve special populations, including: Alzheimer’s Use 60 beds Hospice 30 beds Religious Use 20 beds The Commission reserved 22 special population beds on a non-specified basis for future use ...
Things To Think About This Proxy Season Prior to Drafting Update director and officer questionnaires, including “independence” criteria for directors Most public companies follow the “best practice” of having all directors and executive officers complete a standard form of questionnaire each year to verify the accuracy of information about the person that is reported in the 10-K Report and proxy statement ...
The European Commission published its Recommendation on the role of non-executive directors in February 2005. Member States are invited, but not required, to promote the application of the Recommendation's principles by 30 June 2006. The principles are applicable to listed companies, although Member States are allowed to extend the ambit to unlisted companies. The Recommendation adopts the comply or explain approach utilised by the UK Combined Code ...
IN OUR JUNE 2005 “FDA WATCH” column, we provided an overview of the regulatory, political, and scientific landscape for follow-on biological products in the U.S. As reported a year ago, the biogenerics debate centers around whether generic biologics are scientifically possible (i.e ...
On February 2, 2006, the Quebec Court of Appeal rendered an interesting judgement involving directors’ liabilities in the case of Johnson and Marcil v. André Arthur et al (500-09-012808-028), a lawsuit for slander ...
Last November the expert group appointed by the Scottish Executive to consider a statutory offence of corporate culpable homicide issued its report. As expected, the group proposed a new statutory offence of corporate killing. It recommended that this should apply to incorporated companies and, as far as possible, to unincorporated and Crown bodies. The report recommended that two individual offences (applying to named persons) be introduced ...
Scope of this treatiseThe purpose of this discussion is to address those cases which are most likely to have a significant effect for those practicing in the chemical, pharmaceutical and biotech areas ...
R E M E M B E R • A director must act in the best interests of the company at all times. • A director may not favour the interests of the shareholder or the member who arranged for his election if that person’s interests differ from the interests of the company ...
The Planning and Development (Strategic Infrastructure) Bill 2006 was published on 16 February 2006 (a pdf version of this Bill is available at the end of this article). The idea of creating a “fast track” planning procedure for major infrastructural projects had been mooted for over three years ...
Twenty years after Portugal’s accession to the European Community, it has begun to be understood in Portugal that membership of the EU does not merely constitute for us a source of subsidies and aids of any kind, increasingly less so since the latest enlargement from fifteen to twenty-five Member States. It is, rather, a source of regulation for companies (and directly or indirectly for consumers) in a wide range of economic areas ...
There are three possible courses of action in this situation. These are: Derivative action A derivative action is brought under common law by a member on behalf of a company in respect of a wrong done to that company. Remedies awarded are for the benefit of the company. Derivative actions are an option where the company itself could sue and there has been a fraud on the minority, illegality or a failure to approve a matter by the members passing an appropriate resolution ...
On March 15, 2006, the German Federal Cartel Office published a new Leniency Program, which replaces the previous Notice 68 of 2000. With this Program, the FCO offers cartel participants wishing to leave a cartel and cooperate with the FCO immunity from or reduction of fines. A summary of the new Program can be found at: http://www.worldservicesgroup.com/files/groups/1494_0330023908 ...
