Tuesday, 12 July 2011

Hong Kong: Court of Appeal considers the multiple derivative action

The multiple derivative action has recently been considered by the Court of Appeal of the High Court in East Asia Satellite Television (Holdings) Ltd v New Cotai, LLC and others: see here or here (.doc). In the course of its judgment, the court referred to the statutory regime governing derivative claims in England and Wales - found in Part 11 of the Companies Act (2006) - and the view of Lord Millett, writing extra judicially in Gore-Browne Bulletin (May 2010), that this regime precludes the multiple derivative action.

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