Monday 20 July 2015

UK: Supreme Court judgment this week - directors' powers and proper purposes

Five judgments will be handed down by the Supreme Court this Wednesday, in what is the penultimate week of the Trinity Term. One of them - Glengary Overseas Limited v JKX Oil & Gas Plc - will be of particular interest to corporate lawyers, and is set to become one of the most important decisions on the exercise of directors' powers and what is known as the proper purposes principle or rule. A summary of the Court of Appeal decision ([2014] EWCA Civ 640) is available here. The hearing before the Supreme Court, which took place in three sessions spread over the 18th and 19th of May this year, can be watched on the Supreme Court's website: see here, here and here.

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