A good faith clause in a Shareholders’ Agreement is of little benefit
In the latest twist in the ongoing shareholder dispute over control of the parent company of London hotels the Connaught, the Berkeley and Claridge’s, the Court of Appeal has considered the effect of a good faith clause in a Shareholders’ Agreement to be minimal. The judgment in Re Coroin *2013+ EWCA Civ 781 also has implications for signatories of partnership and LLP agreements.
A shareholder of 36.2 per cent of the issued share capital of Coroin Limited (Coroin), Patrick McKillen contended that pre-emption rights contained in the Shareholders’ Agreement had been engaged when Derek Quinlan, who was also a director of Coroin, transferred control of his shareholding.
From 2009, Mr Quinlan found himself in financial difficulty and took steps to increase his liquid assets. In early 2011, he had discussions with and was provided finance by three companies controlled by the trustees of the Sir David and Sir Frederick Barclay family settlements (the Barclay Interest)…
If you are registered and logged in to the site, click on the link below to read the rest of the Winckworth Sherwood briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Winckworth Sherwood
News from The Lawyer
Briefings from Winckworth Sherwood
A registration scheme for alcohol wholesalers, which comes into effect in January 2016, will also affect businesses purchasing from wholesalers.
Under the Housing Grants, Construction and Regeneration Act 1996, a party to a construction contract is entitled to payment by instalments.