The Supreme Court has upheld the Court of Appeal decision in Fulham Football Club (1987) -v- Richards affirming that a proper arbitration clause will exclude the option of bring an unfair prejudice petition (see previous post in this respect). The judicial approval of this option means that it is more likely that arbitration clauses will start to appear in shareholders agreements.
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There is a received wisdom that litigation lawyers do well out of economic downturns. Yet another reason to dislike lawyers!
However, the reality is a little more complicated. Whilst bad economic times can result in an increase in certain types of litigation (insolvency and banking disputes are an obvious example) in many other areas the position reflects the the health of the sector itself. This is true, to an extent, in relation to shareholders disputes.
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Who do you need if you are married couple who share ownership of a business or you are the owner of a business and divorce is in the offing? Do you need a good divorce lawyer or a good company lawyer?
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Shareholders Agreements are very useful tools that can stop disputes arising or help resolve them quickly and cheaply. However a recent case has highlighted a potential concern.
If your shareholders agreement contains an arbitration clause then there is a risk that you will be deprived of all the remedies that you might otherwise have under s.994 of the Companies Act. This means that caution should be exercised before inserting such a clause into a shareholders agreement.
Click here for a detailed article on this subject.
One clear way to improve your position in a shareholders dispute is to act early and act fast. It is often the case that lawyers are called in too late, when early intervention could have made a real difference.
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Many a boardroom dispute has been nipped in the bud thanks to a well drafted shareholders agreement. However, sometimes they can exacerbate the problem, as appears to be the case in the current easyJet boardroom dispute.
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Corporate Governance, shareholders rights | Ed Weeks | 
March 9, 2012 9:32 am | 
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