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Chapter

Cover Sealy & Worthington's Text, Cases, and Materials in Company Law

15. Reconstructions, Mergers and Takeovers  

This chapter considers public disclosure, market regulation and the public investigation of companies. The ‘price’ that companies are required to pay for the privilege of incorporation (separate personality) and limited liability is compulsory publicity about their affairs. The Companies Acts’ disclosure rules are largely based on this philosophy. This chapter discusses general disclosure obligations; public regulation of securities markets; transparency obligations; disclosure and public offerings of shares; market abuse and market manipulation; and public investigation of companies.

Chapter

Cover Selwyn's Law of Employment

10. Performance of the Contract of Employment  

This chapter begins with a discussion of the personal nature of the employment contract, and the fact that such a contract is necessarily one of personal service which gives rise to duties and obligations on both sides. It deals with issues such as the implied duties of the employer to provide for the employee (including the implied duty to provide work, pay wages, confidentiality, and the implied duty of trust and confidence), and the corresponding implied obligations of the employee (including the duty of faithful service, duty to use skill and care). There is also a discussion of whistleblowing and public interest disclosures. It then explains employer’s vicarious liability, and harassment and bullying.

Chapter

Cover Company Law

19. Corporate transparency  

This chapter describes the UK’s corporate transparency regime, including the statutory registers, the annual accounts and reports, the role of the auditor, and other notable disclosure obligations. Companies are required to keep a number of statutory registers, but private companies may instead elect to have Companies House keep the relevant information on its central register. Meanwhile, all companies are generally required to prepare accounts for each financial year, and these are known as ‘individual accounts’. Parent companies, in addition to preparing individual accounts, must also prepare group accounts. The annual reports consist of the strategic report, the directors’ report, the auditor’s report, and the directors’ remuneration report. The role of a statutory auditor, which must be independent of the company, is to report on whether the company’s accounts represent a fair and true view of the company’s finances.

Chapter

Cover Partnership and LLP Law

5. Partners and Each Other  

This chapter concerns the relationship between partners and the interface between the contractual and fiduciary duties implicit in such a relationship, including the internal management of the firm. It examines the impact of equity on contractual agreements, including the doctrine of forfeiture. The nebulous overriding duty of good faith is followed by the statutory duties of honesty, no conflict/no profit and no competition. The implied terms in relation to management (including access to partnership information) and control, financial affairs (detailing capital, capital profits and income profits) and the limits on change of partners are followed by a detailed consideration of the validity and exercise of expulsion clauses. Finally, the chapter details the limited effects of both voluntary and involuntary assignments of a partner's share.