This chapter begins with an overview of company law and the role of directors and members. It then discusses: the sources of company law (UK Companies Acts, case law, European law, human rights legislation, and self-regulation); the process of company law reform; the purpose of company law; classification of companies; companies and partnerships; and incorporation, registration, and the role of the registrar.
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This chapter considers the mechanics of formation and registration as well as the various types of companies which may be formed. The focus is on registered companies, registered under the Companies Act 2006. The chapter considers the role of the registrar of companies and the public registry and the types of companies which can be registered. The key categories are companies limited by shares and limited by guarantee. Private and public companies limited by shares as well as corporate groups are all considered. The chapter also looks briefly at alternative vehicles for business, such as partnerships, limited partnerships and limited liability partnerships.
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The majority of companies rely on commercial borrowing—loan capital—from high street banks and financial institutions. The lender will need security to cover the amount lent. This chapter discusses: company charges, fixed and floating charges, the approach to categorisation, registration of charges, and enforcement of a floating charge. The key concern for the creditor is to obtain the maximum security while the company is concerned to have the maximum freedom to act. The distinction between fixed and floating charges is considered and the characteristics of a floating charge are discussed with particular regard to charges on book debts. The chapter also considers the registration requirements with the registrar of companies.
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16. Company Law I
Formation and Finance
This chapter explains how companies limited by shares are formed and looks at the contents of companies’ constitutions. The discussions cover the role of promoters in setting up a company and the meaning of a company ‘off the shelf’. The chapter examines the steps and documentation necessary to register a new company limited by shares and the rules relating to a company’s name. It discusses the constitutional documents of a company and the rules relating to its constitution. The chapter concludes with a discussion of the financing of companies. It examines the different types of shares and the issuing of shares. It also considers debentures and charges.
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All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter investigates in detail adverse possession. The acquisition of title by adverse possession consists of two distinct stages: first, the inception of adverse possession; and, secondly, the operation of limitation rules at the end of the requisite period of adverse possession. The concept of adverse possession reflects ideas underlying unregistered titles. The operation of adverse possession is generally incompatible with the ideas underpinning registration of title and this led to significant reforms in the Land Registration Act 2002 (LRA 2002). The LRA 2002 provides a new scheme of adverse possession through which title is obtained by registration, rather than by possession. A criminal offence of squatting in a residential building was introduced in 2012, but it has been held that the commission of the offence does not preclude a claim to title by adverse possession under the LRA 2002. Adverse possession rules have also been held to be human rights compliant.
