tag:blogger.com,1999:blog-75439001805246754612024-03-04T21:08:30.788-08:00Gibbs: Law and LifeGibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.comBlogger152125tag:blogger.com,1999:blog-7543900180524675461.post-62024644046204530922022-04-13T01:49:00.000-07:002022-04-13T01:49:25.372-07:00Bailment on Terms: Developing the argument<p>I recently wrote about my ongoing project on bailments and the rule of law. Here I will develop the argument. </p><p>A bailment is a voluntary assumption of responsibility for another's property. A bailment relationship may exist between A and C where A contracts with B and A consents that B may sub-contract the work to C. The law of contract says the terms C performs on are not binding on A because no consideration for the promise made by A moved from C. However, bailment on terms is a rule that allows C to rely on the terms they perform on against A when A consents to B sub-contracting the work to C on those terms or A and B consent that C should benefit from those terms.</p><p>I argue this is contrary to the rule of law, first because it is a duplication. A duplication is where two rules function to resolve one dispute. To avoid duplication we must be able to rationally distinguish the rule in bailments from the rule in contract. If not, duplication is contrary to the rule of law because the rules are only distinguishable based on the language the court is speaking. That is a discretion, not law. </p><p>Whether bailments on terms can be rationally distinguished from contract depends on whether bailments is a contextual or conceptual category of law. Conceptual categories of law are based on generic conceptions of events that give rise to rights according to the formal rules of the category a dispute falls into. Contextual categories of law bring together all the law on a particular topic, such as medical law or company law. The formal conceptual rules are the tools that function to resolve the dispute the context it arises in. Therefore, if bailments is a contextual category of law, the formal conceptual rules apply to it. If it is a conceptual category of law, its rules are not dependent on other categories. </p><p>Therefore, if bailments is a contextual category of law, if we are to rationally distinguish bailment on terms from contract, it must be performing a function independent of binding consenting parties to terms. Otherwise, there would be two rules functioning to resolve one dispute, and 'bailments' is not a rational reason for distinction, it is the language spoken, a discretion. I explained in my last post why the reasons for the rule cannot place it within the existing conceptual framework, therefore the reason for it to function must be that it is unique to bailments as an independent conceptual category.</p><p>If bailments is a conceptual category of law, formally categorising the rule as unique does not overcome the problem of duplication because the reasoning is circular. We cannot rationally distinguish the rule from contract if all we can say is the rule applies where there is a voluntary assumption of responsibility for another's property. That is to reason a consenting third party is bound because there was a bailment and in bailments consenting third parties are bound. Likewise, a bailee is liable because they volunteered and a volunteer is liable because there was a bailment. There is nothing rational here to distinguish why volunteering or consenting means a distinct result is achieved in bailments, only that it is. They are descriptive terms, not substantive reasons for reaching a distinct result. The only difference is the language spoken. </p><p>No doubt consent is a rational reason to bind someone to terms. Therefore, it might be argued that the rule should be followed to promote the rule of law. The precedent it sets becomes an independent, authoritative reason because we can be certain that where there is a bailment consenting third parties are bound and it takes priority over contract. That ensures equality before the law to an acceptable degree, even if bailments is not rationally distinguishable from contract. The passage of time means that to treat the next bailments case differently would result in unequal treatment.</p><p>However, if contract rules are under-inclusive relative to its substantive objectives, the way to resolve that is to have an open discussion of when parties should be bound to contractual terms. Instead, by resorting to verbal formulae to bind consenting but non-contracting parties causes a second problem for the rule of law. Because bailments is defined only by its descriptive terms, it is only those descriptive terms that determine the boundaries of bailments. Therefore, they can be lightly manoeuvred whenever a judge, at their discretion, thinks the third party should be bound. 'Bailments', therefore, is an inherently uncertain concept. Stapleton, for example, referred to assumptions of responsibility as "labile", while Atiyah called them "contract". The lack of certainty as to what a bailment is means that to follow the rule would continue to erode the rule of law. There is reduced legal certainty because the parties cannot be sure which language the court will speak, contract or bailments, and there is not equality before the law because the rights and liabilities of the parties will depend on what language the court does choose to speak. </p><p>That discretion being exercised can be evidenced by looking at the facts in the like cases of <i>The Starsin</i>, <i>The Eurymedon</i>, <i>The New York Star</i>, <i>Scruttons</i>, <i>The Rigoletto</i>, and <i>Singer</i>. I shall not go into the details but they evidence that the descriptive term 'continuous possession' is lightly manoeuvred to reach the desired outcome in the cases without rationalising why continuous possession should matter in reaching a distinct outcome to what the formal rules of contract demand. The outcome is that these like cases have been treated differently in an inconsistent and unequal way. If <i>The Eurymedon</i>, <i>The New York Star</i>, and <i>Scruttons</i> were correct in their judgments, <i>The Rigoletto</i>, <i>Singer</i>, and <i>The Starsin</i> were incorrectly decided on the bailments issues.</p><p>Therefore, the duplication of the rules matters because if parties cannot be certain when consent to contractual terms is binding, the rule risks foisting contractual liability on to the parties even if they did not intend their consent to sub-contract to be binding with the sub-contractor. That risks redistributing the contractual allocation of risk and undermining their individual liberty. </p><p>In turn, foisting contractual liability, and thus personal rights, onto the parties can reorder established legal rules, such as in secured credit transactions. If courts speak the language of bailments, a creditor's security, and property right, may be treated as inferior to a sub-purchasers personal right to the property. That may be undesirable because a rational response for the increased risk to the creditor is for the creditor to increase the cost of security, or to limit the use of the property bailed over, which is rarely desirable.</p><p>Finally, the uncertainty of bailments erodes the rule of law at a principled level. If its boundaries are uncertain, parties can take advantage of that uncertainty by switching between causes of action to avoid limitations of the other. Parties can then win or lose cases without good reason and the law is harder to apply.</p><p>The duplication has produced a schism in law, a conceptual incoherence that should be resolved. Maybe consent should be binding, and/or the rule is worth retaining in particular contexts but the way to resolve it is not resort to verbal formulae or semantic tricks because it weakens the rule of law. There should be one rule, not two. </p>GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-74909796473825934872021-06-09T15:11:00.011-07:002021-06-09T15:30:06.454-07:00Bailment on Terms<p>It has been a while since I last blogged. Currently I am working on a paper analysing the law of bailments, specifically ‘bailment on terms’. Here I sketch my argument for those interested.</p><p>In the law of contract, if A contracts with B and consents to B sub-contracting the performance of the contract to C, there is no contractual obligations owed between A and C. Privity requires consideration to have moved from the promisee to establish privity. Here, consideration has only moved from B for the promises made to A and C. Therefore, A cannot sue C in contract for the performance of the contract. A can overcome this by suing C in tort. However C could not enforce the terms the contract was performed on against A. This places the court in a dilemma. Courts do not want parties avoiding their consensual obligations on a technicality but at the same time are unwilling to introduce exceptions to privity.</p><p>A solution lies in the law of bailments through the rule known as bailment on terms. A bailment exists where a bailee voluntarily assumes responsibility for the bailor’s property. The rule stipulates that terms of a contract may be relied upon between A and C to the extent that A consents to B sub-contracting the work to C on terms or to the extent the terms agreed between A and B intend to benefit C. This is a simple solution to the doctrine of privity.</p><p>My paper challenges the descriptive and prescriptive reasons for the rule. It argues they do not justify the operation of the rule. This analysis is done within the analytical framework of contextual and conceptual legal categories. It argues that if bailments is a contextual legal category then the descriptive and prescriptive reasons do not justify its operation. If it is a conceptual category then the generic conception of the event that gives rise to liability does not prescribe any distinct or independent justification for why terms should be binding on consent alone. It is argued the rule is simply a thinly veiled attempt to introduce a new normative perspective of contract law that contractual obligations can be binding on consent alone, similar to civil systems. This paper does not challenge the normative appeal of that argument and remains neutral on the question as to whether consideration should be required. The more modest contribution this paper seeks to make here is that by introducing an alternative normative position this undermines the general primacy of private ordering in English law, the rule of law, and legal certainty. </p><p>The paper begins by introducing the analytical framework. The law divides between contextual and conceptual legal categories. Conceptual categories are based on generic conceptions of events that gives rise to rights. For example, the law of contract is based on the generic conception of a promise, tort on wrongdoing and so on. Contextual categories make up the whole body of law relating to a particular topic i.e. company law or family law. The reoccurrence of conceptual categories of law in different contexts does not threaten their independence. The conceptual rules are applied in different contexts. For example, for a trust to arise the three certainties must be satisfied. Therefore, in securities law, sales law, and local government, for example, for a trust to arise the subject material of the trust must be sufficiently identifiable. </p><p>From this I infer the following framework to assess whether reasons for a rule can justify its operation. The first three depend on a rule being part of a contextual category of law. To justify a rule it must align with the conceptual categories of law. For example, in securities law, an issuer is not contractually liable to investors when securities issues are purchased through an intermediary. The intermediary is the co-contractor with the issuer. Any other conclusion would violate the law of contract’s conceptual rule. </p><p>In situations where the conceptual category is not the master, the prescriptive reasoning for an exception or special rule in a particular context must be sufficiently cogent to extend beyond shallow appeals to justice. If not, it undermines the rule of law and legal certainty. The law would not apply equally to all and it begs the question as to why ‘justice’ prevails in one context but not another. Thus, when securities law does not require certainty of subject matter to establish a trust or financial law does not require consideration from a beneficiary to honour credits opened in their favour by an applicant, clear contextual reasoning has been provided that confines the special rule to the context that poses no immediate risk to the general conceptual rule. However, when the House of Lords allowed beneficiaries of a will to recover in tort upon an expectation interest, this flouted the conceptual rule that it was generally not permitted without delineating what was special about the context of wills. It opens the door to lawyers to test the limits of this new found freedom in other contexts, including commercial law where expectation interests could be highly profitable. </p><p>If neither the descriptive or prescriptive reasons can justify the rule then one may conclude that the rule is wrong if it is part of a contextual category. For example, the High Court held those who set up a company to perpetuate a fraud could be liable for the company’s contractual obligations but could not enforce it. Both the Court of Appeal and Supreme Court swiftly disapproved holding there was no justification for such a ruling that violates contract’s conceptual rules.</p><p>Despite this, an alternative explanation for a rule is not that it is bad law but it forms part of the irreducible core of an independent and distinct conceptual category of law. For example, the law of restitution is independent from the law of contract. Money conditionally paid to a seller can be recovered from a seller without having to prove contract and breach. The generic conception of unjust enrichment gives rise to rights independent of those arising out of contract. </p><p>Therefore, for the rule it comes down to this. If bailments is a contextual category of law the descriptive reasons for the rule must align with the conceptual categories of law. If not, the prescriptive reasons must either be sufficiently cogent to justify a special rule in this context or demonstrate why the generic conception of a voluntary assumption of responsibility for another’s property means terms can be binding on consent alone.</p><p>The next step then is to identify what those reasons were. They were:</p><p>1) consent is sufficient. Drawing an analogy with liens and proclaiming bailments are a branch of the law of property</p><p>2) precedent for the rule in Elder, Dempster</p><p>3) lacuna in law without an exception </p><p>4) bailments is a conceptual category of law and justice demands the rule be applied.</p><p>Taking each briefly in turn. Consent cannot be sufficient. The lien is a false analogy because it does not arise from consent but the operation of law, nor is the lien a personal right. Second, consent cannot be the basis of the rule if bailments is a branch of the law of property because its principles say you cannot create new types of property rights on consent alone. The reasoning is paradoxical.</p><p>Second, Elder, Dempster offers only casuistic reasoning, amounting to one line that bailment might have been the reason for what the court held. The House of Lords have subsequently held bailment on terms was not the ratio of the case.</p><p>Third, the prescriptive reason for the rule fails because there is no lacuna. The rule simply states an objection to what the law is. Contract law and property law do not recognise third party rights for personal terms. Thus notional appeals to justice are insufficiently cogent reasons to justify why the context of a bailment means a special rule should exist.</p><p>Finally this equally applies to the claim bailment is a conceptual category of law. The rule duplicates contractual liability. It offers nothing distinct. This subverts private ordering. Parties have deliberately structured their relationship to avoid contractual liability. The court cannot then duplicate contractual liability where they agreed there should be none. It is problematic as it may encourage free riding. Why should C bother to try to contract with A for the protection and negotiate a price if the court will give that protection for free? It also undermines the rule of law. Why is a bailment or tangibles treated differently from intangibles such as securities. If it is just for a bailee to rely on terms against a non-contracting bailor then why not a non-contracting investor against an issuer. This also undermines legal certainty. We should avoid dogmatism when it comes to legal certainty but within reason. Flouting conceptual rules because it is just to do so risks their entire collapse. </p><p>Therefore my conclusion is the rule should not be retained. </p>GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-82823633303931608652018-03-09T23:56:00.000-08:002018-03-14T06:15:05.257-07:00Repair and Replacement under the Consumer Rights Act 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<u><span style="font-size: 11pt; margin: 0px;">Introduction</span></u></div>
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The purpose of this post is to survey the law on key
consumer remedies in supply of goods contracts under the Consumer Rights Act 2015.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[1]</span></span></span></span></a> By
doing so the aim is to identify potential obstacles to a consumer in claiming a right of repair and replacement and how it interacts with other remedies of rejection, price reduction, and damages, which are highlighted in bold at the end of each section. It is
not intend to answer these questions in this post.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">As a matter of terminology under the Sale of Goods
Act 1979 the parties are the buyer and seller; under the Consumer Rights Act
2015 the parties are the consumer and trader.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<u><span style="font-size: 11pt; margin: 0px;">The law</span></u></div>
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 11pt; margin: 0px;">Repair or
replacement</span></i></div>
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Repair or replacement is a distinct statutory remedy
for consumers.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[2]</span></span></span></span></a>
There is, however, little case law on this remedy.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[3]</span></span></span></span></a> Under
the Sale of Goods Act 1979, a buyer’s statutory remedies were rejection,
damages, or specific performance. It was not until 1994 that consumer buyers were
granted the additional remedies of repair or replacement and price reduction.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[4]</span></span></span></span></a>
That does not mean the parties could not agree to repair or replacement
themselves. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">In recognition of this, the Sale of Goods Act 1979
was amended to acknowledge that asking for repair did not amount to an
acceptance of faulty goods that precluded a buyer from rejecting them.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[5]</span></span></span></span></a> While
this issue was resolved it was not a right to repair or replacement. This
created a separate question as to the effect repair or replacement on the buyer’s remedies if
the goods were repaired to the required standard under the contract. <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd</i> offers
authoritative guidance on this question but the rationales in the judgments of
Lords Hope and Rodger differ in reaching the same conclusion. The judgments of
Lord Mance, Brown, and Scott appear to follow Lord Rodger’s judgment, but do
expressly endorse Lord Hope as well. This may not have been addressed since the
same conclusion was reached, but we shall return to this discrepancy as it may
impact the consumer’s remedies to reject, price reduction, and damages.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The facts involved Mr Ritchie purchasing a harrow,
farming equipment, from Lloyd Ltd. The goods delivered were faulty due to a
vibration occurring when the goods were used. Mr Ritchie agreed to an
inspection, from which it was discovered the vibration was caused by a major
defect. Later, Mr Ritchie was informed that it had been fixed and made ready for
collection. At this point Mr Ritchie did not know what the problem had been. He
asked to be informed of the cause and also to see an engineer’s report. Lloyd
Ltd refused these requests. Although he was later unofficially informed of the
cause, he was not privy to the cause for many months and decided to reject the
goods on the grounds of breach of contract. Lloyd Ltd refuted this, contesting
the buyer had a duty to accept the goods under the Sale of Goods Act 1979, s
27. They contended that the “effect of the repair … was to make it as good as
it would have been if it had left the factory as a new, correctly assembled
harrow”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[6]</span></span></span></span></a><span style="margin: 0px;"> </span>The law was clear that asking for repair did
not preclude rejection, but the issue was whether the buyer was still entitled
to reject goods when it was offered back to them fixed. The judgment was made
in favour of Mr Ritchie on the basis of an implied term. The judgments,
however, were at odds with how that implied term came about.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">There was general consensus that if goods were
repaired to the required standard, without more the buyer would not be entitled
to reject the goods.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[7]</span></span></span></span></a> There
is no express remedy to repair or replacement that would lead to any other conclusion. The difference in opinion comes
in regarding whether the buyer could reject on the basis of the information not
being supplied.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">For his part, Lord Hope considered the implied term
was a necessary inference from the statute that would enable the buyer to make
an informed election between accepting and rejecting the goods. He reasoned
that the buyer has a reasonable opportunity to examine the goods under the Sale
of Goods Act 1979, s 35(2)(a) while retaining the right to reject the goods but
it is not an election a buyer can be expected to exercise “until he has the
information that he needs to make an informed choice”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[8]</span></span></span></span></a> He
rationalised this decision by analogy with <i style="mso-bidi-font-style: normal;">Clegg
v Andersson t/a Nordic Marine</i>,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[9]</span></span></span></span></a>
which held retention of goods for 9 months did not preclude rejection of the
goods where the seller had agreed to supply information about the fault but had
not yet done so and the buyer had not yet agreed to repair. In <i style="mso-bidi-font-style: normal;">J & H Ritchie</i> the repair was carried
out with no undertaking that the seller would provide them with information as
to the nature of the defect.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[10]</span></span></span></span></a>
The lack of an undertaking to do so, according to Lord Hope, meant the term was
necessary, as the information was “obviously needed if the appellants were to
make a properly informed choice between accepting and rejecting the equipment”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[11]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Lord Rodger, however, opined that the request for
repair was an innominate contract, separate from the contract of sale.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[12]</span></span></span></span></a>
The question was then not whether the information was necessary for the buyer
to make an informed election, but whether the information was necessary for the
innominate contract to function. He, and the concurring Lords Mance, Brown, and
Scott, answered this in the positive:</span></div>
<br />
<div style="margin: 0px 24.13px 13.33px 28.4px; text-align: justify;">
<span style="font-size: 10pt; margin: 0px;">The respondents were taking the appellants' property
to inspect it: an owner who surrenders his property for inspection in this way
can surely insist on being told the outcome of the inspection. More
particularly, in this case, the respondents were the very people who had
supplied the harrow in a defective state. The appellants were surely entitled,
at the very least, to insist on being told what the respondents had now
discovered which they had not discovered before they originally supplied the
harrow. Moreover, a refusal by the respondents' representatives to provide that
information would inevitably undermine the appellants' trust and confidence in
the respondents' due performance of the contract.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[13]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Lord Brown added that a buyer would surely be
entitled to some assurances about the repairs carried out.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[14]</span></span></span></span></a>
Lord Mance said it was the natural implication from the separate agreement that
if the seller received such a request for information they would inform the
buyer.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[15]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">It is submitted that Lord Rodger was correct, while
Lord Hope fell into error. The test for implied terms is one of strict
necessity. There are two reasons to reject Lord Hope’s judgment due to this.
First the implied terms test has been expressed as the officious bystander would
deem such a term obvious so it goes without saying. The classic example is where
a dock nominated for a ship, the dock will be deep enough.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[16]</span></span></span></span></a> In
<i style="mso-bidi-font-style: normal;">The Aramis</i> the court held that there
could be no implication if the parties would have acted the way they did with
or without the contract.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[17]</span></span></span></span></a> Lord Bingham said "it would ... be contrary to principle to countenance the implication of contract from conduct if the conduct relied upon is no more consistent with an intention to contract than with an intention not to contract". Effectively, the test would not be satisfied if more than one conclusion is possible. In <i style="mso-bidi-font-style: normal;">Steamship “County of Lancaster” Ltd v
Sharp & Co</i> the court refused to make an implication where there had
been clear refusal by one party to such a term.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[18]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Such a term arising from the statute is not strictly
necessary. The statutory rules on acceptance are a code stipulating what
amounts to acceptance.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[19]</span></span></span></span></a>
It is possible for a buyer to make an election with or without the information,
therefore the contract can function without it. Lord Hope’s judgment may be
better rationalised on the basis of common law affirmation or simply that by
asking for repair and not being furnished with the information by retaining the
goods a reasonable period had not yet lapsed,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[20]</span></span></span></span></a>
discussed below.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Second, Lord Hope’s implied term adds gloss to the
statutory code of acceptance that is not there. The Sale of Goods Act 1979, s
35(2) precludes acceptance of goods by intimating to the seller they accept or acting inconsistently with the seller's ownership until the buyer has had a reasonable opportunity to
inspect the goods after delivery to check they are in conformity with the
contract. The buyer may also accept the goods by retaining them beyond a reasonable period without intimation or an inconsistent act. Of course, if the buyer does not possess the information about the defect
the buyer may not know what <i style="mso-bidi-font-style: normal;">the</i> fault
is. However, this may be distinguished from knowing there is <i style="mso-bidi-font-style: normal;">a</i> fault. A buyer may still inspect goods
and discover a fault, even if they do not know what the fault is. They may then
intimate to the seller they accept the goods or act in a way that is
inconsistent with the seller’s ownership having been afforded a reasonable time
to carry out the inspection. A reasonable period for retaining the goods may also lapse before
discovery of the fault, as in <i style="mso-bidi-font-style: normal;">Douglas v
Glenvarigill</i>. <em>Nordic Marine</em> is merely authority for the proposition that a reasonable time may take longer to expire in the absence of information, not that it cannot expire in the absence of the information. Therefore, it is, again, not necessary for the information to
be disclosed to enable the buyer to exercise their right of election as the Act does not require it.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">If this is wrong, there are other reasons to reject
Lord Hope’s judgment. First, had the seller supplied the information, the
seller would have complied with their contractual obligations and the buyer
would have no grounds to reject the goods. As Lord Brown noted, by relying on
the statute alone ignores the “agreement under which the sellers were permitted
to take the goods back”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[21]</span></span></span></span></a>
Lord Hope was saying it is an implied term to enable the buyer to make an
election from their rights but there can be no election to reject where the
seller has complied with their statutory duties.<span style="margin: 0px;"> </span></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Second, and following on from the first, is that the
inspection and repair was carried out with agreement from the buyer. Lord
Hope’s reasoning is that the implied term enables the buyer to make an
“properly informed election”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[22]</span></span></span></span></a>
This is suggesting the buyer could still exercise their right to reject even
after the information is given. The problem with this is acknowledged by Lord
Brown as "a buyer who agrees to the repair of defective goods [keeping]
the seller on the end of a string". By relying on the statutory framework
only the buyer could reject the goods up to a point of re-delivery without regard
to what was agreed between the parties.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[23]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Finally, Lord Hope rationalises the existence of
this implied term on post contract negotiations. Yet it is trite law that you
cannot introduce new terms after the contract has been entered into.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[24]</span></span></span></span></a>
The term would have no binding effect unless it was implicit at the point of
contracting. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The position under the Consumer Rights Act 2015
entitles the consumer to repair or replacement. They can claim this if the
trader is in breach of the statutory implied terms<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[25]</span></span></span></span></a>
or where there is a shortfall in the quantity delivered,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[26]</span></span></span></span></a>
instalment delivery,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[27]</span></span></span></span></a>
or failure to deliver.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[28]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">If a repair is requested by the consumer it must be
completed within a reasonable period and without significant inconvenience to
the consumer and the trader must also bear any necessary costs incurred in
repair or replacement.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[29]</span></span></span></span></a>
What is a reasonable time or significant inconvenience is determined by taking
account of the nature of the goods, and the purpose for which the goods were
acquired.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[30]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">If either repair or replacement are exercised the consumer cannot
require the trader to do the other nor can they exercise any short term right
to reject the goods under section 22 without giving the trader reasonable time
to repair the goods, unless that time would cause significant inconvenience the
consumer.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[31]</span></span></span></span></a>
Finally, whether the repair is successful means whether the goods conform to
the contract.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[32]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The significance of asking for repair or replacement
under the Consumer Rights Act 2015 is that it limits the use of other remedies.
It has already been noted that the consumer cannot exercise the short-term
right to reject during this period subject to there being a significant
inconvenience. Furthermore, the consumer can only exercise a final right to
reject or request a price reduction after the trader has had one opportunity to
repair or replace the goods and they still do not conform to the contract;
repair or replacement is impossible or disproportionate; or the repair or
replacement could not be completed within a reasonable time or without
significant inconvenience to the consumer.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref33" style="mso-footnote-id: ftn33;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[33]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">J & H Ritchie was based on the effect of the agreement to repair on
the buyer’s remedy of rejection. The Consumer Rights Act 2015 gives the
consumer an express right to repair or replacement. How is the consumer’s
express right to repair or replacement affected by the agreement to repair?</span></b></div>
<br />
<div style="margin: 0px 0px 13.33px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">Might the answer to question 1 differ is there is a material
distinction between the judgments of Lords Hope and Rodger?</span></b></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 11pt; margin: 0px;">Rejection and
Acceptance</span></i></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">If repair is unsuccessful a buyer may wish to seek another
remedy. If they no longer wish to keep the goods they may seek a remedy of
rejection. Rejection may be expressed as either a rejection of the goods or as
a rejection to perform your contractual obligation. Both have the same effect:
the contract is brought to an end. That is the entire effect of rejection.
“When … one speaks of “termination,” what is meant is no more than that the
innocent party or, in some cases, both parties, are excused from further
performance”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref34" style="mso-footnote-id: ftn34;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[34]</span></span></span></span></a>
</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Under the Sale of Goods Act 1979, once the effect of
the breach is known a term can either be a condition or a warranty.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref35" style="mso-footnote-id: ftn35;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[35]</span></span></span></span></a>
To be entitled to reject the goods there must be a breach of condition.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref36" style="mso-footnote-id: ftn36;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[36]</span></span></span></span></a>
The Consumer Rights Act 2015 dispenses with this terminology and entitles a consumer
to exercise a right to reject if there has been a breach of the statutory
implied terms<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref37" style="mso-footnote-id: ftn37;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[37]</span></span></span></span></a>
or where there is a shortfall in the quantity delivered,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref38" style="mso-footnote-id: ftn38;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[38]</span></span></span></span></a>
instalment delivery,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref39" style="mso-footnote-id: ftn39;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[39]</span></span></span></span></a>
or failure to deliver.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref40" style="mso-footnote-id: ftn40;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[40]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">A right to reject may be lost under the Sale of
Goods Act 1979 or under common law rules and equitable principles. Under the SGA
1979 a buyer may either waive the breach of condition, elect to treat it as a
warranty,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref41" style="mso-footnote-id: ftn41;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[41]</span></span></span></span></a>
accept the breach of condition,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref42" style="mso-footnote-id: ftn42;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[42]</span></span></span></span></a>
or the breach of condition is so slight it would be unreasonable to reject.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref43" style="mso-footnote-id: ftn43;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[43]</span></span></span></span></a> <span style="margin: 0px;"> </span></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">An election enables the buyer to treat the condition
as a warranty by affirming the contract. This was the position at common law
and what amounts to an affirmation is found in common law. It can, therefore be
distinguished from statutory acceptance. Affirmation by election is predicated
on the buyer having sufficient information to make an informed choice.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref44" style="mso-footnote-id: ftn44;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[44]</span></span></span></span></a> The
information normally required to make an election is that which is material,
which may include the fact they had the right to reject.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref45" style="mso-footnote-id: ftn45;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[45]</span></span></span></span></a> The
only requirements for acceptance under the statute are either an intimation of
acceptance or an inconsistent act with the seller’s ownership,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref46" style="mso-footnote-id: ftn46;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[46]</span></span></span></span></a>
both of which are subject to a reasonable time to check the goods are in
conformity with the contract.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref47" style="mso-footnote-id: ftn47;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[47]</span></span></span></span></a>
If a buyer does neither they will be deemed to have accepted goods by retaining
the goods once a reasonable time has lapsed.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref48" style="mso-footnote-id: ftn48;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[48]</span></span></span></span></a>
Acceptance and affirmation can further be distinguished by conduct: Statute
limits acceptance to these categories but common law affirmation can extend
further, such as conduct by the seller.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref49" style="mso-footnote-id: ftn49;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[49]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">A waiver may also take the form of an estoppel. This
would require conduct or a representation by the buyer that they will not
enforce their strict legal rights, which is detrimentally relied upon by the
seller. This is not like affirmation or acceptance as the conduct or
representation is signalling that the buyer will not enforce their rights to
both rejection and damages. To put it another way, they are not making an
election to affirm the contract and pursue damages, they are indicating they
will take no enforcement action. This would require a clear representation or
conduct to this effect; mere acceptance would be insufficient.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref50" style="mso-footnote-id: ftn50;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[50]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">For simplicity, herein it is useful to refer to
acceptance generally, encompassing common law affirmation and statutory
acceptance, and estoppel or waiver to cover all species of how the right of
rejection may be lost, unless otherwise stated. This is in keeping with Carter’s
observation that waiver should not be employed in a legal sense because it has
been used to describe each of these species discussed.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref51" style="mso-footnote-id: ftn51;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[51]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The Consumer Rights Act 2015 does not definitely
stipulate which, if any, of these species of waiver are extant. It is clear
from the Act that statutory acceptance has now been removed and a consumer
automatically has the tiered remedies.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref52" style="mso-footnote-id: ftn52;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[52]</span></span></span></span></a> The
Consumer Rights Act 2015 does not, however, amend the Sale of Goods Act 1979, s
11(2). The Consumer Rights Act 2015 clearly intended to amend the Sale of Goods
Act 1979 insofar as stipulated. If it intended to alter all of the rules on
waiver then it would have expressly done so. That means common law affirmation
by election and estoppel can still prevent a consumer exercising a right to
reject.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">As noted above, the right to reject under the
Consumer Rights Act 2015 is subject to a right to repair or replacement. If
repair or replacement is requested before the 30 days expires, the short term
right to reject may not be exercised unless the reasonable period required to
complete the repair or replacement would cause significant inconvenience to the
consumer. If the 30 days has expired then the trader must have had one attempt
at repair or replacement and failed to provide conforming goods, repair or
replacement was impossible or disproportionate, or repair or replacement could
not be carried out within a reasonable time or without significant
inconvenience to the consumer.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref53" style="mso-footnote-id: ftn53;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[53]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">Based on Consumer Rights Act 2015, s 24(5)(a), does asking for repair
or replacement mean the consumer is bound to accept a conforming redelivery,
regardless of anything agreed between the parties, thereby superseding Lord
Rodger’s judgment from J & H Ritchie?</span></b></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">Or will any agreement for repair be considered in whether it amounts to
a significant inconvenience, based on Consumer Rights Act 2015, ss 23(5),
24(5)(c), following Lord Rodger’s judgment? </span></b></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">3.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">How do other forms of waiver interact with a consumer’s right to reject
where a repair or replacement has failed or not completed within a reasonable
time or caused significant inconvenience?</span></b></div>
<br />
<div style="margin: 0px 0px 13.33px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">4.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">What happens to the right to reject if the consumer makes a second
request for repair after the first one fails?</span></b></div>
<br />
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 11pt; margin: 0px;">Price
reduction</span></i></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">A consumer may elect between rejection and price
reduction where repair or replacement fails.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref54" style="mso-footnote-id: ftn54;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[54]</span></span></span></span></a>
If the consumer does not elect to reject the goods the consumer may now pursue
two monetary remedies: price reduction and/or damages. It would stand to reason
that if a buyer is not entitled to damages where a waiver amounts to an estoppel,
then price reduction would also be unavailable in such circumstances.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Price reduction has its origin in the Roman Law <i style="mso-bidi-font-style: normal;">actio quanti minoris civilis</i>.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref55" style="mso-footnote-id: ftn55;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[55]</span></span></span></span></a>
Generally, it was a unilateral remedy that enabled a buyer to reduce the price
according to the defects in the goods delivered. This remedy has subsequently
formed part of the Convention on Contracts for the International Sale of Goods,
Art 50. This permits the buyer to reduce the contractual price proportionally
with reference to the value of goods delivered as defective and the value
conforming goods would have had at the date of delivery. By way of an example,
take goods sold for £100. At the date of delivery, had the goods conformed to
the contract, they would be worth £80.<span style="margin: 0px;">
</span>As delivered defective they are valued at £40. The proportional loss is
50%, so the price may be reduced by £50. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">English law had not directly made such a remedy
available until 1994.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref56" style="mso-footnote-id: ftn56;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[56]</span></span></span></span></a>
Since then there has only been two cited case.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref57" style="mso-footnote-id: ftn57;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[57]</span></span></span></span></a>
Bridge has acknowledged that the common law example of abatement is a
functional equivalent of the price reduction remedy,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref58" style="mso-footnote-id: ftn58;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[58]</span></span></span></span></a>
but is limited in application by comparison. There was also the possibility of
self-help. Nothing in common law would prevent the parties mutually agreeing to
reduce the price, but had no statutory authority to do so.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Its somewhat short history means the availability of
price reduction is somewhat of an unknown quantity in English Law. The nuances
of common law and judicial interpretation mean complementarities of the English
legal system may impact on its application. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">A consumer is entitled to price reduction:</span></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">(a)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;">
</span></span></span><span style="font-size: 11pt; margin: 0px;">after one repair or replacement, the goods do not conform to the
contract;</span></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">(b)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;">
</span></span></span><span style="font-size: 11pt; margin: 0px;">because of section 23(3) the consumer can require neither repair nor
replacement of the goods; or</span></div>
<br />
<div style="margin: 0px 0px 13.33px 48px; text-align: justify; text-indent: -18pt;">
<span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">(c)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;">
</span></span></span><span style="font-size: 11pt; margin: 0px;">the consumer has required the trader to repair or replace the goods,
but the trader is in breach of the requirement of section 23(2)(a) to do so
within a reasonable time and without significant inconvenience to the consumer.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref59" style="mso-footnote-id: ftn59;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[59]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">A buyer would have to satisfy one of these three
elements for a price reduction. A price reduction is defined as “the right to
require the trader to reduce by an appropriate amount the price the consumer is
required to pay under the contract…”.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref60" style="mso-footnote-id: ftn60;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[60]</span></span></span></span></a> Unlike
the CISG’s proportional reduction test, the UK price reduction is an
“appropriate amount”. The Explanatory Notes to the Consumer Rights Act 2015
state that an appropriate reduction would “reflect the difference in value
between what the consumer paid for and the value of what they actually receive”
but an appropriate amount will “depend on the circumstances and the remaining
functionality of the goods”.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The inclusion of price reduction appears to offer better
rights to the consumer on top of their previous rights under the Sale of Goods
Act 1979. This may make this remedy preferable to the previous remedy of
damages. The first benefit is that no reference is made to the date of delivery
for calculating the value of price reduction. The buyer may simply reduce the
contract price to the value of the goods received. This will protect the buyer
from adverse market price movements where goods have not been rejected.<span style="margin: 0px;"> T</span>ake the example of the value of
goods that drop from £100 at the point of contracting to £80 at the point of
delivery. The defective goods are defective and are worth £40. The previous
remedy to the consumer for breach of warranty was under common law or statutory
damages.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref61" style="mso-footnote-id: ftn61;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[61]</span></span></span></span></a>
The consumer could only recover £40 to put them in a position had the contract
been performed. Damages do not compensate buyers for adverse market price
movements to put them in a position had the contract never been entered into,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref62" style="mso-footnote-id: ftn62;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[62]</span></span></span></span></a>
except in special circumstances.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref63" style="mso-footnote-id: ftn63;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[63]</span></span></span></span></a>
The consumer would lose out by £20. Under the explanation of “appropriate
amount”, price reduction would enable the buyer to recover the difference
between the contractual price and the value of goods received, which is £60.
The consumer may even be able to reduce the price further upon the explanation
given as to “appropriate amount” if the circumstances disclose that it should. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Second, it appears there is also a unilateral
ability to demand the trader reduce the price. According to section 24(1) the
consumer has a right to <i style="mso-bidi-font-style: normal;">require</i> the
trader to reduce the price provided they are entitled to price reduction in
accordance with above.</span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The ability to shift market price risk back to the
trader while keeping the goods, and the ability to recover a higher amount than
damages, may see price reduction become a common consumer weapon, while damages
will become the exception, as is the practice on the Continent.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref64" style="mso-footnote-id: ftn64;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[64]</span></span></span></span></a> </span></div>
<br />
<div style="margin: 0px 0px 0px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">Will courts permit consumers to use price reduction to take advantage
of adverse market movements?</span></b></div>
<br />
<div style="margin: 0px 0px 13.33px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">What happens to a price reduction remedy if the consumer makes a second
request for repair after the first one fails?</span></b></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<br /></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 11pt; margin: 0px;">Damages</span></i></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">The availability of any of the remedies in the
Consumer Rights Act 2015 does not preclude the consumer exercising any other
remedies. This includes damages, which may be exercised in conjunction with any
price reduction provided there is not double recovery,<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref65" style="mso-footnote-id: ftn65;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[65]</span></span></span></span></a>
as is the practice on the continent.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref66" style="mso-footnote-id: ftn66;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[66]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">Damages are designed to put the consumer or buyer
into a position they would have been in had the contract been performed. Therefore
the rules in the Sale of Goods Act 1979 permitted a buyer to recover the
difference between the value of the goods at the time of delivery and the value
they would have had if they had fulfilled the warranty.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref67" style="mso-footnote-id: ftn67;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[67]</span></span></span></span></a></span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">This formula means that as well as price reduction enabling
the consumer to shift negative price movements back on to the trader, the
consumer can benefit from positive price movements. Take the following example:
A consumer purchases goods for £100. On the date of delivery they are worth
£150 but they are delivered warranted at £50. The appropriate amount would only
be £50 if the court disregards market price movements in any formula it
applies. Damages, however, could be reclaimed on top of the £50 price
reduction. They should have received goods worth £150 but only have £100 (£50
goods + £50 price reduction). The additional £50 can be recovered in damages. </span></div>
<br />
<div style="margin: 0px 0px 13.33px; text-align: justify;">
<span style="font-size: 11pt; margin: 0px;">One distinction with the Sale of Goods 1979 rules on
damages and any damages claimed for a breach of the Consumer Rights Act 2015 is
that the former are calculated in accordance with the provisions in that Act.
However, the Consumer Rights Act 2015 makes no provision for the calculation of
damages and the Sale of Goods Act 1979 rules on damages now expressly state
they do not apply to the Consumer Rights Act 2015.<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftnref68" style="mso-footnote-id: ftn68;" title=""><span style="margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 11pt; margin: 0px;">[68]</span></span></span></span></a>
That means damages would be calculated under common law rules. These can be quite technical when dealing with issues such as remoteness and mitigation of loss. </span></div>
<br />
<div style="margin: 0px 0px 13.33px 48px; text-align: justify; text-indent: -18pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;"><span style="margin: 0px;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman"; margin: 0px;"> </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt; margin: 0px;">This may not cause any immediate problems for consumers but if the purpose
of the Consumer Rights Act 2015 was to consolidate the law, removing rules
important for the consumer’s remedies is surely more a hindrance than a help.</span></b></div>
<br />
<div style="mso-element: footnote-list;">
<br />
<hr align="left" size="1" width="33%" />
<div id="ftn1" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[1]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
3</span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[2]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
23</span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[3]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Lowe v W
Machell Joinery Ltd</i> [2011] EWCA Civ 794; <i style="mso-bidi-font-style: normal;">Douglas v Glenvarigill</i> [2010] CSOH 14 – as cited on Westlaw; W
Ervine, ‘Cure and Retender Revisited’ (1996) <i style="mso-bidi-font-style: normal;">Journal of Business Law</i> 799 – and 1 cited article</span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[4]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale and Supply of Goods to
</span><span style="font-size: 10pt; margin: 0px;">Consumer Regulations 2002/3045, Reg 5;
previously Sale of Goods Act 1979, ss 48B, C before repeal</span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[5]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s 36; <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007</span><span style="font-size: 10pt; margin: 0px;">] UKHL 9 at [13]</span></div>
</div>
<div id="ftn6" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[6]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H
Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [7]</span></div>
</div>
<div id="ftn7" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[7]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H
Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [15], [34], [54]; See also,<i style="mso-bidi-font-style: normal;"> CMS Scotland Ltd v ING Lease (UK) Ltd</i>
[2010</span><span style="font-size: 10pt; margin: 0px;">] CSOH 39
at [153], [182] – where successful repair rescinded the right to reject and
there was an implied term in the hire purchase agreement to that effect</span></div>
</div>
<div id="ftn8" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[8]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [16]</span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[9]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Clegg v Andersson t/a Nordic Marine </i>[2003] 2 Lloyd's Rep 32</span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[10]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [17]</span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[11]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [18]</span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[12]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [33];<i style="mso-bidi-font-style: normal;"> CMS Scotland Ltd v ING Lease (UK) Ltd</i>
[2010] CSOH 39 at [156] – recognised the difference in Lord Rodger’s reasoning</span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[13]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J </i></span><i style="mso-bidi-font-style: normal;"><span style="font-size: 10pt; margin: 0px;">& H Ritchie Ltd v Lloyd Ltd </span></i><span style="font-size: 10pt; margin: 0px;">[2007] UKHL 9 at [37]</span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[14]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H
Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [45]</span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[15]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H
Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [52], [54]</span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[16]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">The Moorcock</i>
(1889) 14 PD 64</span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[17]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">The Aramis</i>
[1989</span><span style="font-size: 10pt; margin: 0px;">] 1
Lloyd’s Rep 213, 224, CA </span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[18]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Steamship “County of Lancaster” Ltd v Sharp & Co</i> (1889) 24 QBD
158</span><span style="font-size: 11pt; margin: 0px;"> </span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[19]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Glencore Grain </i></span><i style="mso-bidi-font-style: normal;"><span style="font-size: 10pt; margin: 0px;">Rotterdam BV v Lebanese Organisation for International
Commerce</span></i><span style="font-size: 10pt; margin: 0px;"> [1997] EWCA Civ 1958, [1997]
CLC 1274, 1286</span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[20]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> See, for example, <i style="mso-bidi-font-style: normal;">Douglas
v Glenvarigill</i> [2010] CSOH 14 – finding that the reasonable period of time
to reject began to run from delivery and had lapsed by the time of repair</span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[21]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> at [44]</span><span style="font-size: 10pt; margin: 0px;"></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[22]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [18]; see also
at [16]</span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[23]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">J & H Ritchie Ltd v Lloyd Ltd </i>[2007] UKHL 9 at [44]</span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[24]</span></span></span></span></span></a>
<i style="mso-bidi-font-style: normal;"><span style="font-size: 10pt; margin: 0px;">Thornton v Shoe Lane Parking Ltd</span></i><span style="font-size: 10pt; margin: 0px;"> [1971] QB 163</span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[25]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015,
ss 9-11, 13-4, 19, Sch I para 10, 30</span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[26]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
25</span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[27]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
26</span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[28]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
28</span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[29]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
23(2)</span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[30]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consume Rights Act 2015, s
23(5)</span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[31]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
23(6), (7)</span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[32]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
23(8)</span></div>
</div>
<div id="ftn33" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn33" style="mso-footnote-id: ftn33;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[33]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
24(5)</span></div>
</div>
<div id="ftn34" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn34" style="mso-footnote-id: ftn34;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[34]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Photo Productions Ltd v Securicor Transport Ltd</i> [1980] AC 827, 844</span></div>
</div>
<div id="ftn35" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn35" style="mso-footnote-id: ftn35;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[35]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Hong Kong Fir Shipping Co Ltd v Kawasaki Kisen Kaisha</i> [1962] 2 QB
26 – terms may be classified as ‘innominate’ before this point </span></div>
</div>
<div id="ftn36" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn36" style="mso-footnote-id: ftn36;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[36]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
11(3)</span></div>
</div>
<div id="ftn37" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn37" style="mso-footnote-id: ftn37;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[37]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015,
ss 9-11, 13-4, 19, Sch I para 10, 30</span></div>
</div>
<div id="ftn38" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn38" style="mso-footnote-id: ftn38;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[38]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
25</span></div>
</div>
<div id="ftn39" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn39" style="mso-footnote-id: ftn39;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[39]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
26</span></div>
</div>
<div id="ftn40" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn40" style="mso-footnote-id: ftn40;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[40]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
28</span></div>
</div>
<div id="ftn41" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn41" style="mso-footnote-id: ftn41;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[41]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
11(2)</span></div>
</div>
<div id="ftn42" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn42" style="mso-footnote-id: ftn42;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[42]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
11(4)</span></div>
</div>
<div id="ftn43" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn43" style="mso-footnote-id: ftn43;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[43]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, ss
15A, 30A</span></div>
</div>
<div id="ftn44" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn44" style="mso-footnote-id: ftn44;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[44]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Corinth Motor Oil Hellas Refineries SA v Shipping Corporation of India
(The Kanchenjunga)</i> [1990] 1 Lloyd’s Rep 391, HL, 398–99; see also M Bridge,
<i style="mso-bidi-font-style: normal;">The Sale of Goods</i> (3<sup>rd</sup> ed,
OUP 2014) 6.121</span></div>
</div>
<div id="ftn45" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn45" style="mso-footnote-id: ftn45;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[45]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Corinth Motor Oil Hellas Refineries SA v Shipping Corporation of India
(The Kanchenjunga)</i> [1990] 1 Lloyd’s Rep 391, HL, 398–99; see also <i style="mso-bidi-font-style: normal;">Peyman v Lanjani</i> [1985] Ch 457, CA; <i style="mso-bidi-font-style: normal;">Transcatalana de Comercio SA v Incobrasa
Industrial e Commercial Brazileira SA</i> [1995] 1 Lloyd’s Rep 215, 220; <i style="mso-bidi-font-style: normal;">AMB Generali Holding AG v Seb Trygg Liv
Holding Aktiebolag</i> [2005] EWCA Civ 1237 at [46]; M Bridge, <i style="mso-bidi-font-style: normal;">The Sale of Goods</i> (3<sup>rd</sup> ed,
OUP 2014) 6.121</span></div>
</div>
<div id="ftn46" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn46" style="mso-footnote-id: ftn46;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[46]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
35(1)</span></div>
</div>
<div id="ftn47" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn47" style="mso-footnote-id: ftn47;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[47]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
35(2)</span></div>
</div>
<div id="ftn48" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn48" style="mso-footnote-id: ftn48;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[48]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s
35(4)</span></div>
</div>
<div id="ftn49" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn49" style="mso-footnote-id: ftn49;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[49]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> See, for example, <i style="mso-bidi-font-style: normal;">Glencore Grain Rotterdam BV v Lebanese
Organisation for International Commerce</i> [1997] EWCA Civ 1958, [1997] CLC
1274, 1286</span></div>
</div>
<div id="ftn50" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn50" style="mso-footnote-id: ftn50;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[50]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Ets Soules & Cie v International Trade Development Co Ltd</i>
[1980] 1 Lloyd’s Rep 129</span></div>
</div>
<div id="ftn51" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn51" style="mso-footnote-id: ftn51;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[51]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> J Carter, ‘Panchuad Freres Explained’
(1999) 14(2) <i style="mso-bidi-font-style: normal;">Journal of Contract Law</i>
239</span></div>
</div>
<div id="ftn52" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn52" style="mso-footnote-id: ftn52;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[52]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015,
Sch I, paras 10, 24; amending the Sale of Goods Act 1979, ss 11(4), 35</span></div>
</div>
<div id="ftn53" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn53" style="mso-footnote-id: ftn53;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[53]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
24(5)</span></div>
</div>
<div id="ftn54" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn54" style="mso-footnote-id: ftn54;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[54]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
24(5)</span></div>
</div>
<div id="ftn55" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn55" style="mso-footnote-id: ftn55;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[55]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> For a full discussion on
origins, see, for example, J Hallebeek, ‘The Ignorant Seller’s Liability for
Latent Defects: One Regula or Various Sets of Rules’ in J Cairns and P Du
Plessis (eds), <i style="mso-bidi-font-style: normal;">The Creation of the Ius
Commune. From Casus to Regula</i>, (Edinburgh University Press, 2010) Ch 8; E
Bergsten and A Miller, ‘The remedy of Reduction of Price’ (1979) 27 <i style="mso-bidi-font-style: normal;">American Journal of Comparative Law</i> 255</span></div>
</div>
<div id="ftn56" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn56" style="mso-footnote-id: ftn56;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[56]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale and Supply of Goods to Consumer Regulations
2002/3045, Reg 5; previously Sale of Goods Act 1979, ss 48B, C before repeal</span></div>
</div>
<div id="ftn57" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn57" style="mso-footnote-id: ftn57;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[57]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Richford v
Parks of Hamilton (Townhead Garage) Ltd</i><span style="margin: 0px;">
</span>2012 GWD 24-505 (Sh Ct (South Strathclyde) (Hamilton)); <i style="mso-bidi-font-style: normal;">Douglas v Glenvarigill</i> [2010] CSOH 14 –
as cited on Westlaw</span></div>
</div>
<div id="ftn58" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn58" style="mso-footnote-id: ftn58;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[58]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> M Bridge</span><span style="font-size: 10pt; margin: 0px;">, ‘Markets and damages in the sale of goods cases’
(2016) <i style="mso-bidi-font-style: normal;">Law Quarterly Review</i> 405,
416-20</span></div>
</div>
<div id="ftn59" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn59" style="mso-footnote-id: ftn59;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[59]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
24(5)</span></div>
</div>
<div id="ftn60" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn60" style="mso-footnote-id: ftn60;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[60]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
24(1)</span></div>
</div>
<div id="ftn61" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn61" style="mso-footnote-id: ftn61;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[61]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act, s 53; <i style="mso-bidi-font-style: normal;">Hadley v Baxendale</i> (1854) 9 Ex 341 </span></div>
</div>
<div id="ftn62" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn62" style="mso-footnote-id: ftn62;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[62]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015
Explanatory Notes p 22 para 103; See also, M Bridge, <i style="mso-bidi-font-style: normal;">The International Sale of Goods</i> (OUP 4<sup>th</sup> ed, 2017) Ch
9.104</span></div>
</div>
<div id="ftn63" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn63" style="mso-footnote-id: ftn63;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[63]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> <i style="mso-bidi-font-style: normal;">Taylor & Sons v Bank of Athens</i> (1922) 27 Com Cas 142; <i style="mso-bidi-font-style: normal;">James Finlay & Co v Kwik Hoo Tong Handel
Maatschappij</i> [1929] 1 KB 400, CA; <i style="mso-bidi-font-style: normal;">Kwei
Tek Chao v British Traders and Shipper Ltd</i> [1954] 2 Q.B. 459</span></div>
</div>
<div id="ftn64" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn64" style="mso-footnote-id: ftn64;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[64]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> E Bergsten and A Miller,
‘The remedy of Reduction of Price’ (1979) 27 <i style="mso-bidi-font-style: normal;">American Journal of Comparative Law</i> 255, 257</span></div>
</div>
<div id="ftn65" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn65" style="mso-footnote-id: ftn65;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[65]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Consumer Rights Act 2015, s
19(9), (10)</span></div>
</div>
<div id="ftn66" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn66" style="mso-footnote-id: ftn66;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[66]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> CLOUT case No. 935 [</span><span style="font-size: 10pt; margin: 0px;">Handelsgericht des Kantons Zürich, Switzerland, 25
June 2007]; CLOUT case No. 938 [Kantonsgericht des Kantons Zug, Switzerland, 30
August 2007]</span></div>
</div>
<div id="ftn67" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn67" style="mso-footnote-id: ftn67;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[67]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, s 53(3)</span></div>
</div>
<div id="ftn68" style="mso-element: footnote;">
<div style="margin: 0px;">
<a href="file:///C:/Users/David/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Issues%20with%20monetary%20claims%20under%20the%20Consumer%20Rights%20Act%202015.docx" name="_ftn68" style="mso-footnote-id: ftn68;" title=""><span style="margin: 0px;"><span style="font-size: 10pt; margin: 0px;"><span style="margin: 0px;"><span style="margin: 0px;"><span style="font-family: "arial" , sans-serif; font-size: 10pt; margin: 0px;">[68]</span></span></span></span></span></a><span style="font-size: 10pt; margin: 0px;"> Sale of Goods Act 1979, ss 51(4), 53(4A)</span></div>
</div>
</div>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br /></div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-15523167329954826902017-11-13T09:32:00.000-08:002017-11-13T11:35:53.823-08:00Piercing the Corporate Veil: Should we bother teaching it?<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "times" , "times new roman" , serif;">The short answer is yes. The concept has been reduced to little more than an anecdote or, at best, evidencing examples of fraud when practically applied in the UK. It is unlikely one would need to dedicate a whole lecture to it anymore. However, the concept still has considerable comparative wealth, which should justify a more fuller inclusion on advanced degrees. </span><br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<span style="font-family: "times" , "times new roman" , serif;">The reason for this was the decisive judgment in <em>Prest v Petrodel Resources Ltd </em></span><a href="http://www.bailii.org/cgi-bin/redirect.cgi?path=/uk/cases/UKSC/2013/34.html" title="Link to BAILII version"><span style="font-family: "times" , "times new roman" , serif;">[2013] 2 AC 415</span></a><span style="font-family: "times" , "times new roman" , serif;">. The decision confirms that the courts will only pierce the corporate veil where: 1) there has been an evasion of an existing legal obligation, liability or restriction; and, crucially, 2) no other existing remedy is available. <em>Ben Hashem v Ali Shayif</em> [2008] EWHC 2380 provides that this evasion must be entirely de hors of the company. </span><br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<span style="font-family: "times" , "times new roman" , serif;">Subsequent case law has confirmed the position in <em>Prest</em>. Recently, <a href="http://www.bailii.org/uk/cases/UKPC/2017/32.html"><em>Persad v Singh</em> [2017] UKPC 32</a> (Trinidad and Tobago) at [17] cited Prest with approval. <em>Pennyfeathers Ltd v Pennyfeathers Property Co Ltd</em> [2013] EWHC 3530 at [112]-[119] followed <em>Prest</em> by declining to pierce the corporate veil. Finally, <span style="font-family: "cambria" , serif; font-size: 12pt;"><em>Antonio
Gramsci Shipping Corporation v Stepanovs</em></span><span style="font-family: "cambria" , serif; font-size: 12pt;"> [2013] EWCA Civ 730 <em>per</em> Beaston LJ predicted that
piercing the corporate veil would come to be seen as an anomaly incapable of
further development.</span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times" , "times new roman" , serif;"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"><span style="font-family: "times" , "times new roman" , serif;">The second element is crucial because there will always be some other remedy available. I will not go into detail on the aspects of these other remedies. What it does show is the pragmatic approach English courts take to the company. They recognise that a company is a distinct legal person from its incorporators and controllers. Therefore, the law applies to it as it does anybody else to respect that distinction, formally recognised by the court ever since the decision in <em>Salomon <span style="font-family: "times new roman";">v A Salomon and Co Ltd </span></em><a href="http://www.bailii.org/cgi-bin/redirect.cgi?path=/uk/cases/UKHL/1896/1.html" title="Link to BAILII version"><span style="font-family: "times new roman";">[1897] AC 22</span></a>. Therefore, when questions arise on separate legal personality, the substance of that case is not company law. The substance is who is liable/obligated/restricted under some other aspect of law. In <em>Prest</em> it was an issue concerning family law. In <em>Persad</em> it was land law. <em>Pennyfeathers</em> was tax law. <em>Chandler <a href="http://gibbslawandlife.blogspot.co.uk/2012/05/much-ado-about-nothing-is-chandler-v.html">v Cape plc</a></em><a href="http://gibbslawandlife.blogspot.co.uk/2012/05/much-ado-about-nothing-is-chandler-v.html"> [2015] EWCA Civ 525</a> was tort law.</span> <em>Macuara v Northern Assurance Co Ltd</em> [1925] AC 619 was insurance law. <em>Gilford Motor Co ltd v Horne</em> [1933] Ch 935 was restrictive covenants. </span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">What this leads one to conclude is that when dealing with separate personality, the focus should not really be on when will it be disregarded. The simple answer to that is very rarely. The focus needs to be on the realisation that English courts will treat the company pragmatically and when applying the law to a company you apply it in the same way you would a natural person. This has been the approach since 1897. </span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">This pragmatic approach is at odds with recent developments in the United States. The discussion below shows that from a comparative perspective the concept of 'piercing' or separate legal personality still has a lot to offer. </span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">T</span></span><span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">he well known example of <a href="https://www.supremecourt.gov/opinions/13pdf/13-354_olp1.pdf"><em>Burwell v Hobby Lobby Stores Inc</em> (2014)</a> is evidence of this, albeit there have been subsequent decisions that reaffirm this position, <a href="https://www.supremecourt.gov/opinions/16pdf/15-577_khlp.pdf"><em>Trinity Lutheran Church of Columbia Inc v Comer</em> (2016).</a></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">With <em>Hobby Lobby</em>, <em>as a matter of law </em>(emphasis added), the decision was correct. The discussion and reasoning of the court though demonstrates the different approach taken by the court to the nature of the company. It seemed unnecessary to expand into the discussion they did about the nature of the company, opening themselves up to justifiable criticism about equality.</span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";"></span></span><br />
<span style="font-family: "cambria" , serif; font-size: 12pt;"><span style="font-family: "times new roman";">In <em>Hobby Lobby</em> one question the court had to answer was whether the company was a person within the meaning <span style="font-family: inherit;">of the Religious Freedom Restoration Act 1993. This Act provided that the government would not burden a person's exercise </span><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: inherit;">
of religion even if the burden results from a rule of general applicability
unless it was in furtherance of a compelling governmental interest; and is the
least restrictive means of furthering that compelling governmental interest.
The Patient Protection and Affordable Care Act 2010 provided that employers
must provide minimum essential coverage or pay a</span><span style="font-family: inherit;"> substantial price. The owners of Hobby Lobby objected to this on the basis the company was a person within the meaning of the 1993 Act.</span></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: inherit;"></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: inherit;">Under
US constitutional law the ‘exercise of religion’ involves not only belief and
profession but the performance of, or abstention from, physical acts that re
engaged in for religious reasons. Business practices that are compelled or
limited by the tenets of a religious doctrine fall comfortably within that
definition. A law that operates so as to make the practice of religious beliefs
more expensive in the context of business activities imposes a burden on the
exercise of religion.</span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";"></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">The reason the case is correct as a matter of law is because the Act applied to 'persons' and it is recognised that a company is a person. Therefore, government could not burden its religious freedom. Failure to recognise the company as a 'person' would have had "dramatic consequences", Alito J at [21]. This would certainly be true in the UK too, where <em>Prest</em> shows the steadfast commitment to doctrine and the company's separate personality as a distinct legal person. The best one could criticise the Act for, on a purely legal basis, is that is did not define 'person' clearly, if one wished to restrict it extending to companies. </span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";"></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">However, the judgment then descends into an unnecessary expansion on the nature of the company. It shows that the rationale in the US for treating the company as a separate person is not one of pragmatism, but one of protecting the fundamental freedoms enshrined in the US constitution; in this case freedom of religion under the first amendment. From this, the question of piercing the corporate veil comes much more prevalent. For if one respects that the company is a legal person, is there any limit to what it can and cannot do, including holding religious rights? Or in this instance should we pierce the corporate veil and hold the controllers of Hobby Lobby were the real persons the rights applied to and not the company?</span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";"></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">Alito J states that, in regards to the company, "the purpose of this fiction is to provide protection for human beings. A corporation is simply a form of organization used by human beings to achieve desired ends...". He continued "when rights... are extended to corporations, the purpose is to protect the rights of these people" and "protecting the free exercise rights of corporations like Hobby Lobby ... protects the religious liberty of the humans who own and control those companies". Effectively those freedoms should not be lost where on wishes to run a company, is the view of the Supreme Court. A</span></span></span><span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">lito J accepts that the consequence of the company being a person may undermine the religious freedoms of the incorporators and controllers and extends those freedoms to the company, to be determined by those incorporators and controllers. </span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";"></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">This is easy enough to apply to small, closely held companies, but it becomes much harder to apply to large widely held corporations. It is also unclear how the reverse would work as well. How are the religious freedoms of third parties protected against the company? How are tension resolved where there are competing religious views either internally or with a third party? As Ginsbury J observed in her dissenting judgment, it would allow companies to impose disadvantages on others and protects the religious beliefs of a few regardless of the impact it can have on thousands, even a whole gender. There are also tensions created as to whose religious rights should prevail. In the <a href="https://www.supremecourt.gov/opinions/14pdf/14-86_p86b.pdf"><em>Equal Employment Opportunity Tribunal v Abercrombie & Fitch</em> (2015)</a> the court ruled in favour of a job applicant who was denied a job at Abercrombie on the basis she was a practising Muslim. What would the court have done had the employers held religious beliefs regarding a woman's right to work? </span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";"></span></span></span><br />
<span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">The complexities of the US system based on this subtle difference in the way the courts treat the company as a 'person' raises </span></span></span><span style="font-family: "cambria" , serif; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "arial" , sans-serif; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Cambria; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="font-family: "times new roman";">questions about legal realism and how institutional complementarities can shape outcomes. Certainly, if the US believes in freedoms and capitalism, it seems odd that they would deny people access to goods, services, and rights based on personal characteristics of individuals. </span></span></span><br />
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com2tag:blogger.com,1999:blog-7543900180524675461.post-89710964263502688822017-05-16T11:47:00.000-07:002017-05-16T11:50:28.278-07:00Derivative Claims Data<div dir="ltr" style="text-align: left;" trbidi="on">
The latest derivative claim to be reported has resulted in another success for the claimant shareholder. In <i>SDI Retail Services Ltd v King</i> [2017] EWHC 737 (Ch) permission was granted where directors of a company that had the purpose of selling football club merchandise under a licence were part of the decision to revoke that licence to force the company to negotiate from a position of weakness.<br />
<br />
The claim was distinguished from <i>Iesini v Westrip Holdings Ltd</i> [2009] EWHC 2526 (Ch) where the claim arose independently of the breach of duty permission would be refused. Here it was clear from the pleadings that the claim arose squarely from the directors' breach of fiduciary duty to revoke the licence.<br />
<br />
Of note is the potential ease in which claims for breach of fiduciary duty can be maintained under the new procedure. The strict nature of liability for a fiduciary breach means the claimants often need to do little more than identify a conflicting position. While not always as straightforward as this claim, and other circumstances might bar relief, all the claimant had to do here was demonstrate the directors of the company who were meant to act in the company's interests had been involved in the decision to revoke its licence and it was enough to satisfy the court a hypothetical director would attach weight to the claim as the legal merits were described as "so powerful" and "sufficiently substantiated".<br />
<br />
In respect to the figures on derivative claims:<br />
Claims n = 21<br />
Permission - 42.9% (9/21)<br />
Refused - 57.1% (12/21)<br />
Mandatory Bars - 33.3% (7/21)<br />
<br />
When discounting those that are frivolous i.e. had mandatory bars (see <a href="http://gibbslawandlife.blogspot.co.uk/2017/04/derivative-claims-until-2017.html">here</a> for why):<br />
Claims n = 14<br />
Permission - 64.3% (9/14)<br />
Refused - 35.7% (5/14)</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com7tag:blogger.com,1999:blog-7543900180524675461.post-90067566841601582912017-04-12T10:08:00.001-07:002017-05-16T11:50:01.838-07:00Derivative Claims Until 2017<div dir="ltr" style="text-align: left;" trbidi="on">
As reported on Westlaw, there have now been 20 derivative claims heard. To keep information updated on this as I write my paper the most recent decision was heard in November 2016, <i>Zavahir v Shankleman</i> [2016] EWHC 2772 (Ch). The claim was refused for a mandatory bar, namely no director would continue the claim when acting in accordance with the Companies Act 2006, s 172, to act in the company's best interests. <br />
<br />
This takes the figures to the following:<br />
Permission: 40% (8/20)<br />
Refused: 60% (12/20)<br />
Mandatory Bars: 35% (7/20)<br />
<br />
It has been said that the success of the reform would depend on whether the claim was accessible to meritorious claims, so looking at the above numbers may not be particularly edifying. Descriptive data may be more useful if one focuses on those claims that had some merit to them, i.e. that did not succumb to a mandatory bar.<br />
<br />
Therefore, the figures would be as follows:<br />
Permission: 61.5% (8/13)<br />
Refused: 38.5% (5/13)<br />
<br />
By bringing the claim on to clearer grounds the intention of reform was to create access to meritorious claims, but also deter frivolous ones. By looking at the data on derivative claims, my current working paper is looking to assess whether that has happened.<br />
<br />
The investigation is premised on the general concept that while a law may intend to do one thing, the outcome may be different. Take the example of 'criminal conversations', a particular offence in legal history for what is now referred to as adultery. The claim is brought by the husband against the adulterer. While the offence was intended to deter men from having adulterous relationships with married women, the law created incentives for married couples to dupe unsuspecting men of wealth in to sexual relations with the woman to extract compensation settlements from them, either in or out of court. There was such evidence of this in cases such as <i><a href="https://en.wikipedia.org/wiki/Theophilus_Cibber">Cibber v Sloper</a></i> and <i><a href="http://historyandotherthoughts.blogspot.co.uk/2011/12/18th-century-scandal-trial-of-capt.html">Worsley v Bisset</a></i>. However, in both cases the jury, while finding in favour of the claimants, only awarded £10 and one shilling respectively, to reflect the limited injury suffered. <br />
<br />
Moving back in to context, the same can be said of derivative claims. Will putting the claim on clearer footing make it more accessible or will it result in frivolous litigation? Speaking generally, the literature acknowledges that a legal system and its institutions generally need to be aligned if a particular outcome is to be achieved. Otherwise there is a risk in introducing a new mechanism or law that is not aligned may irritate the legal system, producing unexpected outcomes. <br />
<br />
Therefore, given that it is generally accepted that the UK legal system and its institutions are generally set up against derivative enforcement, it seems unlikely that the new procedure will enable access for meritorious claims. However, making it clearer when claims can be brought to shareholders might be seen to encourage frivolous litigation where an attractive settlement or other benefit might be derived from pursuing the litigation, even if success is unlikely. Given that 30% of claims so far can be described as frivolous, since they failed to overcome the relatively low hurdle that no director would continue the claim if acting in accordance with s 172, suggests that some shareholders might be doing just that. <br />
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Case Name</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed For/Allowed</span></div>
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<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Significant Circumstances Considered</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Bamford</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed at court’s discretion</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Wrongdoer control</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Bridge</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">No reasonable director would pursue the claim;
alternative remedy; company decision; independent views; wrongdoer control</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Cinematic Finance</span></div>
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<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed at court’s discretion</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Majority bringing derivative claim; wrongdoer
control; side-stepping insolvency rules</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Cullen Investments</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Hypothetical director would question if full and
frank disclosure was given for authorisation; and case was simple on this
premise; significant sum could be recovered based on lack of evidence to
contrary; no basis for lacking good faith; hypothetical director would attach
considerable importance; claim being funded by C so no financial risk to
company and possible benefit; claimant’s action may give rise to action in
own right but this was not a decisive consideration since the defence
necessitated it and as a precaution since the company was entitled to some or
all of the relief</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">FanmailUK</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Case adjourned</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Case adjourned</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Franbar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed at court’s discretion</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Strength of legal claims; ratification; alternative
remedy</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Hook</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission Granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Good faith; strength of legal claims; ratification;
Alternative remedy</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Hughes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Strength of legal claims; ratification; alternative
remedy</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Iesini</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Weak legal claims</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Kleanthous</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed at court’s discretion</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Independent review of whether litigation was
beneficial; strength of legal claims; alternative remedy; and benefit would
be small</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Kiani</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Failure of defendant to produce any evidence to the
contrary; alternative remedy</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">McAskill</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Good faith; Alternative remedy; director would
attach weight to the claim under s.172</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mission Capital</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Dismissed at court’s discretion</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Alternative remedy; little weight to a claim for
wrongful dismissal of a director</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Parry</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Strength of legal claims; ratification; good faith;
alternative remedy</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Phillips</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Alternative remedy; matter of urgency case was
brought to recover sums taken from the company without good reason</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Seven Holdings</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Claims did not relate to a breach of duty, care,
negligence or default</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Singh</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">No director would continue the claim if acting in
accordance with s.172; fides of the claimant in question; s.994 more
appropriate</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Stainer</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Permission granted</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Strong grounds that there had been a breach of duty;
strength of legal claims; disinterested shareholders deceived in to approving
the loan</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Stimpson</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">The impact an action would have on the interests of
the employees; claim of little value compared to cost of claim; legal claims
were not realistically arguable</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 20; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 125.9pt;" valign="top" width="252"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Zavahir</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 177.2pt;" valign="top" width="354"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">Mandatory Bar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 263.9pt;" valign="top" width="528"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "calibri" , sans-serif; margin: 0px;">No director acting in accordance with section 172
would continue the claim. If incorrect little weight would be attached due to
the costs involved were less than potential recovery, and there was an
alternative remedy</span></div>
</td>
</tr>
</tbody></table>
<br />
<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-image: none; border: medium; margin: 0px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background-color: transparent; border-image: none; border: 1px solid rgb(109, 109, 109); margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Case</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Type
of company</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Costs
indemnity sought</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Financial
State of the company</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Shareholding
% (respondent/claimant)</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Amount
Claimed for</span><span style="margin: 0px;"><a href="http://www.blogger.com/blogger.g?blogID=7543900180524675461#_ftn1"><span lang="EN-US" style="color: #0000f1; font-family: "times" , serif; margin: 0px; text-decoration: none;">*</span></a></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Concerned
a conflict of interest?</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(109, 109, 109) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Length
of proceedings</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Bamford</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£3,500,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Bridge</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Plc</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Minority
(1.83%)/Director</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">2
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Cinematic
Finance</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Doubtful
solvency</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">0/100</span></div>
<div style="margin: 0px;">
<br /></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Cullen
Investments</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">“Scant
evidence”</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Fanmailuk</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Majority/minority</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£70,000,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Franbar</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">75/25</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">2
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Hook</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Minority/Majority</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<br /></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">2
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Hughes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Likely</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">To
be dissolved</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£100,000+</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Iesini</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Doubtful
solvency</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Majority/minority</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">4
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Kleanthous</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">84.5/15.5</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£120,000,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">4
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Kiani</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£296,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">McAskill</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£197,640</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Mission
Capital</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Plc</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Parry</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No
assets</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£248,577.24</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Phillips</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">2
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Seven
Holdings</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Effectively
no assets</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£1,693,212.32</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Singh</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent/not
trading</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">50/50</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£873,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1
day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Stainer</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">87/0.08</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£7,000,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">1 day</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Stimpson</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd
by guarantee</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No
assets</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Majority/minority</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£5,300,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">4
days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 20; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109); border-image: none; border-style: none solid solid; border-width: 0px 1px 1px; margin: 0px; padding: 0cm 5.4pt; width: 72pt;" valign="top" width="144"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Zavahir</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 61pt;" valign="top" width="122"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Ltd</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 63pt;" valign="top" width="126"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Yes</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Solvent
£20,000 only</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 136pt;" valign="top" width="272"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">Equal</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 92pt;" valign="top" width="184"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">£136,000</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 69pt;" valign="top" width="138"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">No</span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) rgb(109, 109, 109) rgb(109, 109, 109) rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1px 1px 0px; margin: 0px; padding: 0cm 5.4pt; width: 76pt;" valign="top" width="152"><div style="margin: 0px;">
<span lang="EN-US" style="font-family: "times" , serif; margin: 0px;">N/A</span></div>
</td>
</tr>
</tbody></table>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />
<br /></div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com3tag:blogger.com,1999:blog-7543900180524675461.post-24795536746688010142016-11-28T01:59:00.001-08:002016-11-28T01:59:39.537-08:00Theresa May on Corporate Governance: A misguided approach?<div dir="ltr" style="text-align: left;" trbidi="on">
When last I wrote, I rose some preliminary objections to the idea of employee representation on corporate boards in the UK. I am not against strengthening the position of employees because I do not believe the current 'normative consensus' espoused by <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=204528">Hansmann and Kraakman</a>: that the best way to achieve aggregate social welfare is through running the company in the collective interests of shareholders. <br />
<br />
However, I noted that giving employees a voice on the board would be nothing more than a palatable political response because of the legal structure in companies it probably would not change the way companies operate. An employee representative would be under the same duties as any other director and it may cause new conflicts of interest or raise questions as to their independent judgement. <br />
<br />
Now, fortunately, her government appears to have rowed back from this position and it is being <a href="http://www.bbc.co.uk/news/uk-politics-38120604">reported</a> instead that the proposed reforms will include:<br />
<br />
1. Introduce corporate governance codes to private companies<br />
2. Require companies to publish pay ratio between CEO chief executive and average employee <br />
3. Improve effectiveness of remuneration committees and the extent to which they should consult shareholders and the wider company<br />
4. Introduce binding votes on executive pay packages<br />
<br />
The reasons behind this reform are, supposedly, to 'increase public trust in business in the face of the rise in anti-globalisation and anti-business sentiment'. <br />
<br />
In response to this, the common objection is dusted off that more controls on business and boards will lead to some sort of mass exodus of top management talent from the country, just as there was a mass exodus from Britain after Brexit and America after Trump... as if the only thing tying management to this country is whether or not shareholders have a binding say on their pay. <br />
<br />
Yet, what I object to under these proposals is the government's inability to think outside the box. Everytime, there is a scandal we hear the same story: "More shareholder power", that is the answer, despite seemingly ignoring considerable evidence that shows increasing shareholder power does not improve business.<br />
<br />
There is the work from <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=245560">Cheffins</a> that shows increase in <i>investor</i> confidence often comes from essentially soft forms of control rather than granting shareholders more rights.<br />
<br />
There is work from <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1094355">Armour</a>, <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=897479">Siems</a> <i>et al</i> that shows increasing shareholder power in some cases decreases prosperity as it significantly relates to reduced public listings. <br />
<br />
We must also consider some of the seminal work on agency theory by the likes of <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=94043">Fama</a>, who highlighted matters such as portfolio theory. Shareholders diversify their risk and have little incentive to monitor one company. There is also the problem of information asymmetries between company and shareholder, that even if they did have the incentive they may not be properly informed to make good or fully informed decisions.<br />
<br />
There is also the fact the government point to other countries' practices, such as the US, France, and Australia, but ignore work by <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=876950">Tubner</a> that highlights the impact of developing legal systems by analogy or legal transplant can result in legal irritants as laws operate out of context. Not to mention using Australia as an analogy for legal development of strengthening shareholder power ignores there own reforms of removing the 100-member rule that allows 100 shareholders to table resolutions at annual general meetings. <br />
<br />
Then you have my own current work (forthcoming, so don't want to give too much away just yet) that shows even if shareholders tried to legally enforce anything against the company, the courts are parsimonious in allowing shareholders to enforce the company's rights due to restrictions on locus standi. <br />
<br />
So, I am not sure the case is really made out, that the way to improve public confidence in business is to give shareholders more power. It is built on a faulty premise that: (1) we trust shareholders to make the right decision, or any decision at all; and (2) the faulty premise that the best way to achieve aggregate social welfare is to run companies for the shareholders' collective interest. <br />
<br />
This begs the question, of course, what should we do? Now, I have many angles I could take on this, but I draw attention to Cheffins' work on whether law matters, and I also draw inspiration from <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2859950">Schynder's</a> recent paper on why should law matter. <br />
<br />
It would appear that the objective of reforming the law, i.e. why should law matter, is to improve public confidence. It does appear there are other objectives, such as deterrence, but confidence appears to be the main concern. The reasons for this are highlighted in the news article such as 'good governance helps companies take better decisions, for their own long-term benefit and the economy overall'; and 'businesses are a pillar of our society, creating employment opportunities and contributing significantly to funding our country's public services'. Seemingly if we are confident in what businesses are doing we can rely on them and we as the public and consumers become more confident in the market and continue to spend.<br />
<br />
Cheffins points to the different ways investor confidence is improved, noting this is not achieved through increasing their rights. Factors such as financial intermediaries and the stock exchange are better at achieving this. One must stress that this looked at increasing investor confidence, so one must be careful in drawing an analogy between investor and public confidence. But from this observation our working hypothesis could be<i> increased shareholder rights will reduce public confidence in business.</i><br />
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<i><br /></i></div>
<div>
It is taken from this that increasing shareholder rights we would observe a decrease in public confidence in business. While I said it was a danger to draw analogies with investor confidence as to whether increased rights would reduce public confidence, the hypothesis can be supported by the idea that shareholders, with their lack of incentives, will fail to monitor the company properly to increase confidence; those that do monitor the company will only do so to increase their own personal wealth; and when things do turn sour shareholders will lack the appropriate legal mechanisms to enforce the desired standards through the courts or company resolution.</div>
<div>
<br /></div>
<div>
If we want to increase public confidence we need more imaginative ways of doing that. Now, I am openly in favour of good regulation of business. I am not necessarily going to say what regulation that should be, as I do not think it is a matter for company law, nor is there the space or time to do so here. But, for example, employment law could be strengthened to support the statement above. That we rely on business for employment opportunities. We are not going to be confident in business if we feel they can remove us from our role in favour of short-sighted profit. So getting the balance of employment law right can help increase confidence. Yet, this Conservative government has gone about restricting employment rights. </div>
<div>
<br /></div>
<div>
This then boils down to what I said previously, these reforms are nothing more than palatable political responses. </div>
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com4tag:blogger.com,1999:blog-7543900180524675461.post-85069248330155811912016-08-10T08:36:00.000-07:002016-08-10T08:36:56.050-07:00Employee Representation on Boards: Meaningful reform or a palatable policitcal response?<div dir="ltr" style="text-align: left;" trbidi="on">
Theresa May has reignited the debate about whether boards should have <a href="http://www.independent.co.uk/news/business/news/theresa-may-board-corporate-plan-germany-france-productivity-economics-a7132221.html">employee representation</a>. This will be similar to the practice on the continent in countries such as Germany, where worker participation is the norm in larger companies. <br />
<br />
It is a response to tackle what many see going on in the corporate world as corporate greed, self-interest, malpractice and the like. Employee representation can help tackle this problem of immediate profit above all else by putting stakeholder interests at the heart of the company's decision making, referred to as the <a href="http://theconversation.com/will-theresa-may-break-from-thatcherism-and-transform-business-62566">'relational company' model</a>. To this end, it is hoped we would see far fewer instances of the <a href="http://www.parliament.uk/business/committees/committees-a-z/commons-select/work-and-pensions-committee/news-parliament-2015/bhs-report-published-16-17/">'unacceptable face of capitalism'</a>.<br />
<br />
This is not all, it is part of an ongoing trend in company law reform to shift the burden from the state to internal measures to remedy corporate misfeasance. By placing control and decision making in the hands of those interested in the company they can rectify and/or remedy instances of corporate failure internally without the need for state interference.<br />
<br />
So will employee representation really bring an end to profit above all else and radically reform corporate law? Here are some considerations as to why I think that answer would be 'no'.<br />
<br />
One must first begin with 'what is the company'. It is a separate legal entity. It is the same as you or I are, legally speaking. Its differences are only practical. The same could be said of two natural persons, whereby legally they are treated the same as individuals but consist of practical differences. The end result is that the law seeks to adapt to those practical differences to remedy any potential unfairness whereby those practical differences cause an imbalance in any relationships one holds with another party. For example, a parent and a child are legally treated the same as individuals but hold practical differences. So when the two individuals engage in a relationship the law responds to account for those practical differences between the two individuals i.e. through aspects of family law. <br />
<br />
Therefore, a company is able to own property, enforce its legal rights, have legal rights enforced against it and so on just as any other individual. But it cannot do this itself due to its practical limitations. It has no eyes to see, no ears to hear, no hands to write. It requires individuals to act for it. The right to do so is traditionally given to the directors. The right is derived from the company's constitution. Therefore it is the company, exercising its right, to allow another to act for it. Again, this is no different from, say, a natural person who does not have the capacity to act and requires someone to act for them, such as an individual with a severe disability. <br />
<br />
So, how does the law respond to the practical differences where one is required to act for another? Anyone who undertakes to act for another's interests is recognised as owing them duties. A trustee will owe duties to beneficiaries. A director owes duties to the company. Equity imposes these duties to ensure the power the person has over the other is exercised in a manner society deems as 'proper'. In most instances this involves four key duties: 1) proper performance; 2) best interests; 3) care and skill; 4) loyalty. Arguably (1) is not a duty as it is simply an interpretation of the powers given to determine if they were exercised for the purpose given. But I do not want to get side tracked...<br />
<br />
Therefore, the individual acting for the other, in this case our director, is acting in the other's interests, the company. Here we have the first issue with a relational model of the company. If one is to put the interests of the stakeholders at the heart of decision making, the law will only allow you to do that insofar as it is in the best interests of the company. Otherwise it would be treating the company differently from a natural person, which is not allowed. You could not legally force the company to put the interests of the stakeholders at the heart of the decision making process because it is tantamount to someone telling a natural person to put another's interests at the heart of their decision making process. The governance reform would then have no legal teeth. The law requires the directors to put the company's interests at the heart of the decision making process, not the stakeholders.<br />
<br />
This then leads to the second problem. With its one-tier board the UK imposes the same duties on every director, whether they are an employee representative or not. Therefore, an employee representative can only put the employee's interests at the heart of the decision making process where it is in the interests of the company to do so. This further leads on to how an employee representative will be incentivised. The current remuneration packages of directors are all based on profit metrics that favour a shareholder-centric model of board governance. If employee's are incentivised in the same way, agency theory would tell us that they would only prefer the employee's interests as long as it favoured their own. If they are incentivised the same way as other directors, group-think would undoubtedly set in, as relying on the representative to make the decisions in the employee's interests where they stand to gain by making decisions against them is going to cause a considerable conflict of interests. The alternative is to incentivise them differently, which would artificially create a two tier board, which may very well cause division and split on the board rather than unity and cohesion.<br />
<br />
This also shows that in the UK, we technically do have employee representation on boards already. The board are required to act in the company's best interests. What is the company's best interests will often involve a consideration of the effect decisions will have on stakeholders. But this is only one consideration for the board, as it would be for you or me when we make decisions. Ultimately it comes down to what is best for the company, but to legally require anything else would be a major shift in the way the company is perceived and treated. <br />
<br />
The UK approach to the company is pragmatic. The company is a separate legal entity and anyone acting for it has to put its interests first to account for its practical limitations. It shows that May's proposal is a palatable political response in an attempt to shift company regulation away from the state to internal measures by giving workers a voice on corporate boards. The end result is that when the next corporate scandal hits, government can blame the company rather than the system. However, this shows that the governance reform is unlikely to do much to change the way a company is run and for whom because the law would not facilitate this change. If you want to less of the unacceptable face of capitalism, May needs to recognise the company as a separate legal entity and take measures to strengthen the rights of those involved with the company i.e. special legislation on zero-hour contracts; enforcing existing employee rights; easier means to enforce consumer rights; better standards on environment pollution; better standards on community projects and infrastructure. Simply expecting all these things to happen by putting an employee on the board and doing nothing else is beggar's belief. <br />
<br />
A final thought is that developing employee representation in the UK on the basis of analogy, overlooks the corporate governance failings those jurisdictions have seen. It was only last year the Volkswagen scandal broke. No amount of employee or stakeholder representation stopped what the legal rules did little to prevent. Governance reform is not meaningful reform. If you want change you need to make it in the individual's interests to chose that method of behaviour. Plastic bags, smoking, alcohol, even Pokémon Go are recent examples of modifying behaviour and none of these changes relied on just telling people to behave in a different way.<br />
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com2tag:blogger.com,1999:blog-7543900180524675461.post-35053389529176683102016-08-04T14:44:00.000-07:002016-08-04T14:44:58.024-07:00The Handbook of Board Governance<div dir="ltr" style="text-align: left;" trbidi="on">
Coming towards the end of a busy period of work, the blog has been neglected. <br />
<br />
What has been keeping me busy. First, the Handbook on Board Governance. I have been asked to review it for a journal. I am only a chapter in but it promises to provide some useful insight (despite one pet peeve of an author describing the director's fiduciary duties as loyalty and care - there is no fiduciary duty of care!) <br />
<br />
I am also quite interested to read one chapter that claims separate legal personality and limited liability is being continually eroded through increased shareholder accountability. As far as I have observed that it is in fact the opposite. <br />
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I have also been working on my British Academy Quantitative Skills Award, as it draws to an end this month. I have learnt about using STATA, dummy coding, mediating hierarchy, moderation, sobel test, and logistic regressions. I have used these and applied them to my work on derivative claims. The paper is focusing on 'practical convergence or legal irritants in shareholder protection'. The statistical evidence reveals very little shareholder protection since the introduction of the Companies Act 2006, suggesting that the formal change of legal rules has done little to nothing to meet the objectives of the reform.<br />
<br />
Therefore, we are likely to see plenty more select committees and legislation to rectify corporate misfeasance such as that from the BHS scandal, because internal company processes are ineffective in dealing with it. The unacceptable face of capitalism will continue. Employee representation on boards to deal with it? A palatable political response that will have no effect in the UK. It fails to address the actual problems that exist in employment law and properly recognise the company's separate legal status. <br />
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Finally, I am working towards finishing a new thesis on fiduciary duties. More to follow in due course on this. <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL98vwb9QLz2c6zy5UVxGZ2N10Nik8tisQfcTwb5LgaHpmFaWuO-bZkWRZLw1bCkYXdnEas2A-BoGywVCwbCHg7JnsSNtFScKFSliZNpECo9RIOPmVg8RKwQQ6xReephr2_b2nWcAN0P3F/s1600/WIN_20160804_08_51_28_Pro.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL98vwb9QLz2c6zy5UVxGZ2N10Nik8tisQfcTwb5LgaHpmFaWuO-bZkWRZLw1bCkYXdnEas2A-BoGywVCwbCHg7JnsSNtFScKFSliZNpECo9RIOPmVg8RKwQQ6xReephr2_b2nWcAN0P3F/s640/WIN_20160804_08_51_28_Pro.jpg" width="640" /></a></div>
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-48305682170200720402016-06-08T14:55:00.000-07:002016-06-08T23:46:43.316-07:00Fiduciary Duties of Non-Executive Directors and Capacity<div dir="ltr" style="text-align: left;" trbidi="on">
It has been a while since I focused on this topic. Today I returned to it reading an article on the topic by Witney, 'Corporate Opportunities Law on the Non-Executive Director (2016) 16(1) JCLS 145.<br />
<br />
The work cites my piece in the Company Lawyer that seeks to explain that a fiduciary duty of a director is often misunderstood because people struggle to grasp that an executive director generally takes responsibility for all interests of the company, which are broadly defined because a company cannot act by itself. It is completely reliant on its directors. But people look to narrow the interests of the company and focus on defining its interests rather than what the director takes responsibility for, which is the orthodox for fiduciaries. Thus, they seek to change the fiduciary jurisdiction and apply it differently to all directors than they would to other types of fiduciaries because they look to focus on the interests of the principal rather than what interests the director is responsible for. <br />
<br />
Whilst it is possible to vary when it is owed, as the article explains by focusing on the scope, it is not possible to change the application of the duty once it is owed. Duties, including fiduciary ones, are monolithic. They cannot be varied once owed. They are inflexible, not flexible as Witney claims. Only when they apply is flexible because, as my article shows, it depends on what the fiduciary has responsibility for to the principal's interests.<br />
<br />
The argued changes to application of fiduciary duties for directors, as a result of that confusion, comes in many different forms, that this article tries to advance with little plausible justification for it. For one, there is no such thing as corporate opportunities law. There is no such doctrine in the UK. He tries to use this to explain that the capacity you are acting in can affect whether you can avoid the application of fiduciary duties. That is also not possible. It shows a complete disregard for the meaning of loyalty. The purpose of the duty of loyalty is to regulate self-interest within the scope of the undertaking to the principal's interests. It bans self-interest to fulfil this purpose and demands loyalty to the principal's interests that you are responsible for. This is because the director stands in the stronger position, capable of manipulating information to prefer their own interests ahead of the ones they undertook to act for. It is therefore complete fiction that the capacity you are acting in affects the fiduciary duty. The idea that we can simply argue we were acting in a personal capacity to avoid acting for the interests you undertook to protect is a complete disregard for the duty. His example given, that it is none of the company's business to be offered investment opportunities that the director invests in personally, is just one way the duty could be abused and undermine that purpose. Witney offers no justification as to why it would not be a breach other than 'capacity' (I note he cites a couple of cases where there has been no breach of duty such as CMS Dolphin, Plus Group v Pyke, and West Coast Capital but all have been misapplied as to why there was no breach in those instances, I return to one example below). On that ground I could argue any conflicting investment was not conflicting simply because I was acting in a personal capacity. The duty of loyalty is strict in its application. Is there a risk of conflict i.e. did your personal interest conflict with the interests of the company you undertook to protect? If yes, there is a breach. Capacity is not an excuse and never has been. The flexibility Witney refers to is misapplied to fit his thesis. The flexibility is when the duty is owed, not how it is applied. <br />
<br />
To return to the cases he cites, mentioned above: He says these cases show that it is clear that a director is not bound by their duties all the time. Is it? But consider Plus Group v Pyke and CMS Dolphin that are glossed over to advance his thesis. Of course a director can resign even though it would be harmful to the business. But there is clearly no conflict of interest in resigning. What interest is he acting in conflict with by resigning? None. But take the example further. The director resigns to take an opportunity personally. If the director has responsibility for the interest that is a conflict of interests. He is still well within his right to resign but his motivation makes it a breach because he is doing it due to a conflict of interests. It has nothing to do with his capacity.<br />
<br />
Thus Witney misunderstands what I said when I advance that a court needs to consider what the director has responsibility for. He says this is only one relevant factor in determining whether the duty was owed as a director cannot unilaterally determine the scope of their duty. No, it is the only factor in determining the scope initially, because there are no constructive fiduciaries and yes, they cannot unilaterally determine the scope of duty as much as the principal cannot unilaterally determine it. The scope is set based on what the parties mutually agreed the fiduciary's responsibility would be. If the director did not take responsibility for the matter then they cannot be required to owe a duty of loyalty. If the director does take responsibility, whether it be unilaterally, voluntarily, or contractually then the duty is owed.<br />
<br />
I agree with the premise of Witney's article though, that the broad application of fiduciary duties can make it difficult for non-executives to practically take on multiple roles, which they often do. However, that is not the company's problem. The House of Lords have long shown little sympathy for an individual who puts themselves in a position of conflicting duties. A non-executive does not have to take on multiple roles to fulfil their function to one principal. The Court of Appeal made it clear that the court will only permit self-interest where acting for multiple principals is inherent to the business. If non-execs want to take on conflicting opportunities then get authorisation from the principal. The conservative line is not a problem. Flagrant disregard for the duty is, however.<br />
<br />
Now to apply this to non-executives, as my paper briefly did, they do not necessarily take responsibility for all the interests of the company. Executive directors generally do as a presumption because the company simply cannot act without them. Therefore, there is some flexibility in when the duty is owed for non-executives to accommodate their multiple appointments, but that is not the same as advocating a change in the way the duty is applied. The added benefit of this approach compared to the capacity approach is certainty. We can say with certainty what the director's (non-exec or exec's) responsibility was. Saying what capacity they were acting in is riddled with uncertainty. <br />
<br />
So finally, to return to Plus Group v Pyke, the director in that case avoided liability because the facts demonstrated he no longer had responsibility for the interests of the company as they had been effectively forced out of the company in all but name. It had nothing to do with capacity. Capacity has never been inherent in common law or equity. <br />
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</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-32267519734870854172016-06-04T04:07:00.002-07:002016-06-04T04:07:22.912-07:00Can Companies Vote in the EU Referendum?<div dir="ltr" style="text-align: left;" trbidi="on">
With the impending EU referendum, there is a natural drive to get those who can vote to register. Who can and cannot vote is not always straight forward, but the question here is whether companies can vote?<br />
<br />
The answer is, of course, no. Thank-you very much for reading this post...<br />
<br />
but this leads to another question, should companies be able to vote? So, on some quick research in to politics and the law on voting, a helpful comment from a colleague, pre existing knowledge of company law I will tackle this question.<br />
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To me, this question took on more pertinence after the decision in<i> Prest v Petrodel Resources Ltd</i> [2013] UKSC 34. It arguably has significance well beyond simply acknowledging the obscurity of piercing the veil. To summarise the decision, the court effectively held that the court will never pierce the corporate veil and hold those behind it responsible for the company's liabilities and obligations. Privity applies to companies as much as it does to you or me. Where the company is used as a vehicle to avoid personal liability and obligations, there is always an equitable tool on hand to hold the company liable in its own right. So in <i>Prest</i>, the husband's transfer of assets to the company were held on a bare trust in divorce proceedings for the wife. It did not have to hold the company liable for the divorce to recover the property, which would have been absurd.<br />
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What we see an emergence of here is that final step to full recognition of the company as a separate legal entity. Responsible completely by itself, with no lingering possibility of controllers being liable personally for the company's debts. Its limitations are merely practical, not legal. I often remember being taught in my undergraduate days that a company cannot drive a lorry, used as an example to demonstrate the limits to its legal liability. Whilst it is true that it cannot drive a lorry, this is not a legal limit, it is a practical one. It could still be liable, where that lorry crashes, for negligence, if they failed to train the driver properly, for example. <br />
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Therefore, something I often say to anyone who asks about company liabilities, rights, or obligations, if you find yourself treating the company differently than you would a natural person then you have done something wrong. For example, saying shareholders own the company is treating a company differently from a natural person, as you cannot own a person. A shareholder merely owns the share. Whilst the law may seek to regulate the company's relationships in a way that is responsive to nuances, that is no different from other relationships involving natural persons. <br />
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Therefore, now the company has been fully recognised as a separate legal person, completely responsible for its own rights, liabilities and obligations, should it not be able to vote on those issues that can affect those rights, liabilities and obligations?<br />
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Now, I am not pretending that there are not some obvious and strong arguments that they should not vote. Nor am I advocating that they should, simply exploring if they should. I am also hoping I am not completely ignorant of some reason why the shouldn't or can't vote in a way that makes this post seem more ridiculous than it might already appear. So let's review some of the arguments and authorities.<br />
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The starting point is that there is nothing that says a company cannot vote because the law sets out that citizens can vote and provides a, seemingly exhaustive, list of those who cannot, which does not include companies.<br />
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The Treaty on the Functioning of the European Union, Art 22 provides that a citizen is entitled to vote. Equally, who can vote has to be compliant with any Human Rights provisions. But who can vote has always been a national decision, so a 'citizen' is defined nationally under the British Nationality Act 1981. While a company might not, yet, be classed as a citizen, the legislation includes the ability to apply for citizenship. To apply there needs to be a 'real' connection and capacity. The latter would not be an issue, but the 'real' connection might be difficult, but if its registered office and place of incorporation is in the UK then this, or either, might be enough to establish a real connection.<br />
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The next step would be whether they are entitled to vote if they are a citizen. The Representation of the People Act 2000 bases this on citizenship, in line with Art 22, with no restrictions on companies. <br />
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Ignoring the existing law, one may consider whether the law should enable it to do so, if it currently does not permit it.<br />
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The policy argument is the one stated, if they are a separate legal person with its own capacity it should be able to have a democratic voice on how its position may be effected by political decisions. <br />
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Now there are obviously practical difficulties in voting as a company. In a referendum though it is a one off vote, not linked to any particular constituency. The directors, as the guiding mind of the company. The vote would need in the best interests of the company, compliant with Companies Act 2006, s.172.<br />
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Granting a person with legal capacity the right to vote would not be anything new, as there is precedent for it. Women over the age of 30 were granted the right to vote in 1918 and over 21 in 1928. Whilst companies were recognised as having separate legal status in 1897 in <i>Salomon v Salomon</i> (1897) AC 22, it was not until a few years ago that it was fully recognised that a company's controllers will not be liable for the company's obligations. Therefore, an argument advanced that 'why would companies be given the vote when women did not have it', cannot be sustained without question. A woman had clearly become a separate legal person with full legal capacity from their husband or the like, and should be given the vote. This was not as clear for companies. It is now after the decision in Prest.<br />
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One point is that allowing a company to vote would destroy the equality among citizens, regardless of wealth and education but they are equal for the purposes of the democratic principle. Yet, companies are of different size and wealth. They may be less or more powerful than an individual or another company. The principal 'one person, one vote' never said that person had to be natural. <br />
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Another is that certain companies may operate contrary to public policy. One argument presented is that a tobacco company's view cannot prevail as it should be restrained for health reasons. But on such logic you could ban any smoker from voting. That itself is contrary to the democratic process. Take a more concrete example and prison inmates' rights to vote. Their incarceration might be a result of a law they disagree with. Their right to vote for a politician that might support their release by overturning such a law should not be banned from voting. Therefore, a company should be entitled to vote to support their position, even if it runs contrary to the current public policy of the existing Parliament.<br />
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One practical problem is subsidiaries. How many votes should a group of companies get? If companies were to get votes, specialised rules would have to be set out to prevent abuse, with the democratic process eroded by faceless, shell companies dictating the direction of the legislature. <br />
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A historical point might offer some further pause for granting the vote to companies. It is the legislature who needs to control who votes. Otherwise it cannot be taken to be seen as supreme. Thus, when companies were granted that status, it was previously as a result of Royal Charter. Parliament, however, was the donor of the right to vote. Giving companies the right to vote would enable to Crown to reassert some power over voting, questioning Parliamentary supremacy. However, companies are now traditionally formed through registration with a public body, in the UK that is Companies House. Therefore, such companies registered would not undermine parliamentary supremacy. However, other type of companies, such as those formed under a Royal Charter should be denied such a right if companies were to be given one. <br />
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A final problem might be a result of a company's practical limitations. It cannot age per se and therefore could never reach the age of maturity to vote. Yet this could be overcome by adjudging its age by number of years since its incorporation.<br />
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Overall, the company, now with full legal capacity, has a case for the right to vote. If it were to be given a vote, it should be one vote, with certain restrictions. But it is arguably undemocratic to not allow one with full legal capacity to vote. <br />
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Any observations, always welcome to hear them.<br />
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-6543102131515024082016-04-22T02:49:00.000-07:002016-04-22T10:06:34.264-07:00What's Wrong with the Consumer Rights Act 2015?<div dir="ltr" style="text-align: left;" trbidi="on">
I have now been teaching the Consumer Rights Act 2015 for a year, and having prepared lectures and classes on it, now seems like the time to review the observations I have made. Of course there is the risk some of these observations may be completely wrong, as there is very little case law on this Act, and it is not meant to be a review of all the Act, only those areas that I cover teaching Commercial Law.<br />
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<b>1: Another layer of Regulation</b><br />
The CRA 2015 aims to consolidate existing law and make new provisions in respect of goods, services and digital content. It also does so for unfair terms and consumer notices. The need for such reform is detailed in the Act's explanatory notes, that consumer law was seen as unnecessarily complex and fragmented. Indeed no fewer than 10 Acts would have to be covered to even begin to understand consumer law. <br />
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While the Act has consolidated the law in respect of supply of goods, services, digital content, and unfair terms and notices there is still a need to look at other legal provisions if a consumer is to understand their rights, even in these areas the Act has consolidated. There are still the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 SI 2013/3134 in force as well as the Consumer Protection Act 1987 for dangerous goods. The Misrepresentation Act 1967 is also still be applicable. Indeed, the CRA 2015 makes explicit reference to the 2013 Regulations requiring the reader to read that Act as well, see, for example, section 11(4). <br />
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Therefore, the Act's purpose of consolidation might have been met in part. The law on unfair terms can now be found in one place, generally. However, the Act does not seem to have made many attempts to make the law more understandable. The Explanatory Notes state that the law was unnecessarily complex, so now that complexity is in fewer places rather than lots. In fact, there might be even more complexity, as I detail below.<br />
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<b>2. Services or Goods contract?</b><br />
Previously the law on whether the contract was a goods contract or something else i.e. services was not particularly easy to ascertain. For it to be a goods contract it would have to fall within the definition of the Sale of Goods Act 1979, s.2 otherwise the consumer would be unprotected. Therefore the Supply of Goods and Services Act 1982 was introduced to give consumers similar protection in transactions where there was a transfer of goods other than one covered by the SGA 1979 and for services.<br />
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The main issue was where both goods and services were provided it was not clear whether the transaction was a sale of goods, transfer of goods, or services. The significance may not be important in many cases but in some instances a consumer may be left unprotected or with less protection under one provision than another, highlighting the legal complexities facing a consumer.<br />
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For example, a transfer of goods where they are to be installed by a service provider will be protected by the SGSA 1982 implied terms as to sale by description and satisfactory quality, which are both strict liability. The property in those goods does not transfer until the installation is complete. Therefore, if the installation is faulty then the consumer will have a remedy. However, if it is a service contract the service provider only has to exercise reasonableness in their service provision. Therefore, if they are not negligent in the installation, i.e. because they follow the manufacturer's instructions, the consumer will be left without a remedy. Whether it was a goods or services contract was not a clear test, which looked at the substance of the contract, <i>Robinson v Graves</i> [1935] 1 KB 579.<br />
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This issue is partly dealt with by the CRA 2015, s.5. Sale of goods, transfer of goods including manufactured goods are to be dealt with as supply contracts, meaning the consumer has the protection of those implied terms with strict liability. Therefore, goods that are to be manufactured would not be dependent on a test of substance to see whether it is one for goods or services. However, it appears that is as far as the CRA 2015 goes in rectifying that problem. It still seems that where both goods and services are provided the consumer will be dependent on the substance test to determine what their rights are. While this might be understandable, because it might be unfair to burden sellers with strict liability for products they did not manufacture, they are in a better place to assess the quality etc. of the goods they purchase from a manufacturer. Coupled with the fact the CRA 2015, s.48 offers no definition for what a services contract is, it seems the Act has missed an opportunity to fully clarify this complexity. <br />
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<b>3: The lines blurred between a term and a representation</b><br />
One of the new provisions is CRA 2015, s. 50 that makes pre and post contractual representations about service provisions an implied term of the contract, provided it is taken in to account by the consumer in making a decision about the services. <br />
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The difficulty here is that terms and representations are not the same thing and might cause some litigation on the matter. The reasons it was brought in is detailed in the Act's Explanatory Notes para 246, which were to stop service providers making inflated claims about their service provisions they can offer and to ensure parts of the 2013 Regulations (another reference to them) are enforceable. <br />
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Thus, if the consumer can show they took a representation in to account then this would amount to a breach of contract. However, terms and representations are distinct and making a representation a term creates uncertainty. It was already possible for a consumer to show a statement was both a representation and a term, but now, it seems, it is only a term. For example, a representation could be a term depending on the importance of the statement to the consumer, <i>Bannerman v White</i> (1861) 10 CBNS 844. So is it required that the consumer show there was a representation or the representation amounted to a term?<br />
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If the Act is taken literally the two things required are 'a representation' and 'take in to account'. This suggests that it would require a dual objective/subjective test. First a representation would form the objective assessment. Under common law for a representation to become a contractual term depends on whether the individual making the representation should bear contractual responsibility rather than whether they have agreed, <i>Heilbut, Symons & Co v Buckleton</i> [1913] AC 30, HL. Whether an individual should bear contractual responsibility appears to be a value judgement depending on matters such as the relative importance the consumer placed on the statement made, <i>Bannerman</i>, and any special knowledge the service provider had, <i>Dick Bentley Productions Ltd v Harold Smith (Motors) Ltd</i> [1965] 1 WLR 623; <i>Chess Ltd v Williams</i> [1957] EWCA Civ 5; [1957] 1 WLR 370.<br />
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It is questionable whether this will be followed, that the consumer will need to show that the service provider should bear contractual responsibility. If not then the other option is to simply show the standards for a misrepresentation, which might be innocent, fraudulent, negligent, or statutory. These generally require a statement of fact, to be made to the claimant, and induce them in to the contract. <br />
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It would then have to be shown that the consumer took it in to account, forming the subjective part. Inducement under common law is a fairly low threshold requiring the consumer to show it was one of the reasons they entered in to the contract. <br />
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<b>4: Weaker/Simpler Remedies</b><br />
This leads on from the terms/representation divide. If a representation is now a term only then the consumer can no longer benefit from the remedies that a misrepresentation offers. It is easier to get out a contract for a misrepresentation than it is a breach of contract. The latter requires the term to be a condition i.e. a serious breach, while the former allows recession for any misrepresentation regardless of its significance, albeit recession can be denied by the court with reference to equitable considerations, Misrepresentation Act 1967, s.2(2). <br />
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The measure of damages may also be different for a representation and term. A remedy for breach of term is forward looking, looking to put the individual in a position they would have been in if the contract had been performed. A remedy for a misrepresentation is backward looking, looking to put the individual in a position they would have been in had they not entered the contract.<br />
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By making representations terms, the consumer is seemingly denied the choice of remedy that is most favourable to them. <br />
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As well as remedies for service contract representations, remedies for supply of goods contracts have also changed. The CRA 2015, ss.19-24 contains remedies including a short term right to reject of 30 days, a right to repair or replacement, a right to a price reduction, and a final right to reject if there has been a breach of contract as stated in CRA 2015, s.19(1). The issue here is to do with damages. The Act stipulates that other remedies can be pursued, s.19(9)-(11), which includes damages, s.19(11)(a), but does not give guidance on the calculation for damages. The Sale of Goods Act 1979, ss.51-53 do not apply the CRA 2015, Chapter 2 Part 1, which is the supply of goods contracts. Therefore damages would seemingly be calculated using the common law rules from <i>Hadley v Baxendale</i> (1854) 9 Ex 341. The same issue arises for specific performance, where the SGA 1979, s.52 permits specific performance at its discretion but this is mainly discretionary, <i>Beswick v Beswick</i> [1968] AC 58, HL.<br />
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<b>5. Remedies: Repeat Performance</b><br />
For service contracts the CRA 2015, s.55 makes available the remedy for repeat performance. The difficulty with this is, is what is the doctrine of repeat performance? And how does it differ from specific performance, which is also made available by way of s.54(7)(c)?<br />
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The Explanatory Notes at para 263 state that repeat performance can require the service provider to properly perform the service by doing it again, or part of it. It also states repeat performance is in addition to specific performance. Thus repeat performance, to be available, would seemingly require the service complained of to have already been carried out, otherwise literally repeat performance will not be possible since it is yet to have been done. In such instances, where the consumer requires performance and it has not been done at all they would have to rely on specific performance. <br />
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Why such a distinction is made is unclear and appears unnecessary and complex, the exact thing the Act was trying to remedy. The Explanatory Notes, para 263, 273 make it clear why repeat performance is provided for as an additional remedy since specific performance is an equitable remedy and not a right, and will only be provided for at the court's discretion. If that is the case why not simply make specific performance simpler by catching specific and repeat performance in section 55 rather than some elaborate and somewhat arbitrary distinction?<br />
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<b>6: Acceptance</b><br />
Consumer protected under the Sale of Goods Act 1979, ss.34-35 could lose their right to reject where they accept a breach of condition. In such instances their claim would be reduced to a breach of warranty and their claim would be in damages only. <br />
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These sections no longer apply to consumers, yet the CRA 2015 makes no corresponding provisions about acceptance. The point of acceptance is to balance the consumer's need to inspect the goods to check whether they comply with the contract against the seller's need for finality. <br />
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Yet, with no provisions on acceptance, barring any statutory limitations, it seems the buyer cannot lose the right to reject if they can establish a breach of contract. This raises a question of why there is a need for a 30 day short term right to reject and a final right to reject if a consumer cannot lose the right to reject through acceptance. The only plausible reason is that after 30 days a consumer cannot use their final right to reject or a price reduction until the seller has had a chance to repair where this is possible, s.24(5).<br />
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The lack of acceptance may also be detrimental to the seller but this is offset by s. 24(8), which allows a deduction from any refund due to the consumer based on any use the consumer has enjoyed since the goods were delivered, but this is only available after 6 months has passed, s.24(10). <br />
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Overall, the lack of acceptance may swing the balance of power too much in favour of consumers who may use products for up to 6 months and return them on the basis of a breach of contract, which sellers may have difficulty demonstrating otherwise. <br />
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<b>7: Unfair Terms</b><br />
One thing to note about unfair terms is that the law was supposedly consolidated. Well, it consolidates the legislation but not common law. The rules on incorporation and interpretation are still found there and so the consolidation is only partial. <br />
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<b>8: Remedies for Digital Content</b><br />
The consumer is entitled to compensation for damage caused to a device or to other digital content, where digital content is supplied, CRA 2015, s.46. Therefore, remedies for damage to other digital content or device is one of compensation and not damages. Thus, you are compensated for the loss suffered. This is not available though where the supplier exercised reasonable care and skill. <br />
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Alternatively the consumer can require the trader to repair the damage within a reasonable time if this is possible. However, it seems the consumer can only have one or the other. There is no provision for compensation to be given where the repair fails. This seems highly unsatisfactory if correct, since the consumer would be left without a remedy for the damaged device or other digital content. The remedy left would be the ones for the faulty digital content supplied, which may be insignificant compared to the value of the device itself, i.e. a mobile phone or a computer. <br />
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com2tag:blogger.com,1999:blog-7543900180524675461.post-88205192251779096432016-04-15T04:51:00.002-07:002016-04-15T08:11:47.076-07:00Corporate law full circle, yet still inadequate? <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: small;">"Other recommendations include a continuation of the present prohibition of no-par shares, a requirement that share premiums (paid-in surplus) be made unavailable for dividends, that secrecy as to corporate control be prevented by requiring <em>disclosure</em> of their identity by persons who are <em>beneficial owners</em> of substantial shareholdings, and that certain changes be made in the rules governing shareholders' meetings and in those which relate to winding-up of companies." (my emphasis added)</span><br />
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You might be forgiven for thinking that this is a quote about recently proposed company law reform. The reference to identifying beneficial owners of shares is a contemporary issue proposed to reduce the possibility of tax avoidance and evasion. Transparency being the panacea to all of life's problems, if you believe <a href="http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwjp3ozbu5DMAhXMOxoKHXQ8B9MQFggeMAA&url=http%3A%2F%2Fwww.transparency.org.uk%2F&usg=AFQjCNGy353es0Gq77CMd2yhp6oyYsZr8A&sig2=V5_UXxZUefmyo4o8bu-T1w">Transparency UK</a> and <a href="http://www.taxresearch.org.uk/">Tax Research UK</a>.<br />
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However, this is not a quote about the recent debate, it is in fact a response to the 1945 Cohen Report on Company Law Amendment by Professor Dodd at Harvard University in 1945 Harvard Law Review Vol 58 p1258. 71 years ago this was proposed and it was knocked back. Recent debate after the decision <a href="http://gibbslawandlife.blogspot.co.uk/2014/03/eckerle-ors-v-wickeder-westfalenstahl.html"><em>Eckerle</em> [2013] EWHC 68</a> also raised questions not only about who beneficiaries were but also if they were sufficiently protected from investment intermediaries who legally hold the shares. <br />
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The response is, company law is not working sufficiently. Transparency of who owns these companies and shares, more liability on those who act for companies or shareholders. </div>
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Yet, far from me believing that transparency will resolve the matter, it is not even a company law problem and therefore, reforming company law will not solve the problem. The problem here is tax law. <br />
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Take, for a moment, that a register of beneficial shares is introduced. Who is actually going to be on that register? Will you or I be on that register as beneficiaries of shares invested in through our pension schemes? What about wealthy individuals in other jurisdictions where kidnapping and money laundering are much more prevalent? There would have to be some exceptions and a defined scope of what is disclosed, when and where. Those companies and trusts that are legitimately run should not be forced to disclose private wealth either, whether on or off shore. Those exceptions and scope will be exploited and do nothing to prevent individuals intent on avoiding or evading tax from doing so.<br />
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It is difficult to see why we should treat a company differently from a natural person. If we say all beneficial interests in shares have to be disclosed then why not force disclosure in other senses where a natural person may simply hold someone's wealth for them not through shares but through non-dom status or simply being domicile in a different jurisdiction? I speculate, but there are probably other ways of avoiding tax and a beneficial ownership register is unlikely to have much effect. It might deter some politicians and public figures and companies but for the majority of smaller fish, would we really be concerned? Would these bigger companies just not exploit other means minimising their tax liabilities? <br />
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<a href="https://www.supremecourt.uk/decided-cases/docs/UKSC_2013_0004_Judgment.pdf"><em>Prest v Petrodel Resources Ltd</em> [2013] UKSC 34</a> sort of brought us full circle in company law from <em>Salomon v Salomon</em> [1897] AC 22. A company is a separate legal entity, as recognised in Salomon but the question arose as to when those behind it could be liable for the company's obligations and liabilities. Essentially, the answer was never and this was the issue in Prest where it was all but confirmed that the company is responsible just like you or I for our obligations and liabilities, and the courts would not hold those behind the company responsible for the company's liabilities and obligations. Thus, even if there is a beneficial register, company law would not hold the beneficiaries liable for anything the company has done, so it is not company law that requires any reform. If you want to make these individuals liable it is tax law that requires reform. Arguably, tax law might not even need reform, since if the company is used to evade tax, which is unlawful, then the individuals would be liable in their own right. However, if they want to make tax avoidance unlawful then tax law needs to change. If they want to tackle tax evasion then there needs to be cross-border co-ordination on tax law. It is not company law that is inadequate. </div>
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Without going in to more detail, if there wants to be more enforcement then there needs to be better enforcement. Over the years the state has been taking a more hands off approach, expecting shareholders to do more but equipping them with no tools or incentives to do so. So all of a sudden the state is realising that they need to do something and improve their own enforcement powers. It was 1945 as well that Cohen recognised that shareholders were inadequate monitors and the Board of Trade (now BIS) had ineffective powers in the Companies Act 1929 to investigate misfeasance. <br />
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In short, one should take great caution in listening to the drum that Transparency UK and Tax Research UK are beating very loudly. These problems have come up before and just disclosing everything is not an appropriate answer. Their rhetoric is to marginalise anyone through brash language who does not agree with them, and do not adequately engage with criticisms or concerns. If you do not believe me about the brash language just listen to BBC Radio 4's Today show on the <a href="http://www.bbc.co.uk/programmes/b076nzhc">15th April</a> at 08:10 where Richard Murphy of Tax Research UK speaks and <a href="http://www.bbc.co.uk/programmes/b076c9j8">12th April</a> from 08:45 where Robert Barrigton of Transparency International UK speaks, both highly dismissive of any argument against transparency. Indeed Murphy argues that he is a Professor in International Political Economy, and contends markets operate better with greater transparency... well that is one argument, his professorship status has little to do with that though, and it certainly is not the case that full transparency makes for a better market, particular in a liberal market economy where competition is more important than a co-ordinated market economy. It is a problem with "rational" economics and economists. The fact is the argument for transparency is not as simple as market value and financial gain, maximising returns in the short term. It is a complex issue with competing interests and considerations that cannot be boiled down to 0s and 1s. <br />
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This has very much been the start of a new project and getting the ideas down. Let's see where this goes...</div>
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-52071667914731708482016-03-09T09:02:00.000-08:002016-03-09T09:02:30.748-08:00Derivative Claims data<div dir="ltr" style="text-align: left;" trbidi="on">
Since September I have been working with the Eastern Academic Research Consortium (EARC) as part of my Quantitative Skills Award from the British Academy. We have been working with a dataset I have collected on derivative claims under common law and statute. <br />
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The dataset consists of 46 cases looking, generally, at whether the reform of the derivative claim under the Companies Act 2006, part 11 is meeting its objectives, such as allowing claims to continuing in appropriate circumstances whilst dismissing frivolous claims, and whether there is practical convergence of shareholder protection in a sense of whether the UK will see more private enforcement of directors' duties in public companies. <br />
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Below is some of the descriptive frequency data from all of the cases observed under common law (27 cases) and statute (19 cases). Arguably there are 4 time periods for 'derivative claims' but this data is simply split in to two, common law and statute. Those four periods are: 1) 1843-1950; 2) 1950-1982; 3) 1982-2008; 4) 2008-present. The first period was <em>Foss v Harbottle</em> (1843) 67 ER 189 recognising majority rule but subsequently the need for exceptions. Up until <em>Edwards v Halliwell</em> [1950] 2 All ER 1064 when this case recognised categories of exceptions, albeit only the fraud on the minority was the true exception. This was the state of common law until 1982 when <em>Prudential Assurance Co Ltd v Newman Industries Ltd (No 2)</em> [1982] Ch 204 recognised the criteria for setting out a prima facie case that was inserted in to the Civil Procedure Rules. Claims were brought under these procedural rules until 2008 when the Companies Act 2006, part 11 came in to force. However, the common law procedure does have some application still in respect of double derivative claims. <br />
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Ultimately this trend shows a climb down from total freedom of contract to the law recognising a need to mitigate against the harshness of separate legal personality and granting shareholders more power to protect the interests of the company from those who control it or cause it harm. <br />
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The tables below indicate the legal features of the case:<br />
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</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 531px;">
<tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Prima facie case</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="25%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="3" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">No</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">12</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">26.1</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">26.1</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">26.1</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">yes</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">34</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">73.9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">73.9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 531px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Mandatory Bar</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="25%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="3" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">No</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">13</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">28.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">68.4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">68.4</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Yes</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">13.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">31.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">19</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">41.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Missing</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">System</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">27</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">58.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="TOP" width="25%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 531px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Frivolous Claims - Conduct covered</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="25%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="3" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">No</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">38</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">82.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">82.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">82.6</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Yes</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">17.4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">17.4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 554px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Strength of Case 3 - discretion</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="28%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="23%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="4" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">weak case</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">17</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">37.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">50.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">50.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">middle case</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">11.8</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">61.8</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">strong case</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">13</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">28.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">38.2</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">34</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">73.9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;"> </span></td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Missing</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">System</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">12</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">26.1</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;"> </span></td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="TOP" width="28%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="MIDDLE" width="23%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 531px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Permission - successful derivative claim</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="25%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="3" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">No</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">27</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">58.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">58.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">58.7</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Yes</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">19</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">41.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">41.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: white;">The following tables represent practical features of the case:</span><br />
<span style="color: black;"><br /></span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 531px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Company Form</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="25%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="4" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">plc</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Ltd (s)</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">35</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">76.1</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">76.1</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">84.8</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">other</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">15.2</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">15.2</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="12%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="17%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="24%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 677px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Company Shareholding</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="40%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="6" valign="TOP" width="10%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Minority(c)/Majority(d)</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">17</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">37.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">37.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">37.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Equal</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">14</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">30.4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">30.4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">67.4</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Majority(c)</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">2</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">71.7</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">dispersed minority(c)/majority(d)</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">19.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">19.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">91.3</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">shareholder(c)/director(d)</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="30%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="14%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="19%"><span style="color: black;"> </span></td></tr>
</tbody></table>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><span style="color: black;">
</span><table border="1" bordercolor="#000000" cellpadding="0" cellspacing="2" dir="LTR" style="width: 593px;"><tbody>
<tr><td bgcolor="#ffffff" colspan="6" valign="MIDDLE"><span style="color: black;">
<b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></b><span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;"><b>Conduct complaint - nature of complaint</b></span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" colspan="2" valign="BOTTOM" width="32%"><span style="color: black;"> </span></td><td bgcolor="#ffffff" valign="BOTTOM" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Frequency</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid Percent</span></span></div>
</td><td bgcolor="#ffffff" valign="BOTTOM" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="CENTER">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Cumulative Percent</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" rowspan="6" valign="TOP" width="11%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Valid</span></span></div>
</td><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Other</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">5</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">10.9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">10.9</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">10.9</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Fiduciary Breach</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">32</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">69.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">69.6</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">80.4</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Negligence</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">2</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4.3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">84.8</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Ultra vires</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">3</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">6.5</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">6.5</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">91.3</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Multiple Claims 1-4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">4</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">8.7</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td></tr>
<tr><td bgcolor="#ffffff" valign="TOP" width="21%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="LEFT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">Total</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">46</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="15%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="16%"><span style="color: black;">
<span style="font-family: Arial;"><span style="font-family: Arial;"></span></span></span><div align="RIGHT">
<span style="font-family: Arial;"><span style="color: black; font-family: Arial;">100.0</span></span></div>
</td><td bgcolor="#ffffff" valign="MIDDLE" width="22%"><span style="color: black;"> </span></td>
</tr>
</tbody></table>
<br /></div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-68787964730031580552016-02-25T08:51:00.002-08:002016-02-26T03:00:02.451-08:00WINIR Symposium Abstract Accepted<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: inherit;">On 4th-6th April 2016 </span><a href="http://winir.org/?page=events&side=symposium_2016"><span style="font-family: inherit;">the second annual WINIR symposium</span></a><span style="font-family: inherit;"> will take place at <a href="http://winir.org/?page=events&side=winir_2016&sub=venue">Bristol University</a>. The event symposium is focusing on 'Property Rights' of the corporation.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Property rights are a </span><strong><span style="font-family: inherit;">central institutional feature of all politico-economic systems</span></strong><span style="font-family: inherit;"> where markets play a major role, and a key item of political controversy between liberal and socialist positions. The </span><strong><span style="font-family: inherit;">role of property rights</span></strong><span style="font-family: inherit;"> in matters ranging from </span><strong><span style="font-family: inherit;">interpersonal exchange</span></strong><span style="font-family: inherit;">, </span><strong><span style="font-family: inherit;">power </span></strong><span style="font-family: inherit;">and </span><strong><span style="font-family: inherit;">innovation </span></strong><span style="font-family: inherit;">to</span><strong><span style="font-family: inherit;"> corporate governance</span></strong><span style="font-family: inherit;">,</span><strong><span style="font-family: inherit;"> privatisation </span></strong><span style="font-family: inherit;">and</span><strong><span style="font-family: inherit;"> economic development</span></strong><span style="font-family: inherit;"> is debated across several academic disciplines, including economics, history, law, philosophy, politics and sociology. The growing importance of intellectual and other </span><strong><span style="font-family: inherit;">intangible property in modern capitalism</span></strong><span style="font-family: inherit;"> has further provoked important ongoing theoretical and policy discussions, part of which revolve around the very meaning of </span><strong><span style="font-family: inherit;">property as opposed to possession</span></strong><span style="font-family: inherit;">.</span><br />
<span style="font-family: inherit;"></span><br />
<span style="font-family: inherit;">Together with Derek Whayman at Newcastle University we have had our abstract accepted on 'Property Rights and Equitable Principles: Understanding Fiduciary Loyalty in an Organisational Context'</span><br />
<span style="font-family: inherit;">-----</span><br />
<span style="font-family: inherit;">The abstract follows:</span><br />
<br />
<div style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: inherit;">The property rights of an organisation are subject
to equitable principles, namely fiduciary loyalty, that affect those property
rights. Yet uncertainty over fiduciary loyalty persists. For example, it is
unclear how a director’s fiduciary duty operates to a company and third parties,
so if the director were to engage in a private enterprise, can any gains be
retained by the organisation to become their property or are they
subject to the ownership rights of others? </span><i><span style="font-family: inherit;">Cobbe v
Yeoman’s Row</span></i><span style="font-family: inherit;"> stated that a ‘court should be very slow to introduce uncertainty
in to commercial transactions by the over-ready use of equitable concepts’ but
did not set down a test for when it would do so, meaning property rights of an
organisation can be affected by the arbitrary introduction of fiduciary loyalty
and does not clearly solve our private enterprise problem.</span></div>
<br />
<div style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: inherit;">This paper builds on
Graveson’s work on ‘from status to contract’. Previously, fiduciaries were defined
by status, e.g. directors, agents and trustees. Loyalty is now said to arise
via agreement, argued to varying degrees by Edelman, Finn
and Lord Millett. However, we consider full contractualisation too simple to be
accurate in determining the scope of fiduciary loyalty. This paper goes further
to reduce the danger and uncertainty in organisational property rights by
demonstrating its true basis: (i) first, loyalty is a non-contractual duty presumed
in to a relationship where one undertakes responsibility for another’s
interests in response to prophylactic concerns; (ii) this determines the scope
of the duty of loyalty and status is wholly secondary; then (iii) the duty of loyalty
is fine-grained to the specific contractual terms insofar as they permit what
would otherwise be disloyalty. Loyalty is then not defined by contractual
terms, it is subject to them.</span><span style="font-size: 11pt;"><span style="font-family: inherit;"> </span></span></div>
<span style="font-family: inherit;">------</span><br />
<span style="font-family: inherit;">Whilst the paper has moved on slightly and our collaborative work focuses on understanding fiduciary loyalty more generally than in the organisational context, our core aim is to show the duty as fine grained to the intentions of the parties rather than positively implied in to the agreement. Thus we are critical of Edelman's approach that duties are effectively implied terms based on the reasonable expectations of the parties.</span><br />
<br />
Thus for the purposes of our presentation we show when the organisation's property rights would be subject to a competing proprietary right or vice versa based on a clearer explanation of when the duty of loyalty is owed.</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-33837982860597660612016-01-15T08:32:00.000-08:002016-01-15T08:32:01.852-08:00Property Rights, Privacy and Death<div dir="ltr" style="text-align: left;" trbidi="on">
This week I had the pleasure of attending a presentation at the University of Hertfordshire Law School's Research Seminar Series on Post-Mortem Privacy Rights. The abstract proposed greater controls on the right to privacy upon one's death due to the emergence of the digital age. In response, my colleague and I wrote a response looking at the right to control your privacy once you have died and whether the common law is not equipped to deal with this situations. Generally, we considered there is not a lacuna in common law in addressing post-mortem privacy rights as the medium of computers and the Internet has not truly introduced anything novel, and if it has, the common law is still suitably equipped to handle it. We considered that any changes to the law would only be minimal and should be so, since any interference with the right to tell history should be carefully approached.<br />
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Re : Summary of discussion on subject of “death and the
common law”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Re : Summary of discussion on “post mortem rights”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Re : The judgment of history<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(1) It is clear that the common law did not always apply
the maxim “<i style="mso-bidi-font-style: normal;">actio personalis moritur cum
persona</i>”<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a>
and in certain cases legal rights arising in lifetime might pass by devolution
to the executors or administrators – the obvious cases were property entitlements<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a> and some form of
contractual rights<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(2) It is evident that a distinction has to be drawn between
(a) legal rights arising in the lifetime of X<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a> which may pass by
devolution (b) legal rights that terminate or are extinguished by the death of
X<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a> (c) legal rights that
arise<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a> and are created by virtue
of death of X<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a>
<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(3) Manifestly to enforce legal rights one must possess “legal
personality” and this concept does not prima facie extend to a deceased person<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a> (you cannot injure the
dead); so in certain circumstances a legislature might allow the executors to
enforce devolved rights <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span> </div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(4) In broad terms the common law has evolved by adapting
existing legal principles both to new factual situations and to the process of
technological <a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a>change.
The common law system starts with an existing principle and seeks a solution
consistent with or analogous to the principle already acknowledged by the
courts. Whilst common law might struggle with applying law to new mediums (i.e.
is data ‘goods’?) this is not, necessarily, a ‘new situation’ for common law.
Data has always had the possibility of surviving one’s death, even before
computers and Internet.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(5) Manifestly the subject of “death” may engage issues
in (a) criminal law (b) the law of tort (c) the law of contract (d) property
law in the widest sense (e) intellectual and industrial property law.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(6) Further any legal rights in issue<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a> have to be distinguished
between (a) those arising by international treaty provision (b) legal rights
arising by domestic legislation (c) legal rights arsing by the development of
case law (d) legal rights contained within a single written constitutional
document<o:p></o:p></span></div>
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(7) Manifestly it is sensible to draw a distinction
between common law systems and civil law systems; in particular between the
common law jurisdictions which tend to <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>be sceptical about over stating and inflating abstract
principles. The common law judge tends to be more than aware that general
propositions do not decide concrete cases. <o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(8) In the abstract that we were discussing a number of
rights were mentioned : it does seem sensible to examine those rights in turn<o:p></o:p></span></div>
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(9) In respect of the deceased ; the abstract made
reference to the following “rights”<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(a) privacy<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(b)
reputation<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(c)
dignity<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(d)
integrity<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(e)
secrets – confidential information<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(f)
memory<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(g)
personality rights <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(h)
defamation<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(i)
moral rights <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(j) the
law of contract<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>(k) the
law pertaining to testamentary freedom<o:p></o:p></span></div>
<br />
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(10). The conclusion in the abstract is that the common law
has shown itself to be hesitant about recognising “post mortem rights” but is
that so surprising? I leave aside the question that “post mortem rights”
appears to be a phrase of rather uncertain definition and may refer to any of
the senses noted in (2) and (9) supra<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">11. The common law developed in the eighteenth and
nineteenth century under the direction of judges schooled in classical studies
and ancient history. “History” is the oldest of disciplines and traceable to
the Ancient Greeks. Herodotus saw the role of history as (a) preserving memory
and (b) helping to understand the “causes of things” .There is an
understandable desire not to impede bona fide historical research – so that X
lives and following death his life is subject to the judgment of historians and
others. <o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">12. So if we examine the individual areas listed in
paragraph nine. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">13 In respect of 9(a) – the concept of “privacy<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a>”. It is a matter of
common knowledge that English law was slow to protect “privacy”; in the past a
claimant might seek to rely on (a) the tort of trespass (b) private nuisance
(c) malicious falsehood (d) defamation or (e) the equitable action for abuse of
confidence<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a>.
However even since the coming into effect of the Human Rights Act 1998 the
position is less than clear; on the one hand it is said that there is no
independent tort of invasion of privacy<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a> but on the other relief
is accorded for the misuse of private information<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a>. The actions brought
since 2000 have focused upon a living claimant. Notably, this includes
companies, so one may infer that human rights apply to those with legal
personality.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">A distinction probably needs to be drawn with cases
brought after death; the deceased can experience no lack of privacy and the
case law in other common law jurisdictions in respect of the deceased has
tended to focus on either (a) personality rights<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a> (b) infringement of a
trade mark or (c) extensions of the tort of passing off. Of interest is the
legislation passed in some common law jurisdictions allowing an executor to
sanction the use of the “personality” of the deceased for certain commercial
activities. It is not a matter of surprise that this is a matter that has been
the subject of legislation in California – home of the alpha plus celebrity.
Whether it is the presence of a secure legislative provision that has prompted
the rise of “posthumous advertising<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a>” is for others to say.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">14. In respect of 9(b) supra – as regards reputation. A
person who dies cannot through his estate bring an action for defamation – as
soon as someone is dead the journalist or the historian may write without
restraint. However if they do not write fairly then the family of the deceased
have a perfect right to correct the record<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a>. The friends of a deceased
often do so – in this context in England and the United States one should
perhaps acknowledge the particular role of the “obituary notice” which serves
as a judgment on the deceased. Later a biography may appear and the biographer
will be free to express opinions although the law of copyright may prevent him
quoting from original material without permission<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></a>. Reputation is at the
mercy of those who survive you. History tells us King John was a womanizer but
there is no right of action in the Royal estate to prevent historians from
saying so. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">15. In respect of 9(c) –the concept of dignity. The
criminal law provides for minimum standards of conduct in respect of burials
and legislation exists regulating medical research<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></a> – it is possible no doubt
for the executors to bring an action if a photograph of the deceased is taken
without permission and there has been a trespass on to private premises.
Broadcasting Codes of Practice restrain the transmission of “distressing
images”; as we have seen recently editors do not normally show pictures of a
person in articulo mortis.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">16. In respect of 9(d) supra “integrity” in its widest
sense. It is correct that the common law does allow a re-evaluation after death
and a writer may probe the character of the deceased free form the constraints
of the law of libel. So to take an example a historian may write what he wishes
about the late Sir Winston Churchill (1874-1965) – although if he is not a specialist
historian his views and opinions are likely to carry little weight.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">17. Related to this is are two other considerations :it
is beyond dispute that executors may (a) enforce the relevant copyright laws
and (b) public authorities may place time limits on the access to public
records. So some information may be restrained under these headings.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">18 In respect of point 9 (e) supra it is not in dispute
that an action can be brought in equity for the abuse of confidential
information and while this is normally brought by a person still living it is
open to an executor to bring such an action on behalf of the estate of the
deceased. Further there are difficulties with complete secrecy on death because
a degree of openness may be necessary so that the executors can anticipate any
claims that the estate may have to meet. Notwithstanding the fact that of
course an action for abuse of confidence can only be brought by the person to
whom the duty is owed<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></a> if such action is seen as
in part a tort then doubtless it can be brought by an executor – so it is
arguable that in 1965 the executors of Sir Winston Churchill could have sued
his doctor<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">19. In respect of 9 (f) supra it is difficult to
determine the sense in which the word “memory” is employed. When X dies he is
without memory; his loved ones have a memory but that passes with their deaths.
As Herodotus noted the function of “history” is to create a collective memory; in
the modern world the obituary notice is often followed by a biography. There is
nobody left alive today who met Abraham Lincoln (1809-1865) but our memory of
the man is the product of historical research.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">20. In respect of 9 (h) supra the defamation laws do not
permit an action to be brought after death and the reputation of the deceased
is now a matter of history<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">21. In respect of moral rights alluded to in 9 (i) supra
such rights are in the United Kingdom the creation of legislation and the
duration is said to expire as stipulated by statute<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></a>; indeed the Copyright Act
1911<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></a>, the Copyright Act 1956
and the Copyright and Designs and Patents Act 1988<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></a> all stipulate a period of
duration that expires x years from the death of the copyright holder. Much, however,
depends on what is meant by ‘moral rights’.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">22.In respect of 9 (j) supra it is difficult to imagine
what is objectionable in the executors seeking to enforce contractual provisions
post mortem against an internet provider in respect of contractual rights
arsing prior to the death of the deceased. The essence of confidential
information is that it should not be available to the entire world; however
there seems little harm in requiring that those who contract in their lifetime
with a <span style="mso-spacerun: yes;"> </span>social media network or internet
provider should be aware of the contractual position as to what is to happen to
any data provided after their death. It would seem in most common law
jurisdictions such rights can only arise ex contractu. A duty of care may also
be owed to surviving members of the family for harm and distress caused by
publication of material, which would indirectly protect the deceased.
Certainly, the ability to contract to protect your property after death is by
no means a novel situation since the invention of the computer and Internet. By
analogy the duties imposed by common law on those holding hard copies of your
data would be equally applicable to those holding them online, subject to
contract.<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></a>
For example, if you agree to your data being collected and used for commercial
purposes then there would be no duty of confidentiality. The principle from <i style="mso-bidi-font-style: normal;">Kelly v Cooper</i> would apply, ‘contract
first’. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">23 In respect of 9(k) supra and the principle of
testamentary freedom<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></a> there are limits in the
United Kingdom and of course if a “post mortem” right may be said to arise<span style="mso-spacerun: yes;"> </span>difficult problems may exist as to whether it
should be enforced by the executor<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></a> or the beneficiary<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">24 It is relevant in this context to note the common law
has tended to favour the free circulation of property and ideas and is
reluctant to allow control<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></a> by the dead hand of the
deceased.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">25.We make reference to personal data post mortem but how
much is truly private after death<span style="mso-spacerun: yes;"> </span>(a)
property information can be searched under the Land Registration Act 2002 (b)
the provisions of the Wills Act 1837 provide for some disclosure<span style="mso-spacerun: yes;"> </span>of the estate of the deceased (c) medical
records are protected by statute (d) family relationships are matters of public
knowledge not least through the Registration of Births and Marriages legislation(e)
in respect of children the court may order disclosures as to paternity (f) the
principle of freedom of expression allows those who survive the deceased to
write about their relationship (if any)<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></a> with him or her.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">26 If there is to be any extension to post-mortem rights
then that involves a policy decision embracing political, economic and social
factors and is thus not appropriate for the judiciary but must be regarded in a
democracy as the task of the legislature.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">27 While it is a matter for others there would seem to be
some value in adopting the approach of the Bundesgerichtshof in “the Marlene
Dietrich case” in drawing a distinction in personality rights between (a)
economic rights and (b) non economic rights. However it would seem that nothing
in the judgment prevents an individual producing a biography of the celebrated
actress. In respect of the much discussed “Francois Mitterrand case<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></a>” it is arguable that the
same conclusion might have been reached in the courts of England and Wales –
since most legal systems find it objectionable that a doctor should write about
his treatment of a patient with a terminal condition<o:p></o:p></span></div>
<br />
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">28 It would seem to be important to recognise five facts
relevant in England and Wales (a) the legislature is anxious not to place
restrictions on freedom of the press (b) the legislature is sceptical of
extending rights that might be used to shield the rich, famous and powerful from
proper scrutiny in a democracy (c) some of the litigation in Europe derives
from general rights set out in constitutional documents<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></a> (d) as is well known there
is no single document in England and Wales (e) if one seeks to stand for public
office then one’s character and record is a proper matter for scrutiny<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></a>.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span> </div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">29. Conclusions<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(a) Might it not be said that a possible conclusion is
that while there might be a case for legislation to protect “personality” from
commercial exploitation<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftnref32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></a> it would be contrary to
the history of the common law to allow a general protection for reputations
post mortem. On death the deceased must trust to “the judgment of history”- the
family of Marlene Dietrich have no need to fear the judgment of history. In the
case of Gustav Grundgens the litigation did not prevent the subsequent re-publication
and filming of the novel enabling a wide audience to make their own judgement
on the character and conduct of that talented but deceased thespian.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(b) Some of the cases cited in civil law jurisdictions
arise from the interpretation of provisions in a single written constitutional
document – something we have until now avoided in the United Kingdom. <o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(c) If personality rights were to be conferred in the
United Kingdom that could only be done by statute and such rights would have to
be narrowly drawn so as to prevent bona fide historical research</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">(d) <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">In the end it would seem that "history" trumps
"law" and it was after all a German who noted that "Die
Weltgeschichte ist das Weltgericht" - an observation which may be brutal
but is not without a degree of truth.</span></span></div>
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
(e) What was sought to be argued in the presentation is that Parliament should enact a limited "post mortem personality right"-while there may be arguments in the case of "economic rights" it must be doubtful whether that should be extended any further. This seems to have been the approach of the legislature in California - which I imagine counts as a common law jurisdiction.</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
(f) <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">To a common lawyer "The Mephisto litigation" (1963-1971) in
West Germany seems somewhat bizarre and in the longer term quite futile</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">(g) If rights are to be granted after death there are unanswered questions about locus standi.</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">(h) The concept of life after death through your online profile is interesting and whilst it is more accessible it is not a novel concept since one's profile could always exist after death. However, you are still legally dead, and if you wish to assert control over your social media profile then rights would need to be devolved upon death. This is freedom of contract and something common law has always accepted pre and post digital age.</span></div>
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
(I) <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">There must also be a clear distinction between property
rights and personal claims. Someone’s ‘commercial image’ can be protected i.e.
Freddie Mercury dispute who sought to protect his image from unlawful
recreation by those who did not have rights to that image; and distinguished
from matters simply concerning the individual. i.e. saying after Jimmy Saville
died that he was a paedophile has nothing to do with the rights over that
individual’s commercial image. Whether the law would extend to malicious
comments made to harm a right over a commercial image, as something alluded to
in discussion, might be an avenue but something tort would also address. <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-spacerun: yes;">(J) <span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Trying to create privacy rights before you are dead would not be an easy
task. You set out the pros and cons above, and the general proposition is right
that one must take a balanced view to determine which needs are greater:
history or the privacy of the deceased. As has been set out English common law
favours the former.</span></span><o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
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<span style="font-family: Times New Roman;">
</span></div>
</span><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<o:p></o:p><br /></div>
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<br /></div>
<br />
<div style="mso-element: footnote-list;">
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;"> Law
Reform (Miscellaneous Provisions) Act 1934 and any future incarnations<o:p></o:p></span></span></div>
</div>
<div id="ftn2" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Rights in rem <o:p></o:p></span></span></div>
</div>
<div id="ftn3" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Although of course certain “personal” contracts may on death be subject to the
common law doctrine of discharge by frustration.<o:p></o:p></span></span></div>
</div>
<div id="ftn4" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;"> Of
course the common law has had to grapple with the legal concept of “death”<o:p></o:p></span></span></div>
</div>
<div id="ftn5" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Actions in defamation<o:p></o:p></span></span></div>
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<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Which in the strict sense is “post mortem”<o:p></o:p></span></span></div>
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<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[7]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See the original Fatal Accidents Act 1846<o:p></o:p></span></span></div>
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<div id="ftn8" style="mso-element: footnote;">
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<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Since one must be alive ; a view taken by the Court of Appeal in Harris v
Goddard (1983) 1 WLR 1203<o:p></o:p></span></span></div>
</div>
<div id="ftn9" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[9]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See Copyright (Computer Software)Amendment Act 1985<o:p></o:p></span></span></div>
</div>
<div id="ftn10" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[10]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
As you noted<o:p></o:p></span></span></div>
</div>
<div id="ftn11" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn11" style="mso-footnote-id: ftn11;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Which arguably terminates on death – in contrast to “personality rights”<o:p></o:p></span></span></div>
</div>
<div id="ftn12" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn12" style="mso-footnote-id: ftn12;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See Younger Cttee (1972) <o:p></o:p></span></span></div>
</div>
<div id="ftn13" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn13" style="mso-footnote-id: ftn13;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Wainwright v The Home Office (2004) 2 AC 406<o:p></o:p></span></span></div>
</div>
<div id="ftn14" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn14" style="mso-footnote-id: ftn14;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Campbell v MGN Ltd (2004) AC 457<o:p></o:p></span></span></div>
</div>
<div id="ftn15" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn15" style="mso-footnote-id: ftn15;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[15]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See legislation in California after 1985<o:p></o:p></span></span></div>
</div>
<div id="ftn16" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn16" style="mso-footnote-id: ftn16;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[16]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Where a product is sold using the personality of a deceased celebrity – eg
Humphrey Bogart (1899-1957); Marilyn Monroe (1926-1962) ;Steve McQueen
(1930-1980) or Elvis Presley (1935-1977) t o cite recent examples<o:p></o:p></span></span></div>
</div>
<div id="ftn17" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn17" style="mso-footnote-id: ftn17;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[17]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
As they often do – see the recent cases of Edward Heath and Leon Brittan<o:p></o:p></span></span></div>
</div>
<div id="ftn18" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn18" style="mso-footnote-id: ftn18;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[18]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
As the recent controversy concerning Ted Hughes has served to illustrate<o:p></o:p></span></span></div>
</div>
<div id="ftn19" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn19" style="mso-footnote-id: ftn19;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[19]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Anatomy Act 1984<o:p></o:p></span></span></div>
</div>
<div id="ftn20" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn20" style="mso-footnote-id: ftn20;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[20]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Fraser v Evans (1969) 1 QB 349<o:p></o:p></span></span></div>
</div>
<div id="ftn21" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn21" style="mso-footnote-id: ftn21;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[21]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See Copyright and Designs and Patents Act 1988 sections 77-89 ; in particular
section 86<o:p></o:p></span></span></div>
</div>
<div id="ftn22" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn22" style="mso-footnote-id: ftn22;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[22]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
In dealing with the duration of copyright<o:p></o:p></span></span></div>
</div>
<div id="ftn23" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn23" style="mso-footnote-id: ftn23;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[23]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
In dealing with the duration of moral rights<o:p></o:p></span></span></div>
</div>
<div id="ftn24" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn24" style="mso-footnote-id: ftn24;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[24]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Kelly v Cooper [1993]<o:p></o:p></span></span></div>
</div>
<div id="ftn25" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn25" style="mso-footnote-id: ftn25;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[25]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See Inheritance Act 1938:Inheritance (Provision for Family and Dependants) Act
1975<o:p></o:p></span></span></div>
</div>
<div id="ftn26" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn26" style="mso-footnote-id: ftn26;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[26]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
There may be issues in the law of trusts to whether litigation is appropriate
and justified<o:p></o:p></span></span></div>
</div>
<div id="ftn27" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn27" style="mso-footnote-id: ftn27;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[27]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
See the common law rules on perpetuities and accumulations as well as the
limits to contracts deemed in restraint of trade<o:p></o:p></span></span></div>
</div>
<div id="ftn28" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn28" style="mso-footnote-id: ftn28;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[28]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
People have been known to claim an association with the deceased that existed
only in their imagination<o:p></o:p></span></span></div>
</div>
<div id="ftn29" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn29" style="mso-footnote-id: ftn29;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[29]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;"> A
man who in England in public life would have faced much greater scrutiny –
although of course we do not have a Presidential system. It is interesting to
reflect that three of the individuals in the cases – Mitterrand, Grundgens and
Dietrich faced a similar problem – a need at various times to explain conduct
during the years 1933-1945<o:p></o:p></span></span></div>
</div>
<div id="ftn30" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn30" style="mso-footnote-id: ftn30;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[30]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
In the “Mephisto case” – it was as I recall a judgment of the Bundesverfassungsgericht
– a case that is unlikely to have been brought in England and Wales. (a) While
the divorce from Erika Mann was in the past – it is interesting to reflect as
to whether publishers of Klaus Mann might have in England been at risk having
regard the principle in Argyll v Argyll (1967) Ch 302 (b) The book had been
published outside West Germany before the legal action was brought (c) whether
the case has more to do with how Germany came to terms with its past and (d) the
role the Mann family made the case unduly sensitive (e) the case appears to
have turned more on traditional constitutional law – as set out in Articles 1-5
of the Grundgesetz rather than any specific legislation on intellectual
property (f) the subsequent re-publication of the book in the then West Germany
indicates that at some point in time the reputation of the deceased is a matter
of history not of legal rights (g) the centenary of the birth of Gustav
Grundgens in 1999 marked something of a re-evaluation of his precise role and
conduct.(h) as regards memory many now see him through the prism of Klaus Maria
Brandauer which rather illustrates the point made by President Clinton – that
historical memory today for the general population often derives from film<o:p></o:p></span></span></div>
</div>
<div id="ftn31" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn31" style="mso-footnote-id: ftn31;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[31]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
When Ted Kennedy ran for nomination as a candidate for President in 1980 – it
was relevant to discuss his family history or indeed in Canada journalists were
free to discuss the family background of the recently elected Justin Trudeau<o:p></o:p></span></span></div>
</div>
<div id="ftn32" style="mso-element: footnote;">
<div class="MsoFootnoteText" style="margin: 0cm 0cm 0pt;">
<a href="file:///D:/001_Hertfordshire/Research/DG1%20[1240966]_post%20mortem.docx" name="_ftn32" style="mso-footnote-id: ftn32;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri","sans-serif"; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[32]</span></span><!--[endif]--></span></span></a><span style="font-size: x-small;"><span style="font-family: Calibri;">
Or indeed some limited changes to data protection legislation<o:p></o:p></span></span></div>
</div>
</div>
</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-4591942992507904772015-12-08T04:37:00.000-08:002015-12-08T04:37:37.306-08:00WINIR Symposium on Property Rights<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://winir.org/">WINIR</a> is currently accepting calls for abstracts to present at its <a href="http://winir.org/?page=events&side=symposium_2016">second annual symposium. </a><br />
Please see the details below or in the link to submit an abstract. <br />
<h1 style="text-align: center;">
<span class="themeText"><strong>Second WINIR Symposium</strong></span></h1>
<h3 style="text-align: center;">
<span class="themeText"><strong>4-6 April 2016</strong></span></h3>
<h3 style="text-align: center;">
<strong><span class="themeText">University of Bristol, Bristol, UK</span></strong></h3>
<div style="text-align: center;">
<a href="http://winir.org/content/documents/WINIR2016Symposium/WINIR_Symposium2016_CallForPapers.pdf">Download the call for papers</a></div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: center;">
<br /></div>
Property rights are a <strong>central institutional feature of all politico-economic systems</strong> where markets play a major role, and a key item of political controversy between liberal and socialist positions. The <strong>role of property right</strong>s in matters ranging from <strong>interpersonal exchange</strong> and <strong>power</strong> to <strong>innovation</strong> and<strong> economic developmen</strong>t is debated across several academic disciplines, including economics, history, law, philosophy, politics and sociology. The growing importance of intellectual and other <strong>intangible property in modern capitalism</strong> has further provoked important ongoing theoretical and policy discussions, part of which revolve around the very meaning of <strong>property as opposed to possession</strong>.<br />
<br />
Bringing together internationally leading institutional researchers from several disciplines, the <strong>WINIR Symposium on Property Rights</strong>, hosted by Bristol University's Faculty of Social Sciences and Law, will address these and other related issues.<br />
<br />
The Symposium will open in the afternoon of Monday 4 April and end in the afternoon of Wednesday 6 April. <br />
<br />
<div style="text-align: center;">
<strong>Keynotes lectures</strong>, representing three academic disciplines, will be given by:</div>
<div style="text-align: center;">
<a href="http://www.arrunada.org/" target="_blank"><strong>Benito Arru<span class="st">ñ</span>ada</strong></a> (<span class="st">Pompeu Fabra University</span>, economics)<br />
<strong><a href="https://en.wikipedia.org/wiki/Gunnar_Heinsohn" target="_blank">Gunnar Heinsohn</a></strong> (University of Bremen, sociology)<br />
<a href="http://www.law.utoronto.ca/faculty-staff/full-time-faculty/larissa-katz" target="_blank"><strong>Larissa Katz</strong></a> (University of Toronto, law)</div>
<div style="text-align: center;">
<br /></div>
<a href="http://winir.org/?page=events&side=symposium_2016&sub=abstract_submission">Abstract submissions</a> from any discipline are welcome.<br />
<br />
Submissions will be evaluated by the <a href="http://winir.org/?page=about&side=scientific_quality_committee">WINIR Scientific Quality Committee</a>, currently composed of: <strong>Peter Boettke</strong> (George Mason University, economics), <strong>Simon Deakin</strong> (University of Cambridge, law), <strong>Geoff Hodgson</strong> (University of Hertfordshire, economics), <strong>Timur Kuran</strong> (Duke University, economics), <strong>Uskali Mäki</strong> (University of Helsinki, philosophy), <strong>Katharina Pistor</strong> (Columbia University, law), <strong>Sven Steinmo</strong> (European University Institute, politics), <strong>Wolfgang Streeck</strong> (Max Planck Institute Cologne, sociology).<br />
<br />
In accordance with WINIR policy, all symposium participants must be <a href="http://winir.org/?page=membership&side=become_a_member">members of WINIR</a>.<br />
<br />
<strong>Please note the following important dates</strong>:<br />
<blockquote>
<table style="width: 648px;"><tbody>
<tr><td><strong>31 Dec 2015</strong></td><td>Abstract submission deadline</td><td><strong>14 Mar 2016</strong></td><td>Registration deadline for accepted authors</td></tr>
<tr><td><strong>21 Jan 2016</strong></td><td>Notification of acceptance</td><td><strong>15 Mar 2016</strong></td><td>Non-registered authors removed from programme</td></tr>
<tr><td><strong>22 Jan 2016</strong></td><td>Registration opens</td><td><strong>31 Mar 2016</strong></td><td>Registration deadline for non-presenters</td></tr>
<tr><td><strong>15 Feb 2016</strong></td><td>Early registration deadline</td><td><strong>1 Apr 2016</strong></td><td>Full paper submission deadline</td></tr>
</tbody></table>
</blockquote>
<br />
The symposium organising committee includes: <strong>Francesca Gagliardi</strong> (<a href="mailto:f.gagliardi@herts.ac.uk">f.gagliardi@herts.ac.uk</a>), <strong>David Gindis</strong> (<a href="mailto:d.gindis@herts.ac.uk">d.gindis@herts.ac.uk</a>), <strong>Jeremy Green </strong>(<a href="mailto:jeremy.green@bristol.ac.uk">jeremy.green@bristol.ac.uk</a>), <strong> Tilman Hartley</strong> (<a href="mailto:tilman.hartley@bristol.ac.uk">tilman.hartley@bristol.ac.uk</a>), <strong>Geoff Hodgson</strong> (<a href="https://www.blogger.com/null">g.m.hodgson@herts.ac.uk</a>), <strong>Paddy Ireland </strong>(<a href="mailto:paddy.ireland@bristol.ac.uk">paddy.ireland@bristol.ac.uk</a>) and <strong>Gregory Schwartz</strong> (<a href="mailto:gregory.schwartz@bristol.ac.uk">gregory.schwartz@bristol.ac.uk</a>).</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-74970507180944782592015-10-30T06:22:00.002-07:002015-12-11T03:56:03.733-08:00Derivative Claims: Bridge v Daley [2015] EWHC 2121<div dir="ltr" style="text-align: left;" trbidi="on">
Cases are slowly filtering through on the new derivative claim procedure as I work on my British Academy project on the subject. <a href="http://www.bailii.org/ew/cases/EWHC/Ch/2015/2121.html"><em>Bridge v Daley</em> [2015] EWHC 2121</a>. Bridge is the 18th derivative claim to be heard under the <a href="http://www.legislation.gov.uk/ukpga/2006/46/part/11">Companies Act 2006, part 11</a>, and the 17th of note for my empirical study, since <a href="http://www.bailii.org/ew/cases/EWHC/Ch/2008/2198.html"><em>FanmailUK.com Ltd v Cooper</em> [2008] EWHC 2198</a> was adjourned. (NB: table updated 11th Dec 2015 to incorporate 18th case <i>Hook v Sumner</i> [2015] Unreported)<br />
<br />
The relevant factors from Bridge are detailed below, including practical circumstances and outcome. The particular points of note from this case relate to: 1) information asymmetries between weaker and stronger parties; 2) statutory procedure; 3) wrongdoer control; and 4) it involved a plc.<br />
<br />
I will not say too much about these but briefly outline the points:<br />
<br />
1) Information asymmetries<br />
This was brought by a minority shareholder, Bridge, who owned 1.83% in an AIM company. He appeared as litigant in person but failed to substantiate any of his claims against the four directors since he had no proof of any of his claims nor could he direct any of his claims against any particular director. The judge (at [76]) was highly critical of this noting Bridge's submission that the directors were "all in it together" as insufficient for establishing a cause of action against all four. He also noted that Bridge was 'a highly opinionated individual who is incapable of any objective analysis of evidence placed before him' (at [85]).<br />
<br />
Bridge surely should have taken legal advice but his lack of any evidence is a telling problem with derivative claims. His claims were severe, despite not substantiated, and the judge noted that he might have a remedy for unfair prejudice. He did also have the support of a further 4 minority shareholders as the claim progressed. Therefore, the information asymmetries that exist between shareholders and directors/controllers can be a difficult obstacle to seeking redress through the courts since it is difficult to turn suspicions in to substantive arguments. <br />
<br />
2) Statutory Procedure<br />
This links to a second point where one might be critical of the court for not following the statutory procedure. At [98] the judgment notes that Bridge should have seen his claim was "doomed" to failure. Why did it get this far then where time and expense of the company was taken up? The judge noted that it was unlikely that there was even a prima facie case but seemed very confused as to what was required for a prima facie case based on his citation of the incorrect statement from Stimpson on establishing one. In <a href="http://www.bailii.org/ew/cases/EWHC/Ch/2009/2072.html"><em>Stimpson v Southern Landlords Association</em> [2009] EWHC 2072</a>, as cited by <em>Bridge</em>, it was said by Judge Pelling that in considering whether there was a prima facie case that the court was bound to consider those factors in section 263(3) and (4) and all other relevant circumstances. This is wrong. A prima facie case is set out in s.261 that it must be: 1) a cause of action vested in the company; 2) in relation to a breach of duty, trust, negligence or default; and 3) brought by a shareholder. The discretion is for part two.<br />
<br />
The judgment is littered with contradictions by the judge. Despite citing Stimpson he had earlier cited <a href="http://www.bailii.org/ew/cases/EWHC/Ch/2009/2526.html"><em>Iesini v Westrip Holdings Ltd</em> [2009] EWHC 2526</a> (at [13]-[15]), which is the correct authority for the statutory procedure, where it was noted that at the second stage, something more is needed than a prima facie case to satisfy the court that permission should be given. <br />
<br />
Therefore, in one part of the judgment the judge claims a prima facie case is about the whole circumstances of the case, whereas earlier he recognises that the procedure is two distinct parts. <br />
<br />
This contradiction is followed by failing to hear the ex parte application separately, describing it as pragmatic to do so (at [9]). It is difficult to see how it is pragmatic to dispense with the need for establishing a prima facie case and involving the company when the judge later uses terminology such as the claim was 'doomed' and the claimant had failed to clearly demonstrate a prima facie case since Bridge could not direct his claims at any director in particular or submit them in the form of breaches covered by the Act. <br />
<br />
By not hearing an ex parte application the company was involved unnecessarily, which is what is meant to be avoided by having an ex parte application. Both <em>Stimpson</em> and <em>Bridge</em> failed to hear a prima facie case but both were dismissed for mandatory bars. Both stated that not hearing the first stage was pragmatic but do not cite any authority for judges being permitted to avoid a statutory procedure on the basis of pragmatism. <br />
<br />
3) Wrongdoer control<br />
This case revisits the issue of wrongdoer control and confirms that wrongdoer control is not a bar to claim but can form part of the discretion when determining whether to grant permission. In this case, the judge found no reason why the company should not pursue this claim if it wished to do so, since independent shareholders did not support the claim nor did the company. <br />
<br />
4) Plc<br />
The final point is that this was a public limited company. It serves as some anecdotal evidence of attempts at frivolous litigation and the wider availability of the derivative claim itself. The fact the claim got as far as it did might cause some minor concern for companies.<br />
<br />
Figures and tables updated 11th Dec 2015.<br />
<br />
Therefore from the 18 cases the following stats on derivative claims are:<br />
Prima Facie Case: 100% (18/18)<br />
Mandatory Bars: 27.78%% (5/18)<br />
Permission Refused Discretion: 38.46% (5/13)<br />
Permission Allowed Discretion: 61.54% (8/13)<br />
Permission Refused Overall: 55.56% (10/18)<br />
Permission Granted Overall: 44.44% (8/18)<br />
<br />
<br />
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<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Bamford</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Wrongdoer control</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Bridge<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">No reasonable director would pursue the
claim; alternative remedy; company decision; independent views; wrongdoer
control<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Cinematic Finance</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Majority bringing derivative claim;
wrongdoer control; side-stepping insolvency rules</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Cullen Investments<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Hypothetical director would question if full
and frank disclosure was given for authorisation; and case was simple on this
premise; significant sum could be recovered based on lack of evidence to
contrary; no basis for lacking good faith; hypothetical director would attach
considerable importance; claim being funded by C so no financial risk to
company and possible benefit; claimant’s action may give rise to action in
own right but this was not a decisive consideration since the defence
necessitated it and as a precaution since the company was entitled to some or
all of the relief<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">FanmailUK</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Case adjourned</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Case adjourned</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Franbar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification;
alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Hook<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission Granted<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Good faith; strength of legal claims;
ratification; Alternative remedy<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Hughes</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification;
alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Iesini</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Weak legal claims</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Kleanthous</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Independent review of whether litigation was
beneficial; strength of legal claims; alternative remedy; and benefit would
be small</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Kiani</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Failure of defendant to produce any evidence
to the contrary; alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">McAskill<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Good faith; Alternative remedy; director
would attach weight to the claim under s.172<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mission Capital</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Alternative remedy; little weight to a claim
for wrongful dismissal of a director</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Parry</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification; good
faith; alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Phillips</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Alternative remedy; matter of urgency case
was brought to recover sums taken from the company without good reason</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Seven Holdings</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
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<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
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<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Claims did not relate to a breach of duty,
care, negligence or default</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<tr style="mso-yfti-irow: 17;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Singh</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">No director would continue the claim if
acting in accordance with s.172; fides of the claimant in question; s.994
more appropriate</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<tr style="mso-yfti-irow: 18;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Stainer</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strong grounds that there had been a breach
of duty; strength of legal claims; disinterested shareholders deceived in to
approving the loan</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Stimpson</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">The impact an action would have on the
interests of the employees; claim of little value compared to cost of claim;
legal claims were not realistically arguable</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Case<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Type of company<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Costs indemnity sought<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Financial State of the company<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Shareholding % (respondent/claimant)<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Amount Claimed for</span><a href="http://www.blogger.com/blogger.g?blogID=7543900180524675461#_ftn1"><span lang="EN-US" style="color: #0000f1; font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times; text-decoration: none; text-underline: none;">*</span></a><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Concerned a conflict of interest?<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Length of proceedings<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Bamford<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£3,500,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Bridge<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Plc<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Minority (1.83%)/Director<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">2 days<a href="" name="_GoBack"></a><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Cinematic Finance<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Doubtful solvency<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">0/100<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Cullen Investments<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">“Scant evidence”<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Fanmailuk<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£70,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Franbar<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">75/25<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">2 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Hook<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Minority/Majority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">2 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Hughes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Likely<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">To be dissolved<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£100,000+<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Iesini<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Doubtful solvency<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Kleanthous<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">84.5/15.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£120,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Kiani<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£296,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">McAskill<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£197,640<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Mission Capital<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Plc<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Parry<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£248,577.24<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Phillips<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">2 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Seven Holdings<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Effectively no assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£1,693,212.32<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Singh<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent/not trading<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£873,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Stainer<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">87/0.08<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£7,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Stimpson<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd by guarantee<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£5,300,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<!--EndFragment--></div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-29156956282468645392015-10-02T07:13:00.000-07:002015-10-02T07:50:43.462-07:00Volkswagen: Corporate law and governance failings? <div dir="ltr" style="text-align: left;" trbidi="on">
Now, you might have been living under a rock if you have not noticed the on-going scandal, or perhaps disaster, at Volkswagen. Normally, a corporate scandal would not get me in enough of a bind to write a post about it, because it has become something of a regularity in one sector or another. So why have I merited this one for attention.<br />
<br />
Well, it was after the comments from one of its directors, Olaf Lies, that I decided to write a short piece here. See <a href="http://www.bbc.co.uk/news/business-34397426">here</a> for a report and <a href="http://www.bbc.co.uk/programmes/p033bmtj">here</a> for analysis. Yes, Mr Lies is one of VW's directors on the supervisory board. This is not the kind of stuff you can make up (albeit this BBC News reporter <a href="http://www.bbc.co.uk/programmes/p033bmtj">here</a> humorously goes to great lengths to pronounce his surname how it should be, at around 1:20). It was his comments that particularly got me motivated. <br />
<br />
My interest started when Martin Winterkorn, former CEO of Volkswagen, resigned in wake of the crisis <a href="http://www.bbc.co.uk/news/business-34340997">stating</a> that he was "not aware of any wrongdoing on my part" and was stepping down in the best interests of the company. He also noted he was "shocked" and the firm needed a "fresh start". Now I am pretty sure most articles on the subject of his resignation could have dispensed with such lengthy pieces to simply state: "shock horror! CEO denies knowing what is going on in the company...again". I for one have had enough of these CEO's claiming they knew nothing and desperately trying to cling to power! Remember Bob Diamond of Barclays anyone?<br />
<br />
Many have commented on Winterkorn's attention to detail, so I would certainly agree that if he didn't know, he should have. He has also previously been VW's head of Group Quality Assurance and been in the car industry for over 20 years. But let's even say he genuinely did not know, what is he paid this much money for to do? (in case you were wondering, in 2014 Winterkorn received around 15m EUR in remuneration, see <a href="http://annualreport2014.volkswagenag.com/group-management-report/remuneration-report/board-of-management-remuneration.html">here</a> and below). Selling cars is what VW do, and he did not know. When he found out, he described himself as shocked. At least stand up and acknowledge your own failings of not providing appropriate oversight within your company. It is the company you control and the buck stops there. The whole point of having separate legal personality for companies was to stop shareholders, who did not run the company, being personally responsible for the decisions of others. Yet here we have a controller denying responsibility for his own job and ultimately it is the shareholders feeling the pinch due to tumbling share prices. <br />
<br />
Yet I get distracted. From Winterkorn then we get a statement from Mr Lies, claiming those responsible should be criminally liable. It might as well be an admission of guilt, or at least unlawfulness, because you as a board member are responsible for the company you control and the people you delegate to. It is you Mr Lies and other board members who must take responsibility for failing in providing that oversight. You are a supervisory board member, but where was the supervision for the 400,000 EUR that you receive? (NB: the majority of his fee does go to the state of Lower Saxony) Whilst others might have been complicit in the scandal it is another thing to try and shift all the blame on to the employees who were most likely working under onerous targets set by, yes, the board and senior managers. <br />
<br />
Mr Lies openly admits to only having just found out about the problems in the "last board meeting". But Mr Lies is a well connected man as the economy minister of Lower Saxony where VW is based. Is it plausible for a man of his position not to have known. Perhaps he did not know because his workload is too demanding. Mr Lies hold 5 other directorships as well as being the economy minister and a board member at VW, see <a href="http://annualreport2014.volkswagenag.com/group-management-report/executive-bodies/supervisory-board.html">here</a>. The German Corporate Governance Code permits a supervisory board member to have a maximum of 10 additional appointments but this must raise serious questions about that provision. Or perhaps the board was simply too large for anyone to do anything? The supervisory board has 20 members. If the company is forced to trim the fat surely it should start from the top? Perhaps I am optimistic in ignoring the fact the savings that will have to be made will be more likely borne by employees, shareholders, creditors and customers? <br />
<br />
Sure Winterkorn has lost his position and Lies might lose his, but this is minor in comparison in respect of what will happen to these other groups of individuals. Lies still holds several other positions to supplement his income. Winterkorn is listed as a board member at Bayern Munich in VW's 2014 annual report. Not to mention his hefty remuneration again, is probably enough to keep him going, which I have copied here.<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="ar14 highlight highlight-rows highlight" id="gebertable30" style="width: 100%;"><thead>
<tr><td class="ar14-32"> </td><td class="empty inbetween" style="width: 1%;"> </td><th class="ar14-16 align-center" colspan="3" scope="col"><strong>MARTIN WINTERKORN</strong></th></tr>
<tr><td class="ar14-32"> </td><td class="empty inbetween" style="width: 1%;"> </td><th class="ar14-33 align-center" colspan="3" scope="col"><strong>Chairman of the Board of Management, Research and Development</strong></th></tr>
<tr class="empty nohighlight"><td class="ar14-32"> </td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-33 align-center"> </td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-33 align-center"> </td></tr>
<tr class="nohighlight"><th class="ar14-29 align-left" scope="row">€</th><td class="empty inbetween" style="width: 1%;"> </td><th class="ar14-4 align-right" scope="col"><strong>2014</strong></th><td class="empty inbetween" style="width: 1%;"> </td><th class="ar14-5 align-right" scope="col"><strong>2013</strong></th></tr>
<tr class="empty nohighlight"><th class="ar14-8 align-left" scope="row"> </th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-7 align-right"> </td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-8 align-right"> </td></tr>
</thead><tbody>
<tr><th class="ar14-19 align-left" scope="row">Fixed remuneration</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">1,617,025</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">1,486,525</td></tr>
<tr><th class="ar14-19 align-left" scope="row">Fringe benefits</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">300,453</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">421,337</td></tr>
<tr><th class="ar14-19 align-left" scope="row">Total</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">1,917,478</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">1,907,862</td></tr>
<tr><th class="ar14-19 align-left" scope="row">One-year variable remuneration</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">3,148,000</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">3,001,000</td></tr>
<tr class="hover"><th class="ar14-19 align-left" scope="row">Multiyear variable remuneration</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">10,796,000</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">10,097,000</td></tr>
<tr><th class="ar14-34 align-left" scope="row">Business performance bonus (two-year period)</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">6,296,000</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">6,002,000</td></tr>
<tr><th class="ar14-34 align-left" scope="row">LTI (four-year period)</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">4,500,000</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">4,095,000</td></tr>
<tr><th class="ar14-19 align-left" scope="row">Total</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">15,861,478</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">15,005,862</td></tr>
<tr><th class="ar14-19 align-left" scope="row">Pension expense</th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">0</td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right">0</td></tr>
<tr><th class="ar14-19 align-left" scope="row"><strong>Total remuneration</strong></th><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right"><strong>15,861,478</strong></td><td class="empty inbetween" style="width: 1%;"> </td><td class="ar14-30 align-right"><strong>15,005,862</strong></td></tr>
</tbody></table>
<br />
<br />
So in summation, corporate law and governance is exposed. Law in its failings to punish the right people, and governance for not incentivising people sufficiently. </div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-90268505825443460732015-09-07T05:30:00.001-07:002015-09-07T05:30:12.441-07:00Conflicts of Interest and Corporate Opportunities<div dir="ltr" style="text-align: left;" trbidi="on">
Following on from my previous post about my publication on conflicts of interest...<br />
<br />
This publication was aimed at addressing some of the uncertainty in company law concerning the director's duty under section 175 to avoid a conflict of interest. From my perspective the courts and academics have, in places, whilst in most cases reaching the correct conclusions, have done so through unorthodox means by trying to assess whether there has been a breach of duty by looking at the issue from the company's perspective. By this I mean that they analyse whether a breach has occurred by asking if the company was interested in the opportunity. This is not akin to the traditional orthodox approach where the issue, in other cases of fiduciary jurisdiction, is analysed by looking at what the individual took responsibility for. Thus, one must approach the question from the director's perspective and ask what interests of the principal did the director take responsibility for? Therefore, looking at it from the director's perspective.<br />
<br />
I was critical of attempts by others to characterise this in the form of implied terms, competing companies and scope of business tests. All rather vague terms and still looking at it from the company's perspective since what the company's scope of business is, for example, may say little about the director's responsibility to the company's interests. Requiring a director to suspend self-interest where they had no responsibility for the interest complained of would be highly unjust and beyond the purpose of the duty.<br />
<br />
It was the purpose of my article to assert that position rather than primarily critique the work of others. During the writing up of this piece, Lim's work on the same topic, claiming a 'new analytical framework' in 2013, was published and offered a different approach to the one I proposed. Here I plan to go through some of this work and offer some views on the supposed 'new analytical framework'.<br />
<br />
<u>Setting the Scene</u><br />
To set the scene for his new framework, Lim juxtaposed the supposed strict and flexible positions of fiduciary jurisdiction. The strict approach is well known: fiduciaries must not allow personal interests to conflict with the principal's. Currently, I am working on a collaborative piece on how liability may be avoided for those in a fiduciary position but the strict approach is clear that there simply must not be a conflict. Honesty, good faith, knowledge, ownership and the like are no excuse for a breach.<br />
<br />
Lim then notes the flexible approach, and arguably simply what his argument is. That the courts will undergo a fact finding mission to decide 'holistically' if the director has breached their duty. There is not one UK case that has adopted this approach and so his citations here are misguided in respect of the primary sources. The cases cited all concerned resigned directors where a fact sensitive approach is taken to determine if the director was prompted or influenced to resign because of the opportunity, but the assessment of a conflict is still strict. He cites Lowry and Edmunds' work as evidence for this flexible approach and his arguments therein are similar to those put forward there.<br />
<br />
This sets the scene for Lim's analysis in trying to consider, under s.175(4)(a), in what situations can a situation not reasonably be regarded as likely to give rise to a conflict'. To my mind the answer is straightforward. Those interests not taken responsibility for. The Act was a partial codification and looking at the old common law, and even the new cases post 2008, liability is avoided when it is demonstrated they did not have responsibility for the particular interest complained of and thus cannot reasonably be regarded as a conflict. Lim's error is to forget the nature of the codification as partial and tried to adopt normal rules of statutory interpretation despite this. Phrases such as 'reasonably give rise to a conflict' and 'real sensible possibility of a conflict' only serve to obscure the matter in favour of the fiduciary, something the courts have never been too keen on.<br />
<br />
To support his analysis in assessing reasonableness under s.175(4)(a), he puts forward three different situations: 1) where the company has considered and rejected the opportunity in question on a bona fide basis. Anyone who knows anything about conflicts of interest, will already know this argument is well rehearsed after the decision in Peso Silver Mines and has never been adopted in England. Lim offers no new analysis here; 2) the situation concerning the company's scope of business if the opportunity is discovered pre-resignation. As mentioned above, I asserted in my own piece why the scope of business test is wrong in the context of directors, but the argument for a scope of business test was put forward much more coherently by Kershaw in his article where he tried to assert ownership type rights over opportunities that fell within the company's scope of business, albeit this view has been rejected by the Supreme Court in FHR European Ventures. It is this second category in Lim's article that is most troublesome; 3) the situation where directors have resigned where he tried to assert a 'maturing business opportunity' test, again something not adopted in England and is used only as one factor in determining why the director resigned and not whether there was a conflict.<br />
<br />
First I will consider Lim's assessment of s.175(4)(a) before looking at some of these situations. I do not plan to make this an in-depth analysis, but only to point to some serious flaws in the analysis from Lim that should be addressed.<br />
<br />
<u>S.175(4)(a)</u><br />
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<span style="font-size: 11.0pt; line-height: 200%; mso-bidi-font-size: 12.0pt;">The argument suggesting a more
permissive standard of liability comes from an interpretation of the 2006 Act.
Lim’s submission that the omission of the word “would" from the Companies Act 2006, s. 175(2),</span><!--[if supportFields]><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt;line-height:200%'><span
style='mso-element:field-begin'></span> TA \s "Companies Act 2006" </span><![endif]--><!--[if supportFields]><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt;line-height:200%'><span
style='mso-element:field-end'></span></span><![endif]--><span style="font-size: 11.0pt; line-height: 200%; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span>where it states ‘This [the duty] applies in particular to the
exploitation of any property, information or opportunity (and it is immaterial
whether the company <i style="mso-bidi-font-style: normal;">could</i> take
advantage of the property, information or opportunity)’ (emphasis added), means
that upon a literal interpretation a company that is unwilling (would) to
pursue an opportunity, rather than incapable (could), would mean a director can
pursue it personally is unlikely. This is because first and foremost the duties
in Part 10 of the Companies Act 2006</span><!--[if supportFields]><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt;line-height:200%'><span
style='mso-element:field-begin'></span> TA \s "Companies Act 2006" </span><![endif]--><!--[if supportFields]><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt;line-height:200%'><span
style='mso-element:field-end'></span></span><![endif]--><span style="font-size: 11.0pt; line-height: 200%; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span>are a general statement. The general statement was adopted, <i style="mso-bidi-font-style: normal;">inter alia</i>, to allow the courts to
develop duties that are not “well-settled”. </span><span class="Apple-style-span" style="font-size: 15px; line-height: 30px;">It is not a precise definition of when the duty will be breached. The omission
of the word “would” then does not mean such circumstances of unwillingness,
where the company would not pursue the opportunity, are precluded. This can be
supported by Lord Goldsmith’s approval of Lord Upjohn’s judgment in <i style="mso-bidi-font-style: normal;">Boardman</i> that ‘rules of equity have to
be applied to such a great diversity of circumstances that they can be stated
only in the most general terms and applied with particular attention to the
exact circumstances of each case’. Therefore cases such as <i style="mso-bidi-font-style: normal;">Boardman and Regal,</i>
which are examples of when a principal has been unwilling rather than incapable
of pursuing an opportunity, are still to be followed. A director cannot defend
a claim by arguing unwillingness on the part of the company, as it would permit
the director to act with self-regard ahead of their undertaking and thus not
fulfil the purpose of the duty. </span></div>
<div style="mso-element: footnote-list;">
<br /><div id="ftn" style="mso-element: footnote;">
</div>
</div>
<!--EndFragment--><br />
<br />
<u>Scope of business</u><br />
The arguments for a scope of business test put forward by Lim needed greater consideration and support. Lim makes no attempt to define scope of business, makes analogies with partners, which it is well known you do not do in fiduciary analysis, makes practical assertions with no support for them, and asserts implied terms without acknowledging the case law in full.<br />
<br />
<span class="Apple-style-span">The basics for scope of business come from partnership law, not company law. The idea is that a conflict can be avoided by a director if the opportunity falls outside the company's scope of business. As the argument goes in my article an analogy cannot be drawn with partnership law since a partner's fiduciary duty is circumscribed by the partnership agreement or any responsibility beyond that determined by fact. A director's duty is not circumscribed by the company's constitution since it is open to any business. This is the argument put forward in the case of O'Donnell v Shanahan. Lim and I agree that the duty is fact sensitive and not determined solely by constitution or partnership agreement. </span>Thus in partnership law the partners' responsibility can be ascertained by looking at the partnership agreement but it is by no means comprehensive. A company's constitution is of little help since a company is open to any business and thus one must simply look to the facts to determine responsibility. <span class="Apple-style-span">However, Lim asserts that the scope of business can be determined by the circumstances. Yet this is not clear, that he is saying that the fiduciary's liability is determined by the circumstances i.e. their responsibility, but then says it can be determined by the company's scope of business but makes no attempt to say why the company's scope of business is the limit of their responsibility beyond drawing a very thin comparison with partners. He argues that the scope of business can be determined by looking at the corporate documents and this is his main practical argument failing. He assumes everything a company does, can do, or is planning on doing is published in corporate documents. He ignores a glaring issue of commercially sensitive information. He makes no attempt to define scope of business. He ignores the fact the board do not know everything the company is doing, thus not everything it does will be in its corporate documents. He makes no attempt to say which corporate documents he is talking about. </span><br />
<br />
I use a couple of practical examples in my article in relation to Apple and Tesco. The basics being that if a conflict can be avoided if the opportunity cannot be said to fall within the company's scope of business as determined by corporate documents then does this mean Apple directors can pursue smart watch technology before they announce it in corporate documents? Does it mean Tesco directors can pursue opportunities in designer fashionwear since the company only produced retail fashion clothes. Does this then mean a director can postpone publication of corporate documents until they pursue the opportunity? What about companies looking to purchase raw materials for production? Are they in competition if one director looking to buy wood for furniture for their company diverts an opportunity to buy wood for paper manufacture? These points clearly show how impractical Lim's arguments are. Legally, they are also flawed since it is asserting liability on the basis of the company's interests and not the interests the director took responsibility for. The prophylactic concerns would arise if a scope of business test is adopted for directors since they can try and manipulate their stronger position to make it appear as if they were not conflicted with their responsibility if a strict approach is not adopted.<br />
<br />
What the director takes responsibility for may be wider or narrower than the company's scope of business and should not be used for directors. It is used for partners since the partnership agreement is generally what they take responsibility for.<br />
<br />
Lim tries to assert that, failing this, the scope of business test could be an implied term in to the agreement and thus asserting a contract first approach, which removes loyalty for interests outside the scope of business. I have cited several cases in my article that show this is a very narrow exception that would not apply in this context. I have also noted that the impact a wide interpretation of the duty would not impact greatly on multiple directorships, which Lim seems to think will happen.<br />
<br />
<u>Maturing Business Opportunity</u><br />
This argument is in respect of resigned directors but Lim ignores the fact the assessment of whether the opportunity is maturing is done to ascertain the director's state of mind as to whether they were prompted or influenced to resign and not to determine if there was a conflict. The assessment of facts in cases where a director has resigned often obscures this underlying premise and leads to these erroneous analyses. Thus Lim asserting the maturing business opportunity test has been adopted by many cases is wrong. They have done no such thing. When assessing a conflict for resigned directors it is still strict. If they had the responsibility to do it then they must be free from self-interest. They cannot learn of an opportunity and then resign to try and obtain the opportunity on the basis it was not 'maturing' as it would go against the prophylactic concerns of the duty. Lionel Smith probably said it best when he noted in 'motive not the deed' that the status as a resigned director was a 'red herring'.<br />
<br />
One could again pick up Lim's vague terminology. What exactly is a 'maturing business opportunity'? It is odd to me that for directors there has been this adoption of strange and vague terms to obscure what should be a straightforward analysis as it is in other types of fiduciary relationships.<br />
<br />
The term fiduciary and what it means has become bogged down in vague terminology much like the corporate veil was before Prest v Petrodel. The new analytical framework has done little to remove that obscurity and, if anything, has added to it. I hope my ongoing work will highlight this unnecessary obscurity and assert some more straightforward analyses.<br />
<br />
<br /></div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-35355809518577266392015-07-22T02:54:00.000-07:002015-07-22T02:54:11.139-07:00New Publication<div dir="ltr" style="text-align: left;" trbidi="on">
My recent article has now been published in the Company Lawyer. The full reference is:<br />
<br />
D Gibbs, 'The absolute limit of directors' fiduciary liability for conflicts of interest: the director's perspective' (2015) 36(8) Company Lawyer 231-244<br />
<br />
More to follow...</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-38201514768375340222015-06-08T07:46:00.002-07:002015-06-08T07:46:48.423-07:00Corporate Governance: Theory, Reality, Policy<div dir="ltr" style="text-align: left;" trbidi="on">
Thanks to the generous funding of the Social Science Arts and Humanities Research Institute (SSAHRI), in collaboration with Hertfordshire Business School, myself and Dr David Gindis have co-organised a workshop on Corporate Governance: Theory, Reality, Policy, which can be signed up for <a href="http://www.herts.ac.uk/about-us/events/2015/june/corporate-governance-workshop">here</a><br />
<br />
Details of speakers and the events can be seen in the programme image below.<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyoZRGA6RhDDMHgmC_sF3u2AmUIR-tNkGrlasx97Hnty3jU5z2wpPzjdP7cx3Oevo3kd4VISHQupRziqtU-lzjC4eh_wvG9z1KBGRMl4WImxOrAa_-uvVk3Sozhcvk5b7KyRDpYh5xfkyG/s1600/HertsWorkshopCorporateGovernance_18June2015-1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyoZRGA6RhDDMHgmC_sF3u2AmUIR-tNkGrlasx97Hnty3jU5z2wpPzjdP7cx3Oevo3kd4VISHQupRziqtU-lzjC4eh_wvG9z1KBGRMl4WImxOrAa_-uvVk3Sozhcvk5b7KyRDpYh5xfkyG/s640/HertsWorkshopCorporateGovernance_18June2015-1.png" width="451" /></a></div>
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<div class="separator" style="clear: both; text-align: center;">
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</div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com1tag:blogger.com,1999:blog-7543900180524675461.post-29538007654981068282015-05-01T09:31:00.000-07:002015-05-01T09:45:02.820-07:00Frequencies on Derivative Claims<div dir="ltr" style="text-align: left;" trbidi="on">
Having drawn out most of the raw data for the variables I have identified on derivative claims I thought I would publish a few frequency tables from them.<br />
<br />
Table A shows claims dismissed for a mandatory bar<br />
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<b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Mandatory Bar</span></b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Frequency<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Percent<o:p></o:p></span></div>
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<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid Percent<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Cumulative Percent<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">No<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">11<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">73.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">73.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">73.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Yes<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">4<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">26.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">26.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes; page-break-inside: avoid;">
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Total<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">15<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
</tr>
</tbody></table>
<!--EndFragment--><br />
Table B shows claims permitted and refused<br />
<!--EndFragment-->
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<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black 1.0pt; mso-border-insideh: 1.0pt solid black; mso-border-insidev: 1.0pt solid black; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; page-break-inside: avoid;">
<td colspan="6" style="background: white; border: none; padding: 0cm 0cm 0cm 0cm; width: 403.1pt;" valign="top" width="403"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Permission</span></b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
</td>
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<tr style="mso-yfti-irow: 1; page-break-inside: avoid;">
<td colspan="2" style="background: white; border-right: none; border: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Frequency<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Percent<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid Percent<o:p></o:p></span></div>
</td>
<td style="background: white; border-left: none; border: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Cumulative Percent<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2; page-break-inside: avoid;">
<td rowspan="3" style="background: white; border-bottom: solid black 2.0pt; border-left: solid black 2.0pt; border-right: none; border-top: none; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">No<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">9<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">60.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">60.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">60.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Yes<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
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<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes; page-break-inside: avoid;">
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Total<o:p></o:p></span></div>
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<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">15<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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<!--EndFragment-->Table D shows frequencies for the strength of those cases<br />
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<!--StartFragment-->
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black 1.0pt; mso-border-insideh: 1.0pt solid black; mso-border-insidev: 1.0pt solid black; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; page-break-inside: avoid;">
<td colspan="6" style="background: white; border: none; padding: 0cm 0cm 0cm 0cm; width: 508.4pt;" valign="top" width="508"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Strength of case</span></b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
</td>
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<tr style="mso-yfti-irow: 1; page-break-inside: avoid;">
<td colspan="2" style="background: white; border-right: none; border: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 195.5pt;" valign="top" width="196"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Frequency<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Percent<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid Percent<o:p></o:p></span></div>
</td>
<td style="background: white; border-left: none; border: solid black 2.0pt; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="center" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Cumulative Percent<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2; page-break-inside: avoid;">
<td rowspan="6" style="background: white; border-bottom: solid black 2.0pt; border-left: solid black 2.0pt; border-right: none; border-top: none; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 45.1pt;" width="45"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 150.4pt;" width="150"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">No reasons for<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 150.4pt;" width="150"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">More reasons against than for<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">2<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">13.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">13.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">53.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 150.4pt;" width="150"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Equal reasons for and against<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">1<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">60.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 150.4pt;" width="150"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">More reasons for than against<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">1<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
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<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
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<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">66.7<o:p></o:p></span></div>
</td>
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<tr style="mso-yfti-irow: 6; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 150.4pt;" width="150"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">No reasons against<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">5<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">33.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">33.3<o:p></o:p></span></div>
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<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Total<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">15<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
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<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
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<br /></div>
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<!--EndFragment-->Table E shows 4 separate categories of the court's deliberation on granting or denying permission. The table represents cases where the case was either: 1) Permission granted with no reasons to dismiss; 2) Permission refused with reasons for permission; 3) Permission granted with reasons to dismiss; 4) Permission refused with no reason for permission. This is determined by whether the court felt a particular consideration under the Companies Act 2006 section 263(3) or other factor was in favour or against the claimant.<br />
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<b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Permission Reason Values</span></b><span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Frequency<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Percent<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid Percent<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Cumulative Percent<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Valid<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Granted No Against<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">5<o:p></o:p></span></div>
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<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">33.3<o:p></o:p></span></div>
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<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">33.3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">33.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 123.1pt;" width="123"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Refused Against<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">3<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">20.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">20.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">53.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 123.1pt;" width="123"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Granted Against<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">1<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6.7<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">60.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; page-break-inside: avoid;">
<td style="background: white; border-right: solid black 2.0pt; border: none; padding: 0cm 0cm 0cm 0cm; width: 123.1pt;" width="123"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Refused No Against<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">6<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 1.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">40.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-right: solid black 2.0pt; border: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes; page-break-inside: avoid;">
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; padding: 0cm 0cm 0cm 0cm; width: 123.1pt;" width="123"><div class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">Total<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 2.0pt; padding: 0cm 0cm 0cm 0cm; width: 72.35pt;" valign="top" width="72"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">15<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 62.0pt;" valign="top" width="62"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 88.35pt;" valign="top" width="88"><div align="right" class="MsoNormal" style="line-height: 16.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 3.0pt; margin-right: 3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: right; text-autospace: none;">
<span lang="EN-US" style="color: black; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Arial;">100.0<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid black 2.0pt; border-left: none; border-right: solid black 2.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; padding: 0cm 0cm 0cm 0cm; width: 90.2pt;" valign="top" width="90"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-33962705005838661232015-04-15T06:59:00.000-07:002015-06-09T03:28:15.008-07:00Derivative Claims: Where are we Part IV<div dir="ltr" style="text-align: left;" trbidi="on">
A short update to the information earlier posted on derivative claims after the decision in <i>Cullen Investments Ltd v Brown</i> [2015] EWHC 473 earlier this year. A full judgment is not yet available. When it is the tables can be updated accordingly.<br />
<br />
One interesting aspect to note from <i>Cullen Investments</i> is the consideration of the mandatory bars. The judge adopted a flexible approach to the statutory procedure, which has been seen previously by ignoring the ex parte application. Here the judge was faced with claims by the defendant that the claim should be barred as no director, acting in accordance with s.172 would continue the claim, and that the conduct had been authorised.<br />
<br />
The judge did not consider exactly whether the conduct had been authorised but seemingly combined the two bars to find that the claim should not be barred since a hypothetical director would consider that there were 'good prospects of establishing that [the defendant] had not made full and frank disclosure necessary to release him from his duties' and that there was 'good evidence that [the defendant] had deliberately concealed his personal participation in the opportunity, and that such concealment was inconsistent with his defence that his participation was authorised'.<br />
<br />
The flexibility may mean that the procedure is not weighed down by technicalities such as wrongdoer control and what legally amounts to authorisation on a preliminary hearing. However, the statute does not permit derogation from it. The judge is meant to consider whether the conduct had or had not been authorised and if so bar it. It is not a balance of probabilities on whether a hypothetical director would consider there to be enough evidence consider the authorisation invalid.<br />
<br />
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Case<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Type of company<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Costs indemnity sought<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Financial State of the company<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Shareholding % (respondent/claimant)<o:p></o:p></span></div>
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<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Amount Claimed for<a href="http://www.blogger.com/blogger.g?blogID=7543900180524675461#_ftn1"><span style="color: #0000f1; text-decoration: none; text-underline: none;">*</span></a><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Concerned a conflict of interest?<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Length of proceedings<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Bamford<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£3,500,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No</span></div>
</td><td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76">1 day</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Cinematic Finance<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Doubtful solvency<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">0/100<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Cullen Investments<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">“Scant evidence”<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Fanmailuk<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£70,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Franbar<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">75/25<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">2 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Hughes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">To be dissolved<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£100,000+<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Iesini<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Doubtful solvency<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Kleanthous<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">84.5/15.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£120,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Kiani<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£296,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Mission Capital<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Plc<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Parry<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£248,577.24<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Phillips<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£454,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">N/A<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Seven Holdings<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Effectively no assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£1,693,212.32<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Singh<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent/not trading<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">50/50<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£873,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Stainer<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Solvent<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">87/0.08<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£7,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">1 day<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="72"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Stimpson<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" valign="top" width="61"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Ltd by guarantee<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="top" width="63"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">No assets<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.0pt;" valign="top" width="136"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Majority/minority<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.0pt;" valign="top" width="92"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">£5,300,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="top" width="69"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">Yes<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="top" width="76"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;">4 days<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<!--EndFragment-->* table updated 1st May 2015 and 9th June 2015<br />
<br />
<br />
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<table align="left" border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.0pt; margin-right: 6.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-right-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: page; mso-table-anchor-vertical: margin; mso-table-layout-alt: fixed; mso-table-left: 23.4pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: -72.0pt;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Case Name</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed For/Allowed</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid #6D6D6D 1.0pt; mso-border-left-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Significant Circumstances Considered</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Bamford</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Wrongdoer control</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Cinematic Finance</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Majority bringing derivative claim;
wrongdoer control; side-stepping insolvency rules</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Cullen Investments<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Hypothetical director would question if full
and frank disclosure was given for authorisation; and case was simple on this
premise; significant sum could be recovered based on lack of evidence to
contrary; no basis for lacking good faith; hypothetical director would attach
considerable importance; claim being funded by C so no financial risk to
company and possible benefit; claimant’s action may give rise to action in
own right but this was not a decisive consideration since the defence
necessitated it and as a precaution since the company was entitled to some or
all of the relief<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">FanmailUK</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Case adjourned</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Case adjourned</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Franbar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification;
alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Hughes</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification;
alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Iesini</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Weak legal claims</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Kleanthous</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Independent review of whether litigation was
beneficial; strength of legal claims; alternative remedy; and benefit would
be small</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Kiani</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Failure of defendant to produce any evidence
to the contrary; alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mission Capital</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Dismissed at court’s discretion</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Alternative remedy; little weight to a claim
for wrongful dismissal of a director</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Parry</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strength of legal claims; ratification; good
faith; alternative remedy</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Phillips</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Alternative remedy; matter of urgency case
was brought to recover sums taken from the company without good reason</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Seven Holdings</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Claims did not relate to a breach of duty,
care, negligence or default</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Singh</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">No director would continue the claim if
acting in accordance with s.172; fides of the claimant in question; s.994 more
appropriate</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<tr style="mso-yfti-irow: 15;">
<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Stainer</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Permission granted</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Strong grounds that there had been a breach
of duty; strength of legal claims; disinterested shareholders deceived in to
approving the loan</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-top: none; border: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Stimpson</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">Mandatory Bar</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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<td style="border-bottom: solid #6D6D6D 1.0pt; border-left: none; border-right: solid #6D6D6D 1.0pt; border-top: none; mso-border-left-alt: solid #6D6D6D 1.0pt; mso-border-top-alt: solid #6D6D6D 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.0pt;" valign="top" width="189"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-element-anchor-horizontal: page; mso-element-frame-hspace: 9.0pt; mso-element-left: 23.45pt; mso-element-top: -72.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="font-family: Calibri; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Calibri;">The impact an action would have on the
interests of the employees; claim of little value compared to cost of claim;
legal claims were not realistically arguable</span><span lang="EN-US" style="font-family: Times; font-size: 16.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Times;"><o:p></o:p></span></div>
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GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0tag:blogger.com,1999:blog-7543900180524675461.post-5783080697452264492015-03-08T06:22:00.002-07:002015-03-08T06:24:59.375-07:00Grant Successes<div dir="ltr" style="text-align: left;" trbidi="on">
Over the past few weeks I have received good news regarding my 2 grant applications with both being accepted in full.<br />
<br />
The first success was from the S<a href="http://www.herts.ac.uk/research/ssahri">ocial Science, Arts and Humanities Research Institute</a> at the <a href="http://www.herts.ac.uk/">University of Hertfordshire</a>. This was a multidiscipline grant award to foster collaborative research between schools. The application was made with <a href="http://researchprofiles.herts.ac.uk/portal/en/persons/david-gindis(e90f7812-b0a4-4ddb-9cf7-2dc657e040ab).html">Dr. David Gindis</a> from the Business School. The grant will help pay towards a one day workshop in May/June this week on 'Variety of Corporate Governance: Theory, reality and policy. I shall post updates here as an when I have them.<br />
<br />
The second success was from the <a href="http://www.britac.ac.uk/">British Academy</a>. This was for their Quantitative Skills Award, which enables me to work with a mentor on defined research projects that involve quantitative empirical analysis so as to enhance my skill set in this area. I will be working with Dr <a href="https://www.uea.ac.uk/norwich-business-school/people/profile/c-ogbonnaya">Chidiebere Ogbonnaya</a> at the <a href="https://www.uea.ac.uk/research/our-research/easternarc">Eastern Academic Research Consortium</a>. The projects include furthering my analysis on derivative claims and enhancing my existing data set on non-executive directors, most likely with a comparative element. More to follow as and when. </div>
GibbsLawhttp://www.blogger.com/profile/06669689847710659683noreply@blogger.com0