UK: England and Wales: the statutory derivative action - Franbar judgment available on BAILII

BAILII now contains a copy of the judgment Franbar Holdings Ltd v Patel and others [2008] EWHC 1534 (Ch), in which the High Court considered the operation of the statutory derivative action introduced by Part 11 of the Companies Act (2006). This is one of the first reported cases concerning the operation of the statutory derivative action. Although not a full trial of the various claims, Franbar is nevertheless important because it provides (a) clarification regarding ratification and (b) insights concerning the relationship between the new statutory derivative action and the unfair prejudice remedy in Section 994. Further information is available in this earlier post.