header-logo header-logo

Time’s up! Shareholders, unfair prejudice & Zedra

05 July 2024 / Georgina Squire
Issue: 8078 / Categories: Features , Procedure & practice , Limitation , Company
printer mail-detail
180615
Georgina Squire examines time limitations imposed by the Court of Appeal on unfair prejudice petitions
  • Provides a detailed look at the case of THG v Zedra, which overturned decades of accepted authority on limitation regarding s 994 unfair prejudice claims.

Until recently, it was assumed the Limitation Act 1980 does not apply to claims for relief from unfair prejudice under s 994 of the Companies Act 2006. In a perhaps surprising decision in February 2024, however, in THG Plc and others v Zedra Trust Company (Jersey) Ltd [2024] EWCA Civ 158, [2024] All ER (D) 169 (Feb), the Court of Appeal held that such claims are in fact subject to the1980 Act, and the length of the limitation period will depend on the relief sought. What was it that led their Lords Justice Lewison, Arnold and Snowden to overturn 40 years of ‘received wisdom’?

Background

On 7 January 2019 a petition under s 994 was presented in the High Court by Zedra Trust Company (Jersey) Ltd

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Freeths—Ruth Clare

Freeths—Ruth Clare

National real estate team bolstered by partner hire in Manchester

Farrer & Co—Claire Gordon

Farrer & Co—Claire Gordon

Partner appointed head of family team

mfg Solicitors—Neil Harrison

mfg Solicitors—Neil Harrison

Firm strengthens agriculture and rural affairs team with partner return

NEWS
Conveyancing lawyers have enjoyed a rapid win after campaigning against UK Finance’s decision to charge for access to the Mortgage Lenders’ Handbook
The Crown Prosecution Service (CPS) has launched a recruitment drive for talented early career and more senior barristers and solicitors
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The dangers of uncritical artificial intelligence (AI) use in legal practice are no longer hypothetical. In this week's NLJ, Dr Charanjit Singh of Holborn Chambers examines cases where lawyers relied on ‘hallucinated’ citations — entirely fictitious authorities generated by AI tools
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
back-to-top-scroll