This seminar reviews the rule of law that prevents a shareholder (and perhaps others) from recovering under a cause of action for loss for which the company also has a cause of action, when the shareholder would not have suffered that loss if the company had not been deprived of funds.It will address:
- The origins and rationale of the principle.
- The proper classification of the principle as a matter of conflicts of law.
- Attempts to exclude the application of the principle by procedural measures in Latin American Shipping Co. v Maroil Trading Inc. EWHC 1254 (Comm); Peak Hotel and Resorts Ltd v Tarek Investments Ltd  EWHC 3048 (Ch) ; Townsing Henry George v JentonOverseas Investment Pte Ltd (in liquidation)  SGCA 13;
- The so-called Giles v Rhind  EWCA Civ 1428 exception to the principle;CBC Singapore Pte Ltd and another v PT Bayan Resources TBK and another  SGHC(I) 6
- The application of the principle in the context of unfair prejudice petitions or petitions for relief from oppression: Leong Chee Kin v IdealDesign Studi Pte Ltd  SGHC 192; Gamlestaden Fastigheter AB v Baltic Partners Ltd  UKPC 26;
- The position of indirect shareholders and ultimate beneficial owners;
- The extension of the principle to secured creditors of the company in Sevilleja Garcia v Marex Financial Ltd  EWCA Civ 1468; Townsing Henry George v Jenton Overseas Investment Pte Ltd  SGC 13.
05.30PM Presentation by Mr David Foxton QC
06.30PM Q & A by Associate Professor Goh Yi Han and Mr David Foxton QC
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