UK company law | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/United_Kingdom_company_law


00:04:05 1 History
00:10:45 2 Companies and the general law
00:12:08 2.1 Forming a company
00:16:06 2.2 Corporate personality
00:19:37 2.3 Rules of attribution
00:26:00 2.4 Piercing the veil
00:31:24 2.5 Capital regulations
00:43:55 3 Corporate governance
00:45:19 3.1 Constitutional separation of powers
00:49:17 3.2 Shareholder rights
00:51:22 3.3 Investor rights
00:54:17 3.4 Employees' rights
00:57:58 3.5 Directors' duties
01:06:52 3.6 Corporate litigation
01:15:48 4 Corporate finance and markets
01:18:42 4.1 Debt finance
01:19:28 4.2 Equity finance
01:24:13 4.3 Market regulation
01:26:11 4.4 Accounts and auditing
01:27:39 4.5 Mergers and acquisitions
01:33:46 5 Corporate insolvency
01:34:46 6 Corporation tax
01:35:06 7 Corporate law internationally
01:36:54 8 See also



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SUMMARY
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The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business. Tracing their modern history to the late Industrial Revolution, public companies now employ more people and generate more of wealth in the United Kingdom economy than any other form of organisation. The United Kingdom was the first country to draft modern corporation statutes, where through a simple registration procedure any investors could incorporate, limit liability to their commercial creditors in the event of business insolvency, and where management was delegated to a centralised board of directors. An influential model within Europe, the Commonwealth and as an international standard setter, UK law has always given people broad freedom to design the internal company rules, so long as the mandatory minimum rights of investors under its legislation are complied with.
Company law, or corporate law, can be broken down into two main fields. Corporate governance in the UK mediates the rights and duties among shareholders, employees, creditors and directors. Since the board of directors habitually possesses the power to manage the business under a company constitution, a central theme is what mechanisms exist to ensure directors' accountability. UK law is "shareholder friendly" in that shareholders, to the exclusion of employees, typically exercise sole voting rights in the general meeting. The general meeting holds a series of minimum rights to change the company constitution, issue resolutions and remove members of the board. In turn, directors owe a set of duties to their companies. Directors must carry out their responsibilities with competence, in good faith and undivided loyalty to the enterprise. If the mechanisms of voting do not prove enough, particularly for minority shareholders, directors' duties and other member rights may be vindicated in court. Of central importance in public and listed companies is the securities market, typified by the London Stock Exchange. Through the Takeover Code the UK strongly protects the right of shareholders to be treated equally and freely trade their shares.
Corporate finance concerns the two money raising options for limited companies. Equity finance involves the traditional method of issuing shares to build up a company's capital. Shares can contain any rights the company and purchaser wish to contract for, but generally grant the right to participate in dividends after a company earns profits and the right to vote in company affairs. A purchaser of shares is helped to make an informed decision directly by prospectus requirements of full disclosure, and indirectly through restrictions on financial assistance by companies for purchase of their own shares. Debt finance means  ...