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Multiple Derivative Action and Common Law Derivative Action Revisited: A Tale of Two Jurisdictions

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Abstract:

In England, the new Companies Act 2006 has replaced the common law derivative action with a new statutory derivative action but does not allow multiple derivative actions. In Hong Kong, a new statutory derivative action has also been introduced, but the common law derivative action is preserved. As in England, multiple derivative actions are also not provided for by statute in Hong Kong. This paper examines whether it was right to abolish the common law derivative action in England and whether such action should be abolished in Hong Kong. It further considers whether multiple derivative actions should be provided for in both jurisdictions.

Document Type: Research Article

Publication date: April 1, 2010

More about this publication?
  • The Journal of Corporate Law Studies provides a forum for scholarship on corporate, securities and financial law broadly construed. Thus the Journal publishes articles on subjects as diverse as insolvency and the commercial conflict of laws, in addition to mainstream topics such as directors' duties and financial regulation. The Journal also embraces interdisciplinary work and work in cognate fields.Articles published in the Journal are subject to rigorous peer review. Shorter articles and notes are refereed where appropriate.
    The Journal is published twice a year in June and October.
    The journal will be of interest to academics and practitioners specialising in any of the subjects covered, and also to those with an interest in the strategic direction of the law and the influences which affect it - thus regulators, law and policy-makers, and the judiciary.
hart/jcls/2010/00000010/00000001/art00009
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