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A company limited by guarantee (CLG) is a type of company where the liability of members in the event the company is wound up is limited to a (typically very small) amount listed in the company's articles or constitution. [1] Most have no share capital, although rare exceptions exist.
Tesco Supermarkets Ltd. v Nattrass [1971] UKHL 1 is a leading decision of the House of Lords on the "directing mind" theory of corporate liability.. This is a leading case on the Trade Descriptions Act 1968 section 24(1), where Tesco relied upon the defence of the 'act or omission of another person' i.e. their store manager, to show that they had taken all reasonable precautions and all due ...
A 2016 mapping of 41 countries’ corporate liability systems shows wide variations in approaches to liability, and that corporate liability is a dynamic area of legal innovation and evolution. [ 1 ] The term legal person refers to a business entity (often a corporation, but possibly other legal entities, as specified by law) that has both ...
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. [1] A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.
The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international maritime treaty admistered by the International Maritime Organization that was adopted to ensure that adequate compensation would be available where oil pollution damage was caused by maritime casualties involving oil tankers (i.e ...
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit.
The International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER) is an International treaty listed and administered by the International Maritime Organization, [1] signed in London on 23 March 2001 and in force generally on 21 November 2008. The purpose is to adopt uniform international rules and procedures for ...
The Convention on the Law Applicable to Products Liability is a convention concluded in 1971 within the framework of the Hague Conference on Private International Law (HCCH), which governs the law that should be applied to products liability cases. [3] It entered into force in 1973 and as of 2020, 11 countries are party to it. [1]