Recent Developments in the Shareholder’s Derivative Action: Hong Kong and Australian Perspectives

Hong Kong Law Journal, Vol. 39, p. 129, 2009

Posted: 13 Jul 2009

See all articles by Lee Aitken

Lee Aitken

The University of Hong Kong - Faculty of Law

Date Written: 2009

Abstract

In the last ten years, the common law rule in Foss v Harbottle concerning when a disgruntled shareholder could bring a 'derivative' action on behalf of the company has been put on a statutory basis in many jurisdictions, including Hong Kong. This article examines the most recent interpretations of the statutory remedy, the continuation of an inherent jurisdiction under which a shareholder may still sue, and the decision on the Hong Kong Court of Final Appeal in Waddington v Playmates which has defined the situations in which a 'multiple derivative action' may be brought. The spate of academic writing and case-law on the topic indicates its continuing importance. Indeed, as shareholder activism takes hold more generally, one may predict that the importance of the statutory derivative action will continue to increase.

Suggested Citation

Aitken, Lee, Recent Developments in the Shareholder’s Derivative Action: Hong Kong and Australian Perspectives (2009). Hong Kong Law Journal, Vol. 39, p. 129, 2009. Available at SSRN: https://ssrn.com/abstract=1432963

Lee Aitken (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01235

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