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UK company law reform and directors' exploitation of corporate opportunities

Clark, B. and Benstock, A. (2006) UK company law reform and directors' exploitation of corporate opportunities. International Company and Commercial Law Review, 17 (8). pp. 231-241. ISSN 0958-5214

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Abstract

Assesses the operation of the 'corporate opportunities' rule, involving a director personally pursing opportunities that could have been adopted by the company, in light of the proposed company law reforms. Comments on the role of directors as fiduciaries, the current law on corporate opportunities, the reasons for the strict approach reflected by the conflict of interest proscription, the more liberal approach to corporate opportunities in the US, the line of business test and the position of former directors. Examines the proposed duty to avoid conflicts of interest under the Company Law Reform Bill 2005 cl.159, including the possible scope of a corporate opportunity.