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Joint venture shareholders’ agreement—checklist Purpose of Checklist The purpose of this Checklist is to illustrate the sorts of considerations which need to be borne in mind, and on which instructions will need to be sought, when drafting a joint venture agreement (also known as a shareholders’ agreement) and articles of association for a joint venture company (JVC). It is for guidance only and is not exhaustive. This Checklist is prepared with the requirements of English law in mind and, although similar considerations are applicable in the case of an international joint venture agreement, it is important to recognise the limitations of this Checklist in the context of a foreign joint venture (JV) vehicle. For a Checklist on the preliminary considerations which need to be borne in mind, and on which instructions will need to be sought, when considering entry into a JV arrangement where the JV vehicle is to be a private company limited by shares, see Checklist: Corporate joint venture preliminary issues—checklist. See Precedents: Joint venture shareholders’ agreement—deadlock (50:50)...
Corporate joint venture preliminary issues—checklist Purpose of Checklist The purpose of this Checklist is to illustrate the preliminary considerations which need to be borne in mind and on which instructions will need to be sought, when considering entry into a joint venture (JV) arrangement where the JV vehicle is to be a private company limited by shares. It is for guidance only and is not exhaustive. This Checklist is prepared with the requirements of English law in mind and, although similar considerations are applicable in the case of an international JV arrangement, it is important to recognise the limitations of this Checklist in the context of a foreign JV vehicle. For further information, see Practice Note: Setting up a corporate joint venture—initial considerations. For a checklist on the key issues to consider when drafting the shareholders’ agreement/joint venture agreement (JVA), see Checklist: Joint venture shareholders’ agreement—checklist. Preliminary matters • Is a confidentiality undertaking required from either, both or all the parties or their affiliates? For a template confidentiality agreement, see...
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General Court EUMR appeals—closed cases tracker The tables below lists completed competition General Court appeal cases relating to the EU Merger Regulation. For ongoing General Court appeal cases see General Court appeals—ongoing cases tracker. For details of appeals before the Court of Justice, see Court of Justice appeals—ongoing cases tracker. 2025 Case Decision being appealed/issues Developments Case T- 507/24 Kingspan Group v Commission Appeal of the Commission Hearing Officer’s decision in Kingspan/Trimo (Article 14(1)) (M.10962) See Application • Order made—07/04/2025; application dismissed as inadmissible• Lodged—27/09/2024 Case T- 1190/23 Illumina v Commission Appeal of the Commission’s decision in Illumina/GRAIL (gun-jumping, interim measures and restorative measures) (M.10493, M.10483, M.10938 and M.10939) seeking annulment of the decision to adopt restorative measures (divestment and transitional) in M.10939 requiring Illumina to unwind its completed acquisition of GRAIL, following the Commission's decision to prohibit the transactionSee Application • Order made—13/01/2025; no need to adjudicate on the matter• Lodged—22/12/2023 Case T- 591/23 Illumina v Commission Appeal of the Commission decision in...
Setting up a corporate joint venture—initial considerations Joint venture The term joint venture has no specific legal meaning under UK law. It is essentially a commercial arrangement between two or more parties who agree to pool their resources for the purpose of accomplishing an intended project (or other business activity) and share the resulting rewards. It describes many different types of situations that range from structural arrangements that create or change the economic control of a legal entity, such as joint venture companies or partnerships, to non-structural arrangements such as contractual joint projects and informal (undocumented) collaborations. A joint venture can be formed for one specific project, period or a continuing business relationship. Joint ventures are used in a variety of sectors. There are a variety of reasons why parties may consider forming a joint venture to pursue a project or business, such as: • they lack the necessary knowledge, expertise, technology, resources and/or funding • by sharing the requirement to provide funding, they thereby reduces the financial risk...
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Board minutes—corporate joint venture—exchange—joint venture company Company number : [insert company number] [Insert company name] Limited Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] Limited (the Company) Held at [insert place of meeting] Held on [insert day, month and year of meeting] at [insert time of meeting] [am OR pm] Present: [Insert names of the director(s) physically present][[Insert names of any directors present by telephone as permitted by the Company’s articles of association] (by telephone)] [[Insert names of any directors present by other means permitted by the Company’s articles of association] (by [insert other means])] [ In attendance: ] [[Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting]] 1 Chair, notice and quorum [Insert name] was appointed Chair of the Meeting. The Chair reported that due...
Board minutes—corporate real estate joint venture—completion—shareholder company number: [insert company number] [Insert company name] Limited Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] Limited (the Company) Held at [insert place of meeting] Held on [insert day, month and year of meeting] at [insert time of meeting][am OR pm] Present: [Insert names of the director(s) physically present][[Insert names of any directors present by telephone as permitted by the Company’s articles of association] (by telephone)] [[Insert names of any directors present by other means permitted by the Company’s articles of association] (by [insert other means])] [ In attendance: ] [[Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting]] 1 Chair, notice and quorum [Insert name] was appointed Chair of the Meeting. The Chair reported that due notice of...
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Can you direct me to deadlock provisions for use in a corporate joint venture? A joint venture in which each of the shareholders holds 50% of the issued shares (ie a deadlocked joint venture) requires the unanimous agreement of both the shareholders on all decisions to be taken by the joint venture company (either at board or shareholder level). Therefore, if the shareholders cannot reach agreement on any matter, a deadlock will arise. However, a deadlock may also arise where a joint venture is not held on a 50:50 basis, in relation to reserved matters which require the approval of all joint venture parties. Common deadlock procedures include: • escalation of the issue to the shareholders' chairmen or chief executives—it is fairly usual for the first stage of a deadlock resolution procedure to involve escalation of the deadlock situation to the shareholders' chairmen or chief executives. It will concentrate the minds of the managers involved with the joint venture as they may be unwilling to have to refer the matter...
Can real estate joint venture arrangements be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive? Certain real estate joint venture arrangements (JVs) may potentially be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), as implemented. The AIFMD had to be implemented by EU Member States by 22 July 2013. A transitional period under Article 61(1) of the AIFMD gave AIFMs a year to submit an application for authorisation—this ended on 22 July 2014. The AIFMD framework gives rise to a major change for the real estate funds industry, which previously had been relatively lightly regulated by the collective investment schemes (CIS) regime under section 235 of The Financial Services and Markets Act 2000 (FSMA 2000), and related regulations. Crucially, a JV is subject to the AIFMD, as implemented, if it falls within the definition of alternative investment fund (AIF) in Article 4.1(a) of the AIFMD, even if referred to as a ‘JV’....
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A round-up of EU competition law developments, including (amongst other things) the latest EUMR and antitrust developments.
This week's edition of Corporate weekly highlights includes an update on when final FCA rules on Private Intermittent Securities and Capital Exchange Systems (PISCES) will be published and when applications to run a PISCES platform will open, analysis of a case about rectification of the register of members and the power of directors to bind a company (Jusan Technologies Ltd v Uconinvest Llc) and a case considering whether a partnership or joint venture had been formed between parties and whether fiduciary duties had arisen.
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