Resetting the Clock: New Limits on Section 994 Petitions

11th March 2024

3PB Barristers’ (3 Paper Buildings) specialist commercial and chancery barrister Aaron MayersAaron MayersCall: 2018 (pictured here) has written on the new limits set on section 994 petitions following the case of THG PLC & Ors v Zedra Trust Company (Jersey) Ltd.

Zedra Trust Company claimed that it had been wrongfully excluded from a bonus share issue by THG plc. The key issue in the case was whether the unfair prejudice petition brought by Zedra Trust Company against THG plc had been brought in time.

It was ultimately concluded that the matters Zedra sought to raise were statue barred due to falling outside the six-year limitation period set by the Limitation Act 1980. In his article, Aaron discusses how the ruling overturned a 40-year understanding that there was no limitation period applied to such section 994 petitions for unfair prejudice.

Aaron also offers observations on the practical implications of the ruling for both company directors and legal practitioners including the need for recalibration in advice and strategy when pursuing or defending again section 994 petitions.

To read Aaron’s full article, please click here.

Aaron Mayers is a specialist commercial and chancery barrister, with a particular focus on developing litigation strategy and providing commercially viable advice in complex and high-value commercial and trusts disputes.

To contact or instruct Aaron, please contact his clerks Patrick Robson, Patrick Steptoe, and David Fielder, or call 0207 583 8055.