To generations of students and teachers, this book will probably always be known simply as ‘Sealy’.
Nevertheless, it is a great privilege for me to join Professor Len Sealy in the title of this tenth edition of Sealy and
Worthington’s Cases and Materials in Company Law. I count Len Sealy as a friend, and owe him an enormous
debt in my own academic career. As in previous editions, I have tried to remain true to Len’s original demanding
ambitions for this book.
That has not always been easy. Over the past decade or so, the subject of company law has expanded
enormously in both bulk and complexity. In the previous edition, the biggest changes were obvious, emerging from
the introduction of the Companies Act 2006, an Act which had been almost 15 years in the making, with wideranging
input from law reform bodies, private parties, and the government. With this tenth edition, the change is no
less dramatic. True, there have been only minor changes to the Act, especially in the area of registration of
company charges. On the other hand, the principal regulator, the FSA, has now become two separate regulatory
authorities (the Financial Conduct Authority and the Prudential Regulation Authority). Corporate governance has
remained firmly under the microscope, with further revisions to the UK Corporate Governance Code? a completely
new UK Stewardship Code for institutional investors? the Kay Report noting the problems of shorttermism?
the
Davies Report on gender diversity on boards? and various government reviews of board remuneration and its
excesses. Indeed, by way of recognising this everincreasing
activity, this edition now has its own chapter on
corporate governance.