| Commentary

118 Joint and several liability

| Commentary

118 Joint and several liability

Where there is a breach of any of the warranties, the buyer will wish to be able to bring proceedings against all or any of the warrantors and to bring separate actions against each. The buyer may therefore demand that the warranties be given by all the beneficial owners of the shares in the target company on a joint and several basis although this is frequently rejected due to the mix of shareholders. If a shareholder owns a small percentage of the equity and has not been involved in the running of the business of

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial