A week or so later, the borrower - be they individual shareholder, company director or family office looking after the wealth of the über-rich - gets their sweaty mitts on the cash.

Otherwise, corporate profits would be taxed to the corporation that earned them, then to the corporate shareholder, and then to the individual shareholder.

As a matter of ordinary company law, this may or may not entitle the individual shareholder to a remedy.

This, in effect, delegates the dividend policy from the board to the individual shareholder.

Ownership of the club was very fractured, with no individual shareholder owning more than 20% of the club.