From January 2016 it is intended that most limited companies and limited liability partnerships (LLPs) will be required to maintain a register of details of any People with Significant Control (PSCs), which must either be available for general inspection by the public and maintained with periodic updates at Companies House or maintained solely at Companies House.
Download: Live issue: The Current Consultation on the Forthcoming Compulsory Registration of Corporate Beneficial Ownership
Employee shareholder schemes are a tax efficient way for employees to
share in the growth and success of their employers. If you're considering employee shareholder status, what do you need to know?
Download: Employee Shareholder Status
It is not unusual for the seller of the business to impose a time bar on warranty claims. Recent cases have seen the Courts enforcing restrictions on warranty claims quite strictly. Purchaser must ensure the warranty claim fully complies with any contractual procedures.
Click on the link below to read the full article.
Download: Claim breach of warranty clearly
Leggatt J's recent decision to strike out the particulars of claim in Tchenguiuz serves as a stark reminder that this severe sanction can be imposed to police not only compliance with Court Rules and Orders, but also the Court Guides. Click on the link below to read the full article.
Download: The Power of the Courts to Strike Out
All insolvency officeholders will be concerned about the increased uncertainty created by the recent case Re Calibre Solicitors (In Administration) concerning challenges to their remuneration and expenses. Click on the link below to read the full article.
Download: Bending the Rules: Challenge out of time to Administrators' remuneration and expenses
As the Deregulation Bill 2015 makes its way through Parliament, Laura Bushaway and Zoe Athill examine the proposals which will affect Section 21 of the Housing Act 1988 under which landlords commonly obtain possession from assured shorthold tenants on a quot;no faultquot; basis at the end of their tenancy. Click on the link below to read the full article.
Download: Obtaining possession of Assured Shorthold Tenancies
HHJ Stephen Davies sitting in the Technology and Construction Court (TCC) has enforced an adjudicator's decision, despite the adjudicator failing to review a crucial document that would have reversed his decision. Click on the link below to read the full article.
Download: Construction Litigation - No Second Bite at the Cherry after Adjudication Oversight
We welcome the Government's announcement today that the insolvency exemption to the Jackson reforms will remain in place for the foreseeable future, although it will be reviewed later in the year. Click on the link below to read the full article.
Download: The End of the Insolvency Exemption to the Jackson Reforms - Cancelled (for now....)
The price payable on the sale of a company often includes an element of "earnout", making the price dependent on performance. The Court of Appeal has made clear that a requirement that this is based on audited accounts will be strictly enforced, and separate audited accounts will be required if the company has changed its accounting date so that it has ordinary audited accounts which do not match the requirements of the earnout clause. Click on the link below to read the full article.
Download: A Nice Earner
The Government intends to permit short term lettings of residential premises in London for up to 90 days per calendar year which is a relaxation of the current restrictions. Laura Bushaway examines the proposals. Click on the link below to read the full article.
Download: Residential Short Lettings: A 21st Century Approach
Clare Toomer considers when indemnity costs might apply and the Judgment in Richmond Pharmacology Limited v Chester Overseas Limited & Others. Click on the link below to read the full article.
Download: Indemnity Costs - Don't Ignore the Facts
We would be delighted if you could join us for an evening of shopping, drinks and socialising (what's not to like!). We have arranged for a presentation of beautiful fashion accessories by Cornflower Blue at our offices on Thursday 26th February. Drinks will be from 6.00 pm, with the presentation starting at 6.30 pm. Cornflower Blue will present their accessories from around the world in a fun presentation that shows women how to use accessories to flatter their figures and maximise the impact and versatility of their wardrobes. The presentation takes about an hour, is great fun and of course there is no obligation to buy anything. There will be lots of different styles to try on, so think about wearing neutral clothes with a simple neckline that will enable you to experiment with different looks. If you do decide to buy anything, orders will be taken on the day by Cornflower Blue, with payment by cash, cheque, credit or debit card. Teacher Stern will be donating an amount equal to 15% of all sales to Medecins Sans Frontieres. Numbers are limited for this event, so please let Martine Nathan know as soon as possible whether or not you can make it. We do hope you can come.
The strong public policy justification for preventing reliance on without prejudice (WP) communication has recently been confirmed. It applies at any stage, including cost proceedings and to any part of the communications: any response is protected, including simply ignoring an offer. Click on the link below to read the full article.
Download: No fear of being stung for ignoring a WP offer?
The Government has announced that from October 2015 it plans to increase the minimum threshold for creditorsâ€™ bankruptcy petitions from £750 to £5,000 and the maximum level of debt in respect of which a Debt Relief Order ("DRO") can be obtained from £15,000 to £20,000. The increase of the minimum threshold for creditors' bankruptcy petitions to £5,000 is likely to be the more controversial of the 2 measures. Whilst there is a consensus that the current limit of £750 is outdated and in need of revision, the increase is significant and the evidence collected by the government on the subject demonstrates that a number of interested parties had called for a more modest increase. Click on the link below to read the full article.
Download: Bankruptcy threshold to be increased to pound;5,000
Bankruptcy and undrawn pensions-confusion abounds after Horton v Henry! Can a bankrupt keep the value of an undrawn pension out of the hands of their trustee in bankruptcy? This is no longer clear: in 2012 the High Court said "no" but in December 2014 the answer was "yes". In 2012, the High Court decided that a bankrupt could be compelled to draw on the pension, with the amounts payable ordered to be paid to the trustee in bankruptcy under an Income Payments Order (IPO) made pursuant to section 310 of the Insolvency Act 1986. On 17 December 2014 a different judge took the rather unusual step of deciding that, although the case before him could not be distinguished from the 2012 decision, it was, in his view clearly wrong and he should not follow it. He decided that the Court had no power to compel the bankrupt to draw on the pension and so it could not make an IPO in respect of it because an IPO could only be made where the bankrupt was "entitled to payment" and there was no such entitlement until the pension was drawn. Faced with these inconsistent decisions it is unclear how a similar application before another judge will be resolved. Fortunately, the judge gave permission to appeal and it is reported that it will come before the Court of Appeal in due course, which hopefully will provide clarity on this important issue. In the meantime, insolvency practitioners will need to approach this issue with caution and appropriate detailed advice. To find out more about how the High Court came to make these conflicting decisions and for a detailed discussion about the policy implications of it having done so, click on the link below.
Download: Income Payment Orders and approved pension schemes