Corporate insolvency: the proposed new rules

On the 20th of May the House of Commons carried out the first reading of the new proposed Corporate Insolvency and Governance Bill, which is set to bring substantial changes to the current rules. Of course, the below is not yet law, however, it provides a good indication in the direction in which things are heading. A second reading is scheduled for the first week of June 2020. The aim of the bill is to provide more debtor-friendly provisions that will assist in rescuing struggling companies. These include: •             New…

Official launch of new Osbon Pharmacy

On 31 January 2019 Osbon Limited (a company owned by Daniel Osei-Bonsu and his wife, Benedicta Osei-Bonsu) purchased the entire issued share capital of AMF Medica Limited which owned a pharmacy at 52/54 Dorothy Sawyers Drive, Witham, Essex. The sellers were Meena Patel and her husband, Neelesh Patel. AMF Medica Limited, through Neelesh Patel, also had entered into an agreement for lease with Bellway Homes for purpose built premises near the existing pharmacy to relocate the pharmacy (and convenience store) to the new premises once the new premises were built.…

It’s all in the planning when it comes to selling privately-owned companies

For the shareholding directors of many privately-owned companies, the end-game is focused on selling up before moving on to new ventures or sometimes retirement. But many owners under-estimate the time involved in making a business market-ready, or do not seek advice on the different options before they start, nor the route-map to follow to secure a successful sale. Ideally, an advisory team should be put together, involving a lawyer and an accountant specialising in company transactions, to guide the company on the preparation for sale, before any moves are made…

Do you pay your bills on time?

Payment Terms The Government has produced draft regulations that will require ‘large businesses’ to publish their payment terms. And by ‘large business’, it means any company or LLP that meets any two of the following tests: £36+ million turnover £18+ million balance sheet 250 employees or more Originally intended to come into force this April, the law appears to have been postponed until the company’s next financial year beginning on or after 6th April 2017.The regulations will require the disclosure of the following information via an online Government portal within…

Crowd-funding property investments: open to anyone with a spare £10

Successive political, cultural and financial developments over recent years have led to the emergence of a generation of people for whom property ownership is a distant dream. For some, property ownership is not appealing in itself. For others, the chance of saving a meaningful deposit is so remote that the prospect isn't even entertained. Even successful Landlords with vast and profitable property portfolios are losing interest in the sector, as taxation and regulatory disincentives dampen the mood (is the age of the amateur landlord over?). The good news is that…

Guide to Duties and Responsibilities of Directors of Limited Companies

Here is a short overview of the general duties of directors. Who is a Director? You will normally know if you are a director as you will have formally accepted the position. However, if you exercise sufficient influence over a company or act as if you are a director, you may be treated as a director for certain purposes even if not formally appointed. Should you be a Director? Certain people are prohibited from acting as a director, including person under 16 years of age, bankrupts, disqualified persons and a…

Restrictive Covenants

In this article we look at the differences between the use of Restrictive Covenants in employment contracts and commercial contracts such as share purchase agreements. Background Restrictive covenants have been in the headlines recently, triggered by the government's consultation on whether their use stifles entrepreneurship by preventing workers from starting up their own business after leaving a job. Restrictive covenants are commonly used in employment contracts to prohibit ex-employees from competing with their previous employer by soliciting or dealing with their clients or poaching their remaining staff. As a matter…

Businesses must keep foot on pedal for data protection

A major milestone in EU data protection law was marked when the General Data Protection Regulation came into force just before the EU Referendum. A huge piece of legislation that was set to replace the UK’s Data Protection Act 1998 from May 2018, it marks a tough new era in EU-wide data protection, with new powers for data regulators and much stricter operating boundaries for businesses that process personally identifiable information about individuals. But for UK companies imagining that Brexit will have changed the need for them to comply, there’s a…

Panama Papers fallout will impact every business

Media reporting on the so-called Panama Papers has focused on the tax affairs of wealthy individuals and international organisations, but the hacking of client files at Panamanian law firm Mossack Fonseca has implications for every business. The largest leak in history, with some 2.6 terabytes of data involved, the shockwaves of the Panama incident have been felt around the globe, and the hacking is a wake-up call to companies that don’t already treat their cyber-security with the same stringency as their legal, regulatory, financial or operational risks. This was a…

What do solicitors look for when evaluating contracts?

As Corporate lawyers we are regularly asked to read through and assess various contracts for clients. In today’s busy world most clients only need to know whether or not it is a well-written contract and whether or not it covers everything. However, when evaluating contracts there are many more points we look to cover. Essential terms One of the first things to check is whether or not all of the essential terms of the contract are there. Whilst a contract can technically be formed orally in most jurisdictions, a solid…

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