Shareholders’ Agreement: why should your company have one?

Although there is no legal requirement to have a Shareholders’ Agreement (‘SHA’), shareholders are often advised to have an agreement when starting a company with more than one shareholder. An SHA is an agreement between all or some of a company’s shareholders defining the parties’ rights and duties and how they will reach certain decisions. The following are some of the important reasons why your company should have an SHA in place: Privacy When a company is incorporated, the Articles of Association of the company are filed at Companies House,…

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…

Company responsibilities during the Covid-19 pandemic

The UK Government has put in place substantial measures to help mitigate the devastating effect of Coronavirus (Covid-19) on the economy. During this lockdown period, and economic downturn, company directors are trying to comply with the government’s measures, as well as satisfying their own obligations to the company. Directors are concerned about fulfilling their responsibilities, acting with reasonable care, and in the best interests of the company, as required by the Companies Act 2006. However, during these unprecedented times, the directors’ decision mechanism is usually dependent on two vital questions:…

What is a Notary and why are they important when conducting Overseas Contracts

It is quite common that when a document is required overseas and as part of an international transaction, people come across words such as “notarisation”, “legalisation” and “apostille”. Below is a summary of the importance of Notaries. Notaries play an important role in overseas documents and international transactions as many documents, including the gravity of power of attorneys and some deeds, will require the witness signs in the presence of a notary public. The Notary will often verify the signature of the signing party and also their capacity to sign…

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…

Interview with Mohammed Akram of our Corporate department

Interview with Mohammed Akram of our Corporate department Q: How long have you worked at Bowling & Co? A: Since May 2017.  Q: What do you find interesting about the Corporate work you do? A: No two days are the same and each client is different, requiring a personal touch unique to the client's needs, irrespective of whether or not the transaction is similar to the one previously completed. There is no substitute for that warm feeling at the end of a deal knowing that you have pleased a client…

The Data Protection Bill – how will it affect e-business?

How safe is your customers’ data? Are you managing their information responsibly, and, more importantly, correctly in the eyes of the law? The new Data Protection Bill is designed to update the existing laws, and hopefully plug a few gaps along the way. It’s big, it’s important, and it affects every single business that collects any kind of client or customer data, no matter how inconsequential a tiny packet of data may seem. It also gives your customers the ‘right to be forgotten’ – a major development and one you…

Changes to the CQC Regime

The outcome of CQC consultation has now been published and there have been changes to its regulatory regime. The multiple provider handbooks will now be replaced with two CQC assessment frameworks for all providers, one for healthcare and one for adult social care. The NHS Trusts will seek to implement the new assessment frameworks from this month, whilst the adult social care providers and GPs will have until November 2017. The independent sector providers will have until 2018/19 to implement the new frameworks. In addition, there will be a new…

Small suppliers set to get intel on big company payment performance

New regulations designed to help small businesses get paid on time came into force this month, with a requirement for larger companies to publish information about how long they take to pay suppliers. The requirement affects companies and LLPs who exceed two or more of the qualifying thresholds at the date of their last two balance sheets. The thresholds are based on the definition of ‘medium-sized’ under the Companies Act 2006 and are an annual turnover of £36 million, a balance sheet total of £18 million and an average of 250…

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…

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