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…

Businesses face bigger penalties on data leaks

Businesses are on final countdown to the introduction of the General Data Protection Regulation in May 2018, bringing with it a tighter rule and greater penalties for data processing, and the outcome of a landmark High Court case has made the preparation even more pressing. The case involved an online leak of payroll data by Andrew Skelton, a disgruntled ex-employee of supermarket chain Morrisons. Skelton received an eight year conviction for offences under the Computer Misuse Act 1990 and the Data Protection Act 1998 (DPA). However, over 5,000 current and…

New Debt Claim procedure

A pre-action protocol relating to debt claims has for the first time been introduced as of 1 October 2017. The protocol requires certain steps to be taken and certain information to be provided to the debtor before legal proceedings can be started. However, the protocol only applies to debts owed to a business by an individual or sole trader, not business to business debts. The aim of the protocol is to encourage early engagement and communication between the parties and help them to resolve the matter- including agreeing a payment…

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…

10 things to consider before purchasing a home

1. Choosing your solicitor and other professionals Becoming a homeowner for the first time or buying a house is a financial and emotional decision that requires the experience and support of a team of reliable professionals including a solicitor, an estate agent and possibly a lender and a range of other individuals. Appointing a team as soon as possible is key to the transaction. 2. Finance Working out what you can afford can help you plan and make a decision on a property purchase quickly. A pre-qualification letter (agreement in principle)…

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