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Restrictive covenants: key reminders recently highlighted by the Court of Appeal
06 April 2020In the recent case of Guest Services Worldwide Limited v David Shelmerdine the Court of Appeal found that a non-compete clause, restricting Mr Shelmerdine for a period of 12 months after he ceased to hold shares, was binding. The clause prohibited Mr Shelmerdine, a shareholder who was also a consultant of Guest Services Worldwide Limited (GSW), from being interested in competing businesses.
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How will M&A buyers respond to Covid-19?
03 April 2020 -
Corporate solvency – matters to consider in light of COVID-19: FAQs
03 April 2020The UK Government has announced a number of changes to the UK insolvency framework in light of the economic storm caused by the COVID-19 pandemic.
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Expansion of HMRC’s “Time to Pay” Arrangements during the Covid-19 Outbreak
27 March 2020Due to the immediate and stark effect that the Covid-19 outbreak is having on a lot of businesses, the Government has reminded everyone that it often reaches arrangements with businesses in financial distress for deferred payment of their tax liabilities. While this facility is not new, the Government expects the demands on the service to increase dramatically and is therefore scaling up its capacity to deal with new enquiries.
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VAT and income tax deferrals to assist VAT-paying businesses and the self-employed during Covid-19 Outbreak
Inbrief
27 March 2020As part of the sweeping financial package announced by the Government on 20 March 2020, the Government is offering VAT and income tax deferrals to assist with the cash-flow of VAT-paying businesses and the self-employed. These deferrals are expected to provide over £30bn of additional cash-flow to a wide variety of British businesses.
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Financial support for larger firms: The COVID-19 Corporate Financing Facility
26 March 2020The COVID-19 Corporate Financing Facility (CCFF) is a quick and cost-effective way to raise working capital for those large businesses which need it.
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Reviewing your existing financing arrangements in light of COVID-19: FAQs
26 March 2020Many of our clients are concerned about the effect of the current economic climate on the financial health of their businesses. We recommend that companies should consider reviewing their existing financing documents to identify any risks of potential defaults occurring and to decide how best to proceed. We have put together the following guide to help answer the most frequently asked questions we receive on this topic.
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Social distancing and the use of electronic signatures
25 March 2020With vast numbers of people now working from home due to COVID-19 restrictions, finding more convenient methods of making binding transactions which are recorded in writing has become a priority.
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Types of directors: myths and common pitfalls
25 March 2020Below we answer some of the most common questions and address frequent pitfalls in the often-confusing realm of company directors.
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Effect of Coronavirus on financial reporting
18 March 2020The Financial Reporting Council (FRC) has published fresh guidance on issues arising from the Covid-19 pandemic.
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Brexit – the prospective changes in company law for private and overseas companies
05 February 2020This article is to update you on, and explain the expected timing as to, the changes in company law for private and overseas companies to be brought about by the UK’s withdrawal from the EU. In practice, only companies with a connection to the EEA will be impacted and the action points for them will be fairly minimal.
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Apply to extend your accounts filing deadline, and avoid late filing penalty. Companies House - New Service.
22 January 2020You can use this new service to apply for more time to file your company’s annual accounts with Companies House.
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Does your company use email for sending documents or information to shareholders?
22 January 2020If so, do you have the necessary consents in place?
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Brexit – the post Halloween picture as to the minor changes in company law for private and overseas companies
01 November 2019Now that we didn’t leave the EU on 31 October 2019, this article is to update you on, and explain the timing as to, the few changes in company law for private and overseas companies, to be brought about by the UK’s withdrawal from the EU. In practice, only companies with a connection to the EEA will be impacted and the action points for them will be fairly minimal.
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Law Commission confirms legality of electronic signatures
19 September 2019Following consultation, the Law Commission has published its report on the electronic execution of documents and confirmed that, “An electronic signature is capable in law of being used to execute a document (including a deed) provided that (i) the person signing intends to authenticate the document and (ii) any formalities relating to execution of that document are satisfied.”
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Parent company’s limited liability. Not quite so limited?
11 July 2019It is a basic principle of company law that the liability of a shareholder of a limited company is limited to the amount unpaid on the shares it holds in that company. Right? That’s why it’s called a limited company? This is generally true. However, in some cases, a parent company can be considered to have assumed responsibility for the negligent acts of its subsidiary.
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Keeping accurate records or disqualification and potential prison time? Surely an easy choice!
24 April 2019Evidently not for some…
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Penalty appeal kicked into touch - Nosworthy v Instinctif Partners Ltd
24 April 2019A court has recently upheld the actions of an employer (IP) which enforced bad leaver provisions contained in its articles of association (Articles). Those provisions required a resigning employee (N) to transfer her shares for minimal consideration and forfeit her loan notes.
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Share buy backs - what’s the fuss?
Inbrief
13 March 2019When a company is planning a share buy back (or purchase of its own shares) it’s time to be careful. This note explains why you need to be careful, and summarises the company law issues that must be addressed in advance before the company enters into any commitments.