Company and Commercial Law

Directors who dissolve their businesses unfairly face new sanctions

June 21st 2021
 

The government is introducing new legislation to target company directors who dissolve their businesses for their own gain and leave staff or taxpayers out of pocket. Sam Lyon Head of Corporate & Commercial provides an update. The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process. The…

directors

Financial services directors disqualified for trading while insolvent

June 9th 2021
 

Two financial services directors have been disqualified for continuing to trade and take money from clients while their company was insolvent. Sam Lyon Head of Corporate & Commercial reports. Paul Rossi was a director of Independent Derivative Traders Ltd. The company traded as ‘Futex’ and provided access to a financial markets trading platform for sub-contracted independent traders. He was joined in the management of the company by his brother Mark and…

directors

Company loses $3m because of conflicting contract terms

June 3rd 2021
 

A company has lost $3m dollars because it had agreed to contradictory contract terms when entering into a purchase agreement. Sam Lyon Head of Corporate & Commercial reports on this recent case. The case involved Septo Trading Inc, which contracted to import fuel oil supplied by Tintrade Ltd. The terms were recorded in an email confirmation (the Recap). A clause in the Recap stated that a quality certificate issued by…

directors

What is the outlook for SMEs? Practical Guidance for SMEs looking to Futureproof their business

May 10th 2021
 

12 months on and we are still feeling the effects of the pandemic and will for some time.  In March, immediately after the Chancellors latest budget, we asked SMEs across the UK to share their outlook for the next 12 months.  The findings make for interesting reading – including: 46% of businesses with less than £250k turnover are expecting reduced income over the next 12 months.67% of businesses with more…

Night club director ordered to pay £200k for company law breach

April 14th 2021
 

A director who had conducted the affairs of a night club in a way that had unfairly prejudiced a minority shareholder has been ordered to make an interim payment to her of £200,000. Sam Lyon Head of Corporate & Commercial reports. The figure could be much higher once a further hearing takes place. A judge had found that the company’s affairs had been conducted by the director in a manner that…

Insolvency measures extended to support struggling businesses

March 31st 2021
 

The Government has extended its temporary insolvency measures to support businesses struggling during the pandemic. Sam Lyon Associate Solicitor and Head of Corporate & Commercial provides an update. The measures were introduced in the Corporate Insolvency and Governance Act in March 2020, including protecting businesses from aggressive creditor enforcement and removing personal liability on company directors. They are being extended till the end of June 2021. The extension means that: Statutory…

Support Available to SMEs – A Handy Guide to Help You

March 18th 2021
 

On 3rd March Rishi Sunak introduced a number of new measures of support for SMEs as part of his budget.  He also extended some of the existing schemes as well as announcing some new initiatives designed to support the survival, growth and development of businesses. From the extension of furlough to a continuance of business rate relief for retail, hospitality and leisure, right through to grants, a new VAT deferral…

SME Outlook Tracker – Your expectations for the next 12 months

March 5th 2021
 

We are now a full year into the Covid-19 pandemic and this pandemic has impacted us all – personally and professionally – in so many ways.   We will be feeling the effects for many years to come. With the latest announcements from Rishi Sunak in terms of support and other measures for businesses and individuals, now is a good time to be asking you, as SMEs, how you are faring…

Charity which helps people find work boosted by appointment

February 10th 2021
 

A SOLICITOR at a leading legal firm has joined the board of a charity which helps young people and adults find employment. Sam Lyon Head of Corporate and Commercial at Cartmell Shepherd Solicitors, has become a trustee of Inspira, which supports people in Cumbria and Lancashire prepare for a career, return to work or look for a first job. Sam has spent most of his legal career advising both large…

Sudden surge in corporate insolvencies with more yet to come

February 9th 2021
 

There has been a sudden surge in personal and corporate insolvencies, due mainly to the effects of the Covid pandemic. Sam Lyon Associate Solicitor and Head of Corporate & Commercial reports. Figures released by the Insolvency Service show there were 1,228 business failures in December 2020 compared with 891 in November. That’s a rise of 37.8%. It’s also 9.2% higher than in December 2019, when there were 1,125 insolvencies. There were…

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