Contract entitled restaurant manager to be director and shareholder
September 22nd 2021The High Court has ruled that a restaurant manager was entitled to be a director and shareholder of a new business he had set up with a married couple. He was also entitled to payments as specified in a contract agreed by both sides. Sam Lyon Head of Corporate & Commercial reports on this recent case. The manager had run a restaurant from premises which were held on a 15-year…
Legal firm offers free guide to SME businesses
September 8th 2021A LEADING legal firm has produced a handy guide for businesses planning for the future. Cartmell Shepherd Solicitors, who are members of the UK200Group, have created the ‘Top 20 Tips for SMEs’ guide which focuses on practical steps businesses can take. The guide highlights the three key areas that businesses should focus on: their cash, their people and their customers. Commenting on the guide, Sam Lyon, Head of Corporate and…
Jewellery designer wins passing off claim against rival
August 31st 2021A jewellery designer who had built up a strong brand reputation has won a passing off claim against a new business using a similar name. Sam Lyon Head of Corporate & Commercial reports on this recent case. The Intellectual Property Enterprise Court heard that Alyssa Smith started out as a sole trader in 2009, using the trading signs Alyssa Smith Jewellery, Alyssa Jewellery and @alyssajewellery. She attracted media attention, with…
Father granted access to business records in family dispute
August 16th 2021A father has been granted access to information concerning the family businesses of which he was a director. Mark Aspin Director & Head of Dispute Resolution reports on this recent case. The issue arose because he was in dispute with his son and daughter-in-law, who were also directors. The family business comprised of companies that operated residential care homes. The father and mother established and ran it on their own…
Directors breached their duties when setting up their pensions
August 11th 2021The High Court has ruled that two directors breached their legal duties when they used company property to fund their pensions. Sam Lyon Head of Corporate & Commercial reports on this recent case. The case involved a company that had been incorporated in 1998 to take over a volunteer-run project that renovated and resold donated furniture. In 2001 the company bought a property as its premises. Some of its profits…
Finance consultants entitled to their €855,000 commission
August 3rd 2021A finance consultancy was entitled to €855,000 commission for its part in acquiring investment money for a large property development. Sam Lyon Head of Corporate & Commercial reports on this recent case. That was the decision of the Court of Appeal in a case involving EMFC Loan Syndications and The Resort Group. The Group had engaged EMFC to assist it to raise financing of up to €130 million. The contract stated…
Directors who breached their duties ordered to repay £600k
July 12th 2021Two businessmen who breached their legal duties as company directors have been ordered to repay £600,000, even though the court accepted that one of them probably hadn’t realised that anything unlawful was happening. Sam Lyon Head of Corporate & Commercial reports on this recent case. The case involved TMG Brokers Ltd, which had gone into liquidation. The liquidator applied for declarations under the Insolvency Act 1986 in relation to certain payments…
Directors who dissolve their businesses unfairly face new sanctions
June 21st 2021The 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…
Financial services directors disqualified for trading while insolvent
June 9th 2021Two 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…
Company loses $3m because of conflicting contract terms
June 3rd 2021A 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…
