Sharp rise in number of firms facing insolvency and financial distress
September 5th 2022The number of firms going out of business or facing serious financial distress has risen sharply this year, according to the latest figures. Carly Davies, our Debt Control Manager reports. The Insolvency Service says there were 5,629 corporate insolvencies in Q2, an increase of 12.7% compared to Q1’s figures of 4,995, and an increase of 81.3% compared to Q2 2021 (3,105). Meanwhile, the Red Flag Alert produced by the recovery, financial advisory,…
House prices rise 11% over the year but slowdown may be looming
September 1st 2022House prices rose by 11% in the year to July, according to the latest figures from the Nationwide Building Society. However, increases in interest rates and the rising cost of living crisis could lead to a slowdown. Sam Bulman Conveyancer in our Residential Property team reports. That slowdown may already be starting as the increase in prices between June and July was only 0.1%. The average house now costs £271,209. Nationwide’s…
Supporters of Max the Miracle Dog help raise £45,000 for charity which saved brave girl’s life
August 22nd 2022THE family of a brave nine-year-old girl have been overwhelmed by the generosity of supporters of a charity walk in memory of Max the Miracle Dog after £45,000 was raised for the air ambulance crew which saved their daughter’s life. In September 2015, two-year-old Ava Pearson, of Southwaite, north of Penrith, was given just hours to live after she sustained life threatening injuries when the car she was travelling in…
Court rejects ‘put up or shut up’ application in dispute over will
August 18th 2022The trustees of a man’s will have been told they cannot put a time limit on his daughter’s right to bring a claim against them unless they provided all the facts that determined how the estate should be divided. Stephanie Johnson Senior Associate Solicitor reports on this recent case. The case involved two siblings in dispute over the will of their late father. The deceased owned an estate worth around £3.5…
Pregnant cleaner called ‘pathetic’ awarded £25k in discrimination case
August 15th 2022A pregnant cleaner who was told by her manager she was pathetic for needing to take a five-minute break has won her discrimination case. Jennifer Cafferky Solicitor in our employment team, reports on this recent case. Anna Burns began working for Whitstable-based Tralee Rest Home in March 2019. She took only two days absent from work and had a good relationship with her manager for the first six months of her…
A step beyond – how family businesses can legalise their values and purpose
August 11th 2022Family businesses are well-known for taking the long-term view, with business sustainability and the wider community impact being forefront in their development strategy. Increasingly, all business sectors are adopting a shifting mindset that considers a “triple bottom line” of people, planet and profit, moving away from the desire to simply make profit. We have all come across examples of businesses that make bold claims on their website about their purpose-driven…
Marketing firm’s post-termination covenant ruled unreasonable
August 8th 2022A marketing company has been told that the post-termination covenant in a contract with one of its former suppliers was not enforceable because it prevented fair competition. Mark Aspin Director and Head of Dispute Resolution reports on this recent case. The case involved Mr Lambert, who ran his own business, and Credico Marketing Ltd. Credico operated by entering into trading agreements with independent sales advisers or the company they represented, and those…
Businessmen must personally honour company’s loan repayment
August 4th 2022Two businessmen have been told they are liable to repay a business loan even though the money was paid into their company’s account. Sam Lyon Head of Corporate & Commercial reports on this recent case. The businessmen owned the company, which was in financial difficulties. They asked an associate to lend them £50,000, without stating if the loan would be made to the company or them personally. The loan agreement was drafted and…
Worker unfairly dismissed for not removing religious neck chain
August 1st 2022A Christian worker has won his claim of unfair dismissal after he refused to take off his neck chain. Joanne Stronach Director and Head of Employment & HR reports on this recent case. Mr Kovalkovs worked at the 2 Sisters Food Group chicken processing firm from November 2019. He wore a silver crucifix on a neck chain to signify his belief in the Russian Orthodox Church. This was an issue for…
Water company granted injunction against former business manager
July 28th 2022A water company has been granted an injunction against its former business development manager after he breached post-termination restrictive covenants in his employment contract. Mark Aspin Director and Head of Dispute Resolution reports on this recent case. The case involved ATAC Solutions, which provides water and waste services to commercial and domestic customers, and its former manager Mr Crotty. Crotty had started working for ATAC in 2017. He was the principal contact for…
