On 15th September 2020, the FCA announced that it had been largely successful in its legal challenge brought against a number of insurers and their decisions to refuse coverage to small businesses claiming for COVID-19 related losses under their business interruption (BI) policies. Business Insurance Test Case Verdict Within the test case, the court considered… Read more »
We have recently received reports from clients of a bogus shareholder scam in which fraudsters target members of the public holding shares in well-known blue chip companies. The clients have been contacted by telephone by someone who introduces themselves as an agent from a share brokering company, often based in New York or some other… Read more »
In April, as a response to the COVID-19 pandemic, Companies House introduced temporary measures to its enforcement powers against companies that fail to comply with their statutory filing obligations. Those measures included: Pausing the strike of process to prevent companies from being dissolved; and Treating late filing penalty appeals sympathetically where the late delivery was… Read more »
Many experts expect that the government will soon introduce changes to capital gains tax. Support measures introduced by the UK government as a result of the coronavirus crisis are anticipated to have cost around £190 billion. This eye-watering sum was needed to help steer the economy through lockdown and into the much hoped for recovery…. Read more »
When owners reach a decision to sell their business, often the first assumption is to market their business for sale to a third party buyer. This process can be fraught and usually involves marketing the business for sale, due diligence and lengthy negotiations, which can be time consuming and expensive. However, more often there is… Read more »
The ability of a private limited company to purchase its own shares provides shareholders with a return on their shares. It is frequently employed upon retirement or cessation of employment, but it can also be used as an effective way of returning surplus cash to shareholders or tidying up the existing share capital structure. However,… Read more »
Boris Johnson recently announced that, as part of the easing of lockdown restrictions, all non-essential shops across England may reopen from 15th June. However, this is subject to meeting the Government guidelines designed to protect shoppers and workers from the risk of infection. The announcement will be welcome news to many business owners, but for… Read more »
We are often approached by clients to draft a “shareholders’ agreement” for their Company. This is a good idea and clients are often prompted by their accountant or financial adviser to have such an agreement in place. However, that is only half the story. We also must consider (in this context) the Articles of Association… Read more »
Many businesses are continuing to reel from the Coronavirus pandemic and the effects of the lockdown. It is clear that this is not going away anytime soon. As a result, the majority of businesses will be, and will continue to be, significantly impacted. The concept of an “act of god” or “extraordinary circumstances” is not… Read more »
Companies House has announced temporary changes to its strike off policy and approach to late filing penalties to support companies affected by the COVID-19 outbreak in meeting their legal responsibilities. The new measures include: Pausing the strike off process to prevent companies from being dissolved When a company makes a voluntary application for strike off,… Read more »
