Clarkslegal LLP - Solicitors in Reading and London

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Apr
02
2020

UPDATE: extension to file your company accounts
#Commercial #Corporate

This update applies to both limited companies and limited liability partnerships (LLP’s)....

Mar
31
2020

Upcoming changes to the UK’s insolvency regime announced
#Corporate

On 28 March 2020, the UK Government announced that it intends to temporarily change the UK’s insolvency laws in response to COVID-19. More details are to follow in relation to the exact changes,......

Mar
26
2020

Escaping consequences of non-performance of contract obligations
#Corporate #Commercial

It’s something of a given in English law that, if you enter into a binding contract and fail to perform your “side of the bargain”, you may well be liable to pay damages for breach to the other party. Generally, it’s irrelevant and no defence if the obligations you agree to in the contract subsequently become far more onerous, difficult or expensive than originally envisaged,......

Mar
17
2020

Three “Ms” to help avoid the supplier’s nightmare of a key customer who can’t pay
#Commercial #Corporate

It is anticipated that the Covid 19 outbreak will result in a spike insolvencies in the UK and it goes without saying that this means that a very considerable number of suppliers to companies or sole traders will have been left as unsecured creditors, likely to receive a fraction only (or nothing at all) of what they were owed for goods or services supplied. ...

Mar
09
2020

Warranties and Indemnities in Share Purchase and Asset Purchase Agreements
#Commercial #Corporate

The terms “warranties” “representations” and indemnities” are frequently used throughout the sale of assets or the sale of shares process....

Mar
09
2020

Is the coronavirus a contract killer?
#Commercial #Corporate #Force Majeure

The current spread of the coronavirus is likely to be used as justification for the delayed or non-performance of contracts globally. Do established contract law principles support non-performance because of Covid-19?...

Mar
09
2020

Police use of Facial Recognition - Artificial Discrimination?
#Corporate #Commercial

It has been some months since the High Court delivered its judgment in R v Bridges concerning the use by South Wales police (SWP) of live facial recognition (LFR) in a public place. The claimant has since appealed the decision in the Court of Appeal and the SWP is still under investigation by the Information Commissioners Office (ICO)....

Feb
19
2020

Ready or not, here change comes! How will your contracts change with the UK’s upcoming tariff regime and departure from the EU?
#Commercial #Corporate #Brexit #Transition Period #Trade tariffs #EU

On 6 February 2020, the UK Department for International Trade (DIT) launched a public consultation to begin shaping the country’s new independent global tariff policy following the UK’s departure from the EU. The upcoming regime will enter into force on 1 January 2021....

Feb
07
2020

Investor Relief
#Corporate

The Finance Act 2016 introduced investor relief which is essentially a tax relief for Capital Gains in a similar way to the operation of Entrepreneurs Relief. On qualification any capital gain is reduced from the usual capital gains rate – currently 20% to 10%....

Feb
07
2020

What does the new decade herald for EMI Option Schemes?
#Corporate #Commercial

The Enterprise Management Initiative (EMI) option scheme is a tax efficient incentive scheme designed to incentivise employees by enjoying the rewards of growth and business success usually on a sale...

Feb
07
2020

Employee Ownership Trusts: 2020 The best is yet to come!
#Corporate #Commercial

Since the enactment of the Finance Act 2014, the popularity and acceptance of the Employee Ownership Trust (“EOT”) as an exit option for business owners has continued to gain support from lawyers, accountants, the Institute of Chartered Accountants in England and Wales and business owners themselves....

Feb
07
2020

Director’s Duties Can Survive Insolvency Process
#Corporate

In the recent high court case Re Systems Building Services Group Ltd [2020], there was considerable debate and judgement made on whether a director’s general duties, as outlined in section 171 to 177 of the Companies Act 2006, survive a company’s entry into a formal insolvency process....

Jan
14
2020

Removing a Director under the Companies Act
#Commercial #Corporate

The Companies Act 2006 contains a right for members of the Company to seek the removal of a director from office by convening a general meeting of its members and passing an ordinary resolution. This provision is seen as sacrosanct in the Companies Act 2006 – any attempt to exclude this right in the Companies articles of association would be unenforceable. ...

Jan
14
2020

Share buybacks and payments
#Corporate #Commercial

The concept of share buybacks is a useful one. The ability for a company to buy back its own shares is seen as a useful tool for capital re-organisations and a tax efficient way in which to remove a shareholder or class of shareholders....

Jan
14
2020

Lending money to Directors
#Corporate

It is not unusual for a Company to lend money to a director of a Company, nor is it unlawful. However, there are a number of points to consider, including declarations of interest and how this sits with the constitution of the Company and a directors’ statutory duties generally and also the treatment of the loan from a tax perspective – not only for the director but the Company too....

Jan
14
2020

The Rewards and Risks of the ‘Subject to Contract’ Label
#Corporate #Commercial

Following the recent decision in Farrar v Rylatt [2019], it is clear that use of the phrase ‘subject to contract’ continues to create work for lawyers in commercial situations and relationships. ...

Sep
30
2019

Clarkslegal Acknowledged once again by UK Legal 500 2019-2020
#Clarkslegal #Commercial #Construction #Corporate #Education #Employment #UK Immigration #Setting up in the UK #Real Estate #Complex Contracts

Clarkslegal is delighted to announce Legal 500 has recognised the law firm for the following practice areas; Corporate and Commercial, Commercial Litigation, Employment, Immigration, Education, Commercial Property, Construction and Commercial Contracts....

Aug
13
2019

The High Court has considered circumstances in which directors owe fiduciary duties to the company's shareholders
#Directors' Duties #Corporate

Earlier this year I discussed the importance of good corporate governance following the decision in Stobart Group v Tinkler. Paramount to good corporate governance is the adherence to the directors’ duties, whether contractual or fiduciary. Given the inherent lack of tangibility of any duties with a fiduciary persuasion, directors can often be found wanting when trying to quantify and qualify the positions where such duties might be owed to their shareholders. ...

Jul
10
2019

GDPR Enforcement Breaking News: ICO issues second intent to fine in two days
#Data Protection #Corporate #Commercial

Just one day after the ICO delivered a notice of intent to fine British Airways £183 million for alleged personal data breaches, it has delivered another, this time to global hotel group, the Marriott International....

Jul
10
2019

GDPR Enforcement: ICO intent to fine British Airways
#Data Protection #Commercial #Corporate

The Information Commissioner’s Office has issued a notice of intent to fine British Airways under the new Data Protection Act 2018 (DPA)....

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