Many will be familiar with contracts in one way or another. However, to some, preparing or reviewing such documentation may seem like a wasteful expense, particularly for a new business as the cost would cut into that all important bottom line. Legally, a contract can be written or spoken and therefore an effective agreement could
The director of an employment agency has been fined £17,000 for eight breaches of regulations relating to his business sector. Stephen Paul Harvey, who is aged 63 and from N10 in London, was also banned from being a company director for two years. Mr Harvey’s offences related to the operation of two companies, one incorporated
Five model agencies and their trade association have been fined a total of £1.5m for colluding on prices. An investigation by the Competition and Markets Authority (CMA) found that FM Models, Models 1, Premier, Storm and Viva – and their trade association, the Association of Model Agents – colluded together for two years. The CMA
An estate agent who found a buyer for a block of flats cannot claim commission because of failings in his oral contract with the seller. The issue arose over eight flats that had been on the market for some time without selling. An agent offered to find a buyer for the flats and told the
A developer has been told he cannot recover overpayments he made on a building project because he knew when he made them that they might be wrong but he failed to investigate. The issue arose after the developer entered into an agreement to acquire a number of sites for a construction company. He agreed to
The number of private sector businesses in the UK has hit a record high of 5.5 million, according to the latest official figures. The Business Population Estimates show that the UK had a million more small businesses at the start of 2016 than in 2010. It also had 4,000 more medium-sized businesses and 900 more
A businessman has been disqualified from being a director for six years after it was discovered that he transferred a property belonging to his insolvent company into his own name. Mohammed Liton ran the restaurant Penicuik Clippers Ltd for seven years until it went into voluntary liquidation in 2015. It owed creditors £58,800 at the
The High Court has ruled that a company acted unfairly when it removed a director without offering to buy his shares. The case involved a director who entered into a partnership agreement with other shareholders in 2000 to acquire and run care homes. The business was incorporated in 2004. In 2012, the shareholders removed him
The government is providing a new fund to help small businesses grow and develop. The Enterprise Capital Fund is backed by the British Business Bank and has a total investment capacity of £40m. Active Private Equity, which specialises in helping consumer-focused businesses grow their brands and build the infrastructure needed to scale up successfully, will
An aviation company has won a breach of contract dispute with a bank over a multi-million pound deal to buy an aircraft. The court heard that the company had sought equity investment to finance the purchase and so entered into negotiations with senior bank staff. A commitment letter and a management agreement were drafted and