A property developer has been prevented from refinancing a building project until it pays back a loan to a minority shareholder. The developer had been working on a site with 102 flats. The project was funded by a £1.7m loan from another company and a loan of £1.3m from a minority shareholder. It sold 76
Company insolvencies in the UK are forecast to show a rise of 10% over the course of 2019, the highest increase across all advanced markets. The Insolvency Outlook report by the trade credit insurer, Atradius, says the continuing Brexit uncertainty is one of the main factors for the increase as it delays any recovery of
The Residential Landlords Association (RLA) is calling for a new housing court to speed up justice for landlords and tenants. The association says that under Civil Procedure Rules, repossession claims should only take about nine weeks, but official figures show they’re taking an average of more than 22 weeks. It believes that the government’s proposal
An office worker who was subjected to racial and gender harassment by her employer has been awarded £81,834 compensation. Ms S Khan had worked as an account administrator for property agency SN Estates Property Services. Khan, who described herself as coming from a Pakistani background, was first racially harassed just one month into her employment.
Figures released by London Trading Standards (LTS) show that 46% of letting agents in the capital are failing to comply with new regulations. They were fined a total of £1.2m for not displaying their fees or for not being members of a redress scheme. Figures are not available for the rest of the country, but
New rules that mean large companies could lose lucrative government business if they don’t pay their suppliers on time have now come into force. The rules, effective from 1 September, mean companies must pay 95% of their invoices within 60 days or run the risk of losing out on major government contracts. This will be
A print firm has won its claim that it was deceived into buying a business because the seller had fraudulently misrepresented key issues and withheld damaging information. Glossop Cartons and Print Ltd had bought Contact (Print and Packaging) Ltd after lengthy negotiations. The deal meant that Glossop took on Contact’s entire business including its employees,
A director has been banned from running a company for six years after approving payments that were detrimental to creditors. James Wilson McAllister, aged 51, currently living in Marbella but formerly of Kilmarnock, was the sole director of Greetings (International) Ltd – now known as Acquisition 395215436 Limited – based in Irvine, Scotland. The company
A tenant has been granted an extension to an injunction preventing him from being evicted, although the judge made it clear that this did not prevent his landlord from issuing possession proceedings. The tenant had obtained the injunction after the landlord attempted to remove his possessions from the property and lock him out. There was
A company has been fined a record £7.8m by HMRC after breaching money laundering regulations. An investigation by HMRC officials found that West London money transmitter Touma Foreign Exchange Ltd had failed in several ways to carry out its duties under the Money Laundering Regulations. These failures included: risk assessments and associated record-keeping policies, controls