A firm of surveyors has been ordered to pay compensation to a finance company for negligently providing a property valuation that was far too high. The case arose after the surveyors valued a house at £3.4m in July 2007. On the basis of that valuation the finance company provided the purchaser with a loan of
The new National Minimum Wage rates include an increase for apprentices. The Low Pay Commission (LPC) had recommended that the rate for apprentices should be frozen following concerns about compliance, but the Government has decided to go ahead and increase it. Business Secretary Vince Cable said: “The independent Low Pay Commission plays a crucial role
The Government has unveiled plans to introduce a 90-day patent service to help creative and innovative businesses. Under the present system it can take a number of years to obtain patent protection. Ministers say this is acceptable for most patent applications as it gives innovators time to develop their ideas and make important commercial decisions.
The Government is introducing a new Code of Practice to ensure that pub tenants are treated fairly and are allowed to run their businesses as they wish. The code will be enforced by an adjudicator with powers to fine large pub companies who abuse their powerful position. Ministers say the measures will save tenants £100m
The Government has announced new measures designed to simplify and improve the employment tribunal system. The move follows concerns from employers that tribunal cases are both expensive and time-consuming for them. The proposals include: new strike out powers to ensure that weak cases that should not proceed to full hearing are halted at the earliest
When drawing up contracts with automatic renewal clauses it is important to ensure that you fully understand what is being agreed. Failure to do so can prove costly, as demonstrated in a recent case before the High Court. It involved an IT company and a bank that had entered into an agreement. There was a
Many UK small and medium-sized enterprises (SME) are struggling with cash flow and are relying on their reserves to finance growth, according to new research. The British challenger bank, Aldermore, surveyed 300 SMEs and found that 38% are depending on cash reserves to fund future development. A further 12% said they will turn to a
A company has been granted an interim injunction to prevent a former employee from soliciting its clients. The case involved an employee who had been a senior manager and associate director of the company. In October 2012, he was told that he was no longer a senior manager but could continue as an associate director.
A distribution company has been ordered to pay damages to a perfume manufacturer after it failed to meet several requirements of a longstanding contract. The two parties had an agreement dating back to 2003. The relationship soured and so in July 2010, the manufacturer gave 12 months notice to terminate the agreement. The distributor responded
Many businesses overestimate the burden placed on them by employment regulations, according to Government research. Its survey found that businesses that view regulations as burdensome often did so because of a lack of understanding of employment law. Dismissal processes were seen as particularly stressful and costly, with some employers going beyond the legal requirements because