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After many years building up a business, directors often worry about how to bow out successfully while ensuring that the firm continues to thrive. The key to ensuring a smooth succession is to start planning as early as possible ahead of your target retirement date. The first step is to hold meetings with those who
A landlord company has won its appeal to be paid money owed by a commercial tenant which had gone into administration before completing the surrender of its lease. The case involved a retail group that leased several properties. It got into financial difficulty and began proceedings to surrender the leases. Money was held in escrow
The government is looking at ways to ensure that large businesses pay their suppliers on time. The Prompt Payment Code (PPC) was set up in 2008 to encourage companies to pay invoices within the agreed timescale. However, the PPC has been widely criticised for being ineffective. Recent research by YouGov revealed that 85% of small
An engineering firm has lost its appeal against having to pay damages to an airline company. The case involved a breach of contract by the engineers. They had an agreement with the airline that they would service aircrafts at a specified hourly rate. However, the airline was not obliged to use the service. Over time,
Running a business is never easy and the economic downturn of the last few years has only added to the difficulties. The pressures of making vital decisions in such trying times can often put a strain on the relationship of company directors and business owners. The danger is that businesses can begin to struggle when
The term director is often applied to people running a company even though they aren’t officially listed as directors. This can lead to confusion because genuine directors have specific duties in law which do not necessarily apply to employees acting in a managerial role. It is possible for managers to be seen as de facto
Setting up a simple trust relating to his mother‘s home has saved a man and his wife several thousand pounds in capital gains tax. The case involved a woman who sold her house in 1996 to her son and his wife on condition that she was allowed to continue living there for the rest of
Marital agreements including pre-nups and post-nups could become legally binding without the need for court approval under a proposed new law. At present, such agreements are not legally binding although there has been a growing trend for courts to uphold them unless they are unfair to one side or the other. Now the Law Commission,
The government has made it easier for people to build their own homes by cutting the Community Infrastructure Levy on self-built accommodation. Property developers have to pay a levy to local councils to help with the cost of the infrastructure needed to support the development. Some local councils charge £100 per square metre for residential
Several police officers have won age discrimination claims after being forced to retire early. The five police forces responsible could now have to pay out millions of pounds in compensation. Test cases were brought on behalf of 250 officers. They lost their jobs under regulation A19, which allows forces to forcibly retire any officer under