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The amount of business debt owed to UK firms has soared past £1bn, according to figures released by the Credit Services Association (CSA). It shows that firms are finding it increasingly difficult to stay on top of credit control. The CSA research shows that the amount of debt outsourced by businesses to collection agencies reached
The risk involved in relying on oral contracts was illustrated in a recent case before the High Court. It involved a property consultant who specialised in finding work for development companies in return for a share of the profits. Most of his work was carried out through his own limited company on the basis that
A company set up to preserve parkland has failed to stop planning permission being granted for a housing development. The issue arose when East Devon District Council granted outline planning permission for a 400-home estate in a countryside location. A total of 40% of the homes would be in the affordable housing category. The council
The European Union has agreed a one-stop patent system that will make it cheaper and easier for businesses to protect their ideas and designs. At present, applications to the European Patent Office have to be validated in individual member countries creating extra expense in translations and administration. Under the new system, only one application is
It has been announced that awards for unfair dismissal are to be limited to one year’s salary. However, the overall cap will remain at £72,300. Employment relations minister Jo Swinson said the change would be introduced in an amendment to the Enterprise and Regulatory Reform Bill, which is currently going through parliament. Ms Swinson said:
A landlord has won his appeal against the level of penalties imposed on him for operating an unlicensed House in Multiple Occupation (HMO). The case arose after six tenants sought Rent Repayment Orders (RRO) after discovering their HMO was not licensed. The tribunal made an order in their favour for the repayment of all the
A warning has been issued to Britain’s top companies by a Governmnet Minister that they will be named and shamed if they fail to sign up to the Prompt Payment Code. The code, which was drawn up by the Institute of Credit Management, has been in operation for four years. Its signatories commit to paying
The danger of tick box valuations was highlighted in a recent professional negligence case involving a firm of property surveyors. The court outlined what should happen when issues arose during valuations that could not be fully explained using automated systems. The case involved a firm called E.Surv Ltd which had been commissioned by an American
The Government has announced new proposals to make it easier for consumers and small firms to take action against unfair business practices. The new measures were announced by the Competition Minister Jo Swinson who said: “Actions like price-fixing or imposing unfair trading terms can really harm businesses, particularly small businesses, and restrict their ability to
An estate agents firm has been fined nearly £12,000 for failing to comply with anti-money laundering regulations. The Office of Fair Trading (OFT) took action against the Leicester-based IPS Estate Agents Ltd after it breached a number of the requirements of the Money Laundering Regulations 2007. The OFT said the failings related to verifying the