Boris says I have no shame in saying to the injured spouses of the world’s billionaires, If you want to take him to the cleaners, darling, take him to the cleaners in London.” Rodney Hylton-Potts says Commercial litigants also favour London for several reasons. Our judiciary is independent, highly regarded for its integrity and experienced in dealing with substantial commercial cases. Orders of the English courts are readily enforceable in many jurisdictions. The English court also has power to grant worldwide freezing injunctions, unlike most other jurisdictions. A tactic commonly employed by claimants is to use a party which is…
Rodney Hylton-Potts said Divorce judges have been grappling for years with cases dealing with financial provision on divorce where family wealth derives from assets held by companies, or in some cases, where assets are difficult to ascertain or value. The decision of the Court of Appeal in Petrodel Resources and Ors v Prest created what some journalists have hailed as a ‘cheats’ charter’. The High Court judge ordered companies in which Mrs Prest had argued Mr Prest had, in reality a controlling interest, to transfer certain company assets to her. The Court of Appeal allowed the appeal brought by the…
Apps add value to business I run a marketing/PR agency that has developed apps for clients as one of our services. The agency is in merger talks with a competitor that doesn’t offer this – can we include the value of the app service alongside our other assets in negotiation and if so how would the service be valued? Rodney says; This should certainly be part of your negotiations; it is your unique selling point and potentially the most important asset. There are a number of ways to assess the value of app technology, but first look at what this…
What’s in a name? Six years ago I started a business which is struggling. I am considering closing it and starting again under a similar name. Am I able to do this legally? Rodney says You can reuse a company’s name, be careful how you do. The Insolvency Act prohibits directors of a company in liquidation from reusing the company’s name, or a name so similar to suggest an association with the company. As well as possible imprisonment and a fine, directors who breach this rule can be personally liable for the debts of the new company. However, steps can…
What’s in a name? Six years ago I started a business which is struggling. I am considering closing it and starting again under a similar name. Am I able to do this legally? Rodney says You can reuse a company’s name, be careful how you do. The Insolvency Act prohibits directors of a company in liquidation from reusing the company’s name, or a name so similar to suggest an association with the company. As well as possible imprisonment and a fine, directors who breach this rule can be personally liable for the debts of the new company. However, steps can…
Should I fire employee for his criminal past? I have discovered that an employee has a criminal record. While the employee is a very good worker, he did not reveal his convictions at interview. I am also concerned that a client became aware of this and I do not want this to affect the reputation of my company. Can and should we take any action against him? You are not required to take action, but if you did, there are legal risks. Even if your employee was asked about his criminal record, “spent” convictions would not usually need to be…
Protect your family interests My father runs a very successful company and as he nears retirement I am to take over the running of the business with profits going into a trust to be shared by the family. However, given that I will be taking over the company, can I be the beneficiary of the trust or must I be the trustee? And does my standing with regards to the trust affect my children and their entitlement to be beneficiaries? As your father’s successor, you can still be a trustee of the family trust. You can also still be a…
Protect your family interests My father runs a very successful company and as he nears retirement I am to take over the running of the business with profits going into a trust to be shared by the family. However, given that I will be taking over the company, can I be the beneficiary of the trust or must I be the trustee? And does my standing with regards to the trust affect my children and their entitlement to be beneficiaries? As your father’s successor, you can still be a trustee of the family trust. You can also still be a…
Accountant’s shock late bill Our chartered accountant invoices us each year for £2,000 or £3,000. This year he has sent us an invoice for £8,000 for work going back three years, with no previous warning. As we are a partnership we divide the profits regularly, and have not budgeted for this and are a small company and feel that it is unfair to be billed so late. On being challenged, our accountant has apologised and suggested we pay in installments. Do we have to pay this bill? Assuming that this is purely a question of late charging rather than overcharging,…
Accountant’s shock late bill Our chartered accountant invoices us each year for £2,000 or £3,000. This year he has sent us an invoice for £8,000 for work going back three years, with no previous warning. As we are a partnership we divide the profits regularly, and have not budgeted for this and are a small company and feel that it is unfair to be billed so late. On being challenged, our accountant has apologised and suggested we pay in installments. Do we have to pay this bill? Assuming that this is purely a question of late charging rather than overcharging,…
