My brother and I each hold 40 per cent of shares in the new company, with the remainder of the equity held by a family friend, who provided initial funding. We have trademarked the business name and just signed the lease on our new premises. The investor has asked to see a draft shareholders’ agreement. My brother thinks we don’t need one, as we are unlikely to fall out. Can you advise? Starting a business with family or friends does not negate the need for formal arrangements. Such relationships have been tested by the daily strain of running a business…
Rodney Hylton-Potts, leading family lawyer has warned that restrictions on cross-examination by litigants in person may be needed, if the family courts are to cope with the impact of 2013 legal aid cuts. He said judges were was likely to promote a new process for standard cases to help courts cope with a volume of previously represented parents”. ‘Judges will devise an inquisitorial environment within which most decisions will be made. Instead of parties cross-examining each other, judges will identify the issues they needed to explore in more depth and examine the parties themselves. It will be more akin to…
Rodney Hylton-Potts, leading family lawyer, outlines the key points to consider whether you are a relocating parent or the party opposing. Where a party is seeking to remove a child from their home, other parent, school, friends, family and established way of life, research on the impact such a move has on a child is fundamental. (i)If you are the parent who wishes to leave the jurisdiction, and you are dealing with the divorce and financial relief at the same time, inform the other side. Do not wait until the end of financial proceedings/settlement to announce a move. (ii) Capital…
Rodney Hylton-Potts, leading international divorce lawyer said today: The Tom Cruise/Katie Holmes custody announcements reveal far more on close examination. Katie was successful in “forum shopping” in choosing a New York judge who is more likely to raise serious concerns about Scientology than the more liberal, relaxed judges of Los Angeles. Any Prenuptial Agreement can to be set aside if there is serious misrepresentation. That is the risk Tom was taking if Katie could show he had withheld from her key information that could adversely affect the upbringing of their six-year-old daughter, Suri. His attachment to their military wing is…
My small print business is struggling financially. To try to keep all staff on board, we have put forward a proposal to cut their salaries by 10 per cent. Of our 12 employees, two are against the proposals. Can we force the pay cut through, or will we need approval from everyone? Rodney Hylton-Potts, leading employment litigation lawyer said; It is unlawful to reduce salaries without the express consent of your employees, even if the majority of agreed, but there is a solution. You should provide the employees who face a pay cut with full details of the business, behind…
Leading litigation lawyer Rodney Hylton-Potts said Barclays’ problems have not stopped with the departure of Bob Diamond, and paying a record fine .They are liable for civil damages. Housing Associations and insurers are examining past trades to determine whether they have a lost. Two main features of Libor manipulation could have caused a loss. Rates set with reference to the Libor rate may have been set too high, for example before Lehman’s failed in 2008. And fluctuations may have triggered counterparties’ ‘opt-in’ or ‘opt-out’ clauses on agreed trades. The Bank of England should have been aware the Libor rates were…
We recently bought a new automated production line. The key part of the specification was for the line was to fill and pack at least one unit per second. When fitted, its maximum rate is one unit is 30 units every two seconds. We have had to add a second shift to compensate for the slow performance. What recourse do I have? Can I ask for my money back or get refund, or get compensation? Rodney Hylton-Potts, leading litigation lawyer said; The starting point is to read any written terms and conditions (‘small print’). There the buyer makes it known…
I own a private ‘Butler’/housekeeping’ service for high net worth clients. We use Facebook alot. One of our consultants has been impersonated online and the person behind this fake profile is posting defamatory information about our services and clients. It is seriously damaging our business, but how do we take action without knowing who is responsible? Rodney Hylton-Potts, leading litigation lawyer said; Report the abuse to the social media site operator. Its terms and conditions will show how this can be done. Online notification can be difficult and so you should write a legal letter to the company requiring it…
What is a Phoenix? A phoenix is when an insolvent liquidated company is continued by its directors using a new company, which often trades using an identical or similar name to the liquidated one. The new company will have had the benefit of the old company’s assets having been transferred to it usually at no value. However the intention will be to exploit the goodwill of the formerly liquidated company. Because each company is a separate legal entity, creditors of the old company cannot claim against the new company. Sections 216 & 217 of the Insolvency Act curb ‘phoenix trading’…
09 MARCH 2012 Benefits cheat who faked his own death and used handouts to pay for wife’s breast operation is jailed Couple claimed benefits despite owning five properties in London and sending their children to private school But when Stephen Kellaway feared police were onto them, the pair cooked up a plan It involved him hiding out and wife Nelli collecting £1.7m in life insurance They were eventually caught when he was found sleeping rough in Bangkok airport By Tom Kelly A benefits cheat who used handouts to pay for his wife’s breast enlargements then faked his own death to…
