“Pre-Pack” describes a process through which a company is placed into administration (“old co”) and immediately its assets are sold to another company under a sale that is normally agreed prior to the Administrators being appointed.
Often the purchasing company of Old Co’s assets has the same directors, shareholders or managers of Old Co, but this is not always the case and certainly does not have to be the case.
Yet another case has come to court which illustrates the wisdom of cohabiting couples making a 'living together agreement' or formalising their respective rights over the property in which they live.
It involved a couple who formed their relationship in 1975 and started living together in a property bought by the male partner in 1982. When he died in 2009, the mortgage was not yet paid off and the mortgage company sought possession of the property.
Pre-nuptial agreements are rapidly becoming the norm when very wealthy people marry, but the courts are still inconsistent when it comes to decisions regarding the division of wealth when a 'pre-nup' does not exist.
Changes to the legislation on insolvency contained in the recently enacted Small Business, Enterprise and Employment Act 2015 may affect directors of companies that become insolvent.
The changes, which will be implemented over the next year or so, include two new grounds for disqualifying a person from being a director of a UK company and broaden the range of review of the past conduct of a director and the 'harm done' as a result of an insolvency.
Over 60 attended the Sydney Mitchell LLP ‘Movers & Shakers’ Midlands Networking event at Ginger’s Bar, Purnell’s Bistro in Newhall Street Birmingham.
Karen Moores, Partner said: “An excellent turnout; with many guests commenting on the relaxed atmosphere and the good cross–section of professionals joining in from the city. The food as always was superb; provided by Glyn Purnell and his team.”
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in Worcester News on 21st April 2015.
Q. I am buying a 100-year-old cottage in Wales which sits on the property line with the neighbour. The neighbour is refusing to sign an easement to allow me to go on to his land to carry out maintenance work. Do I have any legal right in this matter?
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in the Worcester News on 14th April 2015.
Q. My husband is suffering from dementia. I have found out that my stepson has got his father to make a will and give him a power of attorney. My stepson has threatened to get me out of the house, saying it’s his inheritance.
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in Worcester News, 7th April 2015
Q. I run a café in a garden centre and I am being ripped off for my electricity by my landlord. I have just been presented with a bill for £4,000 for six months. They say that what they’re charging me is correct. They’ve threatened to evict me unless I pay the full amount.
A 'spiteful and wicked' husband, who branded his wife a psychopath in the midst of their £5.6 million divorce, has been hit hard in the pocket after a judge condemned him as a man who 'stops at nothing' to get what he wants.
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in Worcester News, 31st March 2015.
Q. My grandparents owned a shop which was the subject of a compulsory purchase many years ago. Part of the land was built on but the shop is still there. On a recent visit the owner said she was intending to buy the property, but that she would also have to pay for the “goodwill”. Will my grandparents have received such a payment?
It is not uncommon for a couple's financial circumstances to change a great deal after they divorce, and in such circumstances it will often happen that the poorer ex-spouse will seek to reopen the earlier financial settlement in an attempt to gain a bigger slice of the cake.
The long-awaited judgment in a case that dealt with precisely such circumstances, which was heard more than a year ago, has now been handed down by the Court of Appeal.
Big money divorce cases get into the news for a whole variety of reasons, but an allegation of sex discrimination is seldom one of them.
However, this was one of the issues raised in a divorce case involving a high-flying wife who sacrificed her career to be a home-maker.
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in Worcester News, 17th March 2015.
Q. I have a compensation claim going through following an accident in a supermarket. I have a “no win, no fee” agreement with a solicitor, but I’ve lost confidence in the firm and I feel we’re going to lose. Can I transfer my case to another solicitor at this stage?
The Information Commissioner's Office (ICO) has issued an updated version of The Guide to Data Protection, which is designed for use by those who have day-to-day responsibility for data protection.
The guidance explains the purpose and effect of each of the eight data protection principles listed in Schedule 1 to the Data Protection Act 1998, and answers frequently asked questions.
In addition, it contains information on specialist topics, including CCTV use, data protection issues that arise during employment and data sharing.
A decision of the High Court that a provisional liquidator could be appointed following a 'without notice' winding-up application by HM Revenue and Customs (HMRC) should serve as a warning to companies whose VAT affairs are in arrears.
Tenants are required to comply with the covenants in their leases and breaches of lease covenants can have serious implications, as a recent case shows.
It involved a tenant (a car sales and repair business) that wished to end its lease, which ran for ten years from February 2005. The terms of the lease allowed the tenant to terminate it on three months' notice if there was a failure to obtain planning permission to load and unload cars on the premises, for which the tenant was obliged to apply and duly did.
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in the Worcester News on 28th April 2015.
Q. My husband has £50,000 in the bank. If he was to die without leaving a will, would I receive the money, or would it have to be shared with his four children?
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP, As featured in Worcester News 10th March 2015.
Q. I was on a probationary contract, but they didn’t take me on when it came to an end, saying they were not satisfied with my performance. I have been looking for another job, but I’m always asked to give the name of my previous employers on application forms, and they always give me a bad reference. What can I do?
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in the Worcester News on 24th March 2015.
Q. A friend has worked for a small firm for three years. She has no employment contract and earns £250 a week, although she gets nothing when it’s quiet and has to work evenings and weekends (for no extra pay) when they’re busy.
Divorces where there is considerable family wealth often lead to protracted arguments, and a recent case illustrates the problems that can arise if one of the couple comes from a wealthy family, but is himself or herself of relatively modest means.
The case dealt with a couple's divorce after a short (two-year) marriage. The husband's income, which derives from his billionaire father, is about £10,000 per month. He claimed to have net assets of a few hundred thousand pounds.
As a result of our continuing success in our Shirley office, Sydney Mitchell Estate Agents is delighted to announce that we are opening a new Estate Agency office in Sheldon. The new office will have the support of Sydney Mitchell’s long established conveyancing department that has a wealth of experience in helping house buyers and sellers in Sheldon, Shirley, Solihull and the surrounding areas.
Our new office Branch Manager is Phillip Light, who has worked in the area for over 15 years. Phil and his team look forward to welcoming you to the new office.
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in Worcester News on 3rd March 2015.
Q. My cousin died 18 months ago. I was his last remaining relative, though he had a partner he’d lived with for 30 years. She has now died. They had £27,000 of his money in a joint bank account, which never went to probate when my cousin died. Was my cousin’s partner entitled to this money, and if not can I claim it?
Your legal questions answered by Fahmida Ismail, Partner at Sydney Mitchell LLP. As featured in the Worcester News, 24th February 2015.
Q. My husband was recently declared bankrupt and, since all his assets including bank accounts were in his sole name, they have been seized by the trustee. We have been married for over 50 years, so should I not be entitled to a share of his assets as I would be on divorce?
Readers who live apart from their spouses or civil partners, but who have not formally dissolved their relationships, are warned that following changes to inheritance law brought into effect in October 2014 by the Inheritance and Trustees' Powers Act 2014, your 'ex' may have the right to inherit the whole of your estate if you die without leaving a valid will and have no children.