Yearly Archive November 21, 2024

Insolvencies set to Rise post Budget

Interest rate and commercial costs increases are set to hurl many businesses into the path of insolvency. National Insurance and minimum wage are two such cost factors. In the high street consumer confidence has also dropped, severely hampering the flexibility of the domestic purse as fewer savings and greater debt are recorded.

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Selling a Business

If you are planning to sell your business here are some points that you ought to consider now:-

1) Tax efficiency
2) Contract renewals
3) Share options
4) Employment contracts
5) Intellectual property
6) Companies House filings

The above are all likely to receive attention during the due diligence given to the transaction by the purchaser.

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Landlord & Tenant – Renters’ Rights Bill Brings Evictions

Solicitors in London have reported an increase in instructions from landlords, seeking to serve section 21 notices, and tenants, seeking to defend possession proceedings, as the Renters’ Rights Bill commences its way through parliament. The sight of the end of section 21 ‘no fault’ evictions had heralded this spark of litigation.

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Employment Law Update – Sexual Harassment

New legislation is due to come into force forcing employers to take a more proactive rather than a reactive approach to sexual harassment. The Worker Protection (Amendment of Equality Act 2010) Act 2023 comes into force this October. Damages for harassment are unlimited. A successful tribunal claim for sexual harassment, under the new legislation, can attract an additional compensation uplift of up to 25%. This significantly increases the potential exposure to financial liability for businesses.

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Divorce, Pre and Post Nuptial Agreements – Will they be enforced?

A pre or post nuptial agreement will more than likely be enforced if you have not been forced to sign it, you and your fiance/e have each had independent legal advice, you are both completely aware of each others financial positions, and you completely understand the agreement’s content.

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Office Lease Deals Signed Off

The office property market is going strong with new developments underway. Hedge fund involvement has been observed in the City with joint ventures between British property developers with those in the Far East such as Singapore. The total amount of offices being built is at a record high.

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Leasehold and Freehold Reform Act 2024 – in Force

The Leasehold and Freehold Reform Act 2024 received Royal Assent last Friday the 24th May 2024.
It is an act to prohibit the grant or assignment of certain new long residential leases of houses, to amend the rights of tenants under long residential leases to acquire the freeholds of their houses, to extend the leases of their houses or flats, and to collectively enfranchise or manage the buildings containing their flats, to regulate the relationship between residential landlords and tenants, to regulate residential estate management, to regulate rent charges and to amend the Building Safety Act 2022 in connection with the remediation of building defects and the insolvency of persons who have repairing obligations relating to certain kinds of buildings.

Which parts are in force? This is determined by section 123 of the Act which provides:-

Commencement (1) This Part comes into force on the day on which this Act is passed. (2) The following provisions come into force at the end of the period of two months beginning with the day on which this Act is passed— (a) section 112 (regulation of remedies for rent charge arrears); (b) section 116 (recovery of legal costs etc through service charge); (c) section 117 (repeal of section 125 of the BSA 2022); (d) section 118 (higher-risk and relevant buildings: notifications in connection with insolvency). (3) The other provisions of this Act come into force on such day or days as the Secretary of State may by regulations appoint. (4) The Secretary of State may by regulations make transitional or saving provision in connection with the coming into force of any provision of this Act. (5) The power to make regulations under this section includes power to make different provision for different purposes.(6) Regulations under this section are to be made by statutory instrument.

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Inheritance Disputes Increase

A significant rise in inheritance disputes largely due to people instructing incompetent or unqualified advisers for will writing or later amendments is happening.

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The Office Now a Hotel

Older offices are being purchased for conversion into hotels due to hybrid working from home and net zero carbon neutral requirements. Solicitors in London have been dealing with change of use planning applications accompanying the regular freehold and leasehold transfer negotiations.

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Employment Law Update

Here is a summary of some recent significant cases:-

The Supreme Court ruled that employees who have been underpaid for their holidays can claim for the shortfall even if more than three months has elapsed between those underpayments. This increases the employers financial liability who are calculating holiday pay incorrectly.

The Employment Appeal Tribunal handed down a judgment on when employees behaviour on social media outside of the workplace can instigate disciplinary action by their employers. A sensitive matter as employees want to add their voices to the virtual debate.

The Supreme Court decided that in accordance with the European Convention on Human Rights Deliveroo cyclists are not employees.

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