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    Corporate Law Update 03 April 2020
    2020-04-03

    In this week’s update: Guidance on virtual board and committee meetings, updates and guidance on AGMs, pre-emption principles are relaxed and a few other items.

    This week, in coronavirus-related news

    Filed under:
    United Kingdom, Company & Commercial, Healthcare & Life Sciences, Insolvency & Restructuring, IT & Data Protection, Macfarlanes LLP, Foreign direct investment, Board of directors, Annual general meeting, Coronavirus, Financial Conduct Authority (UK), European Commission
    Authors:
    Robert Boyle , Dominic Sedghi
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    Changes to the UK Insolvency Rules
    2020-04-03

    Given the material impact that coronavirus is having on businesses, on March 28, 2020 the government announced that legislation would be forthcoming amending UK insolvency laws to:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Steptoe LLP, Board of directors, Coronavirus, Insolvency Act 1986 (UK)
    Authors:
    Michael Thompson
    Location:
    United Kingdom
    Firm:
    Steptoe LLP
    COVID-19: Relaxation of directors' duties
    2020-04-02

    The Government continues to develop its response to the COVID-19 pandemic. In this Insight we examine the weekend's announcement from the Business Secretary that provides some welcome good news for directors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Gowling WLG, Board of directors, Coronavirus
    Authors:
    Julian C. Pallett , Jasvir Jootla , Tom Stockley
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Court of Appeal upholds strict interpretation of the “Duomatic” principle, which allows informal shareholder approval of company decisions
    2019-12-16

    In a recent decision, the Court of Appeal reconfirmed that the Duomatic principle can only apply where all shareholders have approved the relevant act of the company. It is not enough that a relevant individual would have approved the act had they known about it: Dickinson v NAL Realisations (Staffordshire) Ltd [2019] EWCA CIV 2146.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Board of directors, Companies Act 2006 (UK)
    Authors:
    Natasha Johnson , Andrew Cooke
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    HMRC publishes policy paper on the misuse of company insolvencies
    2019-07-26

    On 11 July 2019, HMRC published a policy paper discussing measures which are aimed at those  taxpayers who “unfairly seek to reduce their tax bill by misusing the insolvency of companies”.  This will be achieved by making directors and other persons connected to those companies jointly and severally liable for the avoidance, evasion or “phoenixism” debts of the corporate entity.

    An explanatory note and draft legislation set out the conditions that must be satisfied in order to enable an authorised HMRC officer to issue a “joint liability notice” to an individual.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, White Collar Crime, RPC, Board of directors, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Constantine Christofi
    Location:
    United Kingdom
    Firm:
    RPC
    Family Office Insights Beware: Fraud Prevention in the Family Office
    2019-07-30

    The transition from a family business to a family office can be treacherous. In a family business, the family is still involved in the day-to-day operations of the business and is literally “watching the store.” In a family office, the day-to-day operation of the family business and other financial investments and endeavors of the family may be delegated to experts outside of the family. This should create an enhanced level of professionalism and provide institutional safeguards and protections for the family, but can backfire.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, White Collar Crime, Squire Patton Boggs, Private equity, Fraud, Board of directors
    Authors:
    Geoffrey G. Davis
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    De-facto directors: Case 2: F Options Limited: Who is actually in charge?
    2012-06-08

    The recent case of F Options Ltd v Prestwood Properties Ltd concerned the setting aside of a transaction as a preference under section 239 of the Insolvency Act 1986.

    A preference arises when a company's creditor is put in a better position than they would otherwise have been in the event of the company's insolvency. Transactions may be a preference whether or not the parties are connected, but where it can be shown that there is a connection within section 249 of the Insolvency Act 1986, two important advantages are gained:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, BDB Pitmans LLP, Unsecured debt, Board of directors, Insolvency Act 1986 (UK)
    Authors:
    Laura Thornton
    Location:
    United Kingdom
    Firm:
    BDB Pitmans LLP
    Personal liability for directors – no escape from the taxman
    2011-10-07

    Company Insolvencies

    One of the criticisms that is often made of the UK’s complex insolvency legislation is that it is too easy for the directors of a company to put it into liquidation or administration, ‘dump’ the company’s debts and then effectively start the same business again under the guise of a new company. Such phoenixism has often been of concern to HMRC both in the civil and criminal fields and prosecutions have been made against directors who have undertaken such activities on a repeated basis.

    Personal Liability Notices (‘PLNs’)

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, RPC, Regulatory compliance, Fraud, Board of directors, National Insurance, Debt, Liability (financial accounting), Economy, Liquidation, HM Revenue and Customs (UK), Social Security Administration
    Authors:
    Jonathan Levy
    Location:
    United Kingdom
    Firm:
    RPC
    Appointment of administrators - "or" doesn't mean "and"
    2011-10-13

    The recent case of Stephen Petitioner offers some clarification regarding issues relating to the validity of appointment of administrators.

    The Facts

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, MacRoberts LLP, Board of directors
    Authors:
    Alan Meek , John Reid
    Location:
    United Kingdom
    Firm:
    MacRoberts LLP
    Settlement reached in first UK Pensions Regulator “Contribution Notice” case
    2011-06-14

    The UK Pensions Regulator (the Regulator) has just announced that it has reached a settlement with the intended target of its first Contribution Notice (CN), with the result that the CN has been issued, but for a far lower amount than the Regulator originally sought. This case gives important guidance on the situations in which the Regulator believes it will be justified in issuing a CN, and on the potential liabilities targets may face.

    The Moral Hazard Powers

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Letter of credit, Board of directors, Liability (financial accounting), Defined benefit pension plan, Parent company, Secured loan, The Pensions Regulator (UK), Pension Protection Fund, Chief executive officer, Trustee
    Authors:
    Catherine Drinnan
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP

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