As we have recently highlighted and discussed in depth elsewhere in relation to the UKCS (click here), the confidence of North Sea oil & gas contractors is at an all-time low.

The Enterprise Investment Scheme (EIS) can provide very significant tax relief for investors in unlisted companies but a recent case in the First Tier Tribunal (“FTT”) shows how strictly the rules of the Scheme are interpreted.

One of the many conditions of EIS relief is that the shares issued to the investor must not have any preferential right to a company’s assets on a winding up. The requirement is included so that an investor cannot obtain the tax advantages of EIS relief while being shielded from the economic risk of the investment.

The facts

I am often asked “what do you do”? If I reply “a regulatory solicitor”, this inevitably elicits a blank expression from the enquirer (be that a non-lawyer or lawyer), so I go on to the more long-winded version, that I am a criminal solicitor who advises business owners and other stakeholders on how to stay on the right side of the criminal law, and defends them when they get it wrong.

In our June seminars we discussed the Pre-Pack Pool and the proposed changes to SIP 16. The revision was recommended by Teresa Graham as part of her independent review into pre-packs in June 2014, and the new SIP 16 was introduced on 2 November 2015 to coincide with the launch of the Pre-Pack Pool.

Key provisions of the revised SIP 16, which remains virtually unchanged from the draft issued in January this year, include:

This article considers the cost consequences following service of a statutory demand in two scenarios:

The High Court has recently considered whether directors were in breach of their duties after a company entered insolvency. Specifically, the Court considered whether it could exercise its discretion in accordance with section 212 of the Insolvency Act 1986, whereby the Court can order summary judgment against an officer of the company who has misapplied, retained or become accountable for money or property of the company, or been guilty of any misfeasance or breach of fiduciary or other duty in relation to the company.

The Claim

The directors of the failed courier company City Link had a good reason to celebrate this weekend after the dismissal of criminal charges brought against them for failing to notify the Department for Business, Innovation and Skills (“BIS”) of their intention to make City Link’s circa 2,500 employees redundant last Christmas.

There have been a couple of cases in the last few months where the impact of changes to the details of the various registers at Companies House has been considered by a Court. This article considers the points of interest for lenders that arise out of those decisions

What use is an LP registration certificate?

Not much in the case of a certificate that relates to a limited partnership (one to which the Limited Partnership Act 1907 applies not the limited liability partnership variety).

Three former directors of failed UK parcel delivery company City Link have recently been delivered the bad news that they will face criminal charges over redundancies made during the Christmas period last year.  They have been charged with failure to notify the Secretary of State of the proposed redundancy of City Link’s employees as required under section 193 of the Trade Union and Labour Relations (Consolidation) Act 1992.  Notification is normally given to the Government by submitting an HR1 form to the Insolvency Service

The definition of a contract for the sale of goods under the Sale of Goods Act 1979 (SOGA) is one in which the seller transfers the property in the goods to the buyer for money consideration, i.e. the price.

Under section 49 of SOGA, an unpaid seller can claim for the price of the goods if either: (1) the property in the goods has passed to the buyer; (2) or payment of the price is expressed to be payable on a certain day irrespective of delivery