company directors – Page 5 – Current Awareness

Case highlights need for certainty in out of hours administration appointments – OUT-LAW.com

Posted March 9th, 2020 in administrators, chambers articles, company directors, electronic filing, insolvency, news, time limits by tracey

‘The High Court ruled that it is not permissible for a notice of appointment of administrators by the directors of a company to be e-filed out of court hours. The court ruled that the defect was curable and that the appointment took effect at the time the court opened for business the next working day. This judgment adds to the growing number of conflicting cases about the validity and time of the appointment when notices are e-filed out of hours.

OUT-LAW.com, 6th March 2020

Source: www.pinsentmasons.com

Oh! What a tangled web we weave… – Nearly Legal

Posted March 4th, 2020 in company directors, damages, fines, housing, landlord & tenant, licensing, news by sally

‘In the case of Lifestyle Club Ltd, and its director, Gian Paulo Aliatis, that is what eventually happened in August 2019, with a £42,273 penalty in fines and costs (despite their policy of targeting overseas students as potential tenants on the basis that they wouldn’t understand the legal problems – this targeting is standard for all these ‘accommodation club’ companies). Unsurprisingly, Lifestyle Club Ltd opted for voluntary strike off of the Companies House register during the prosecution, in February 2019.’

Nearly Legal, 3rd March 2020

Source: nearlylegal.co.uk

The expansion of a director duty to act in the interests of the company – Hardwicke Chambers

Posted February 26th, 2020 in chambers articles, company directors, news, shareholders by sally

‘A director’s duty to act in good faith in the interests of the company is the cornerstone of a director’s position. This long standing obligation was revamped in the Companies Act 2006 with the introduction of a new requirement that directors should have regard to a package of concerns reflecting what has been described as “enlightened shareholder value”. Following the enactment of section 172 of the Companies Act 2006, when determining what is in the interests of the company, directors are required to look beyond the pursuit of profit and consider various factors and third parties stakeholders who could be affected by the decision.’

Hardwicke Chambers, 24th February 2020

Source: hardwicke.co.uk

Wife’s guarantee to bank unenforceable due to husband’s undue influence (Syndicate Bank v Dansingani) – 4 New Square

Posted February 11th, 2020 in banking, chambers articles, company directors, guarantees, married persons, news, undue influence by sally

‘Banking & Finance analysis: Ben Archer, barrister, at 4 New Square, examines a High Court decision that a guarantee given by the first defendant company director to secure the company’s liabilities to the claimant bank was enforceable but a similar guarantee given by the second defendant company director, who was the first defendant’s wife, was not enforceable as her execution of it had resulted from his undue influence.’

4 New Square, 7th February 2020

Source: www.4newsquare.com

High Court rules directors cannot buy assets of their liquidated company on the cheap – Local Government Lawyer

Posted January 30th, 2020 in company directors, company law, compensation, insolvency, news, valuation by tracey

‘The High Court has ruled that company directors cannot buy assets from their liquidated companies at below market value.’

Local Government Lawyer, 30th January 2020

Source: www.localgovernmentlawyer.co.uk

Director must compensate creditors for cut-price purchase from insolvent company – Law Society’s Gazette

Posted January 23rd, 2020 in company directors, company law, compensation, insolvency, news, valuation by tracey

‘Directors of insolvent companies should not be allowed to buy assets of the business on the cheap, the High Court has ruled. In Systems Building Services Group Limited [2020] EWHC 54 (Ch), the court this week ruled that a director is liable to pay the liquidators of his company money he saved by not placing a house owned by the company on the open market when the company went under.’

Law Society's Gazette, 22nd January 2020

Source: www.lawgazette.co.uk

Liquidator’s firm liable for opponent’s costs after funding litigation – OUT-LAW.com

Posted January 13th, 2020 in company directors, costs, insolvency, limitations, liquidators, news, third parties by tracey

‘The High Court has characterised a liquidator’s firm as a real party to the litigation which it funded as it stood to make financial gain from the action and was therefore found not to be a pure funder facilitating access to justice.’

OUT-LAW.com, 10th January 2020

Source: www.pinsentmasons.com

Barristers to lose out from Iraq claims firm’s liquidation – Legal Futures

Posted January 13th, 2020 in bankruptcy, barristers, company directors, insolvency, Iraq, legal aid, news, professional conduct by tracey

‘Barristers instructed by now-defunct Birmingham law firm Public Interest Lawyers (PIL) are set to lose out significantly from its liquidation, although its collapse may yet spark legal action, it has emerged.’

Legal Futures, 13th January 2020

Source: www.legalfutures.co.uk

Director of lettings and property management agency jailed for two years over £230k fraud – Local Government Lawyer

Posted December 19th, 2019 in company directors, deposits, fraud, landlord & tenant, news, rent, sentencing, trading standards by sally

‘The director of a lettings and property management agency who defrauded more than £230,000 from the landlords and tenants that were his clients has received a two-year prison sentence, following an investigation by Southampton City Council’s Trading Standards Service.’

Local Government Lawyer, 19th December 2019

Source: www.localgovernmentlawyer.co.uk

VAT recoverable on shareholder employee tax avoidance scheme says tribunal – OUT-LAW.com

Posted December 11th, 2019 in company directors, employment, news, shareholders, tax avoidance, taxation, tribunals, VAT by tracey

‘Advice on incentivising employees in a tax efficient manner has a direct and immediate link to the purposes of the business and so VAT input tax should be recoverable, even if the employees are directors and shareholders, the UK’s First-tier Tribunal (FTT) has ruled.’

OUT-LAW.com, 10th December 2019

Source: www.pinsentmasons.com

Whose knowledge counts? Singularis v. Daiwa and Attribution – 4 New Square

Posted November 20th, 2019 in agency, company directors, company law, duty of care, fraud, news, Supreme Court by sally

‘Last week, the Supreme Court handed down its decision in Singularis Holdings Ltd v. Daiwa Capital Markets Europe Ltd [2019] UKSC 50. That case got the attention that it did because of the tension with the result in Stone & Rolls Ltd v. Moore Stephens. Others have dealt with the detail of the decision in Singularis (including an excellent article by my colleague, Mark Cannon QC). I want to look more generally at the issues created by attribution in a corporate context, and how the courts in recent years have approached them.’

4 New Square, 6th November 2019

Source: www.4newsquare.com

Boss jailed after racially abusing and defrauding security guard staff – The Independent

Posted November 18th, 2019 in abuse of position of trust, company directors, fraud, news, racism, remuneration, security companies, sentencing by sally

‘A company boss who racially abused workers when they complained about not being paid has been jailed for defrauding staff out of almost £60,000.’

The Independent, 15th November 2019

Source: www.independent.co.uk

Tribunal lifts practising controls from ABS accountant – Legal Futures

Posted November 11th, 2019 in accountants, company directors, disciplinary procedures, law firms, news, professional conduct, sanctions, Solicitors Regulation Authority by sally

‘The Solicitors Disciplinary Tribunal (SDT) has lifted practising restrictions on a finance director who was sanctioned less than three years ago, over the objections of the Solicitors Regulation Authority (SRA).’

Legal Futures, 11th November 2019

Source: www.legalfutures.co.uk

A Summary Of Recent Corporate Insolvency Cases – Hardwicke Chambers

Posted October 30th, 2019 in administrators, company directors, company law, fraud, insolvency, news, podcasts, professional conduct by sally

‘Phillip Patterson provides a summary of recent corporate insolvency cases covering:

– Fraudulent trading;
– Misfeasance, transactions defrauding creditors and the duties of directors; and
– The out of court appointment of administrators.’

Hardwicke Chambers, 9th October 2019

Source: hardwicke.co.uk

Boss of bogus law firm disqualified as director – Legal Futures

Posted October 25th, 2019 in company directors, complaints, insolvency, law firms, news, professional conduct, solicitors, Solicitors Regulation Authority by sally

‘The head of a bogus solicitors’ firm has received a 10-year director’s disqualification for running the business with a total lack of integrity.’

Legal Futures, 24th October 2019

Source: www.legalfutures.co.uk

MPs announce inquiry into Thomas Cook collapse – The Guardian

Posted September 27th, 2019 in auditors, company directors, holidays, inquiries, insolvency, news, select committees by tracey

‘MPs are to hold an inquiry into the role of “corporate greed” in the collapse of Thomas Cook, focusing on directors’ stewardship of the company, how much they were paid and how its accounts were prepared and signed off by auditors.’

The Guardian, 26th September 2019

Source: www.theguardian.com

Lord Sales at the Anglo-Australasian Law Society, Sydney – Supreme Court

Posted September 6th, 2019 in climate change, company directors, environmental protection, speeches by tracey

‘Directors’ duties and climate change: Keeping pace with environmental challenges.’

Supreme Court, 27th August 2019

Source: www.supremecourt.uk

Shareholder Disputes in Sport – 4 New Square

Posted August 1st, 2019 in company directors, company law, news, shareholders, sport, unfairly prejudicial conduct by sally

‘As the law of unfair prejudice in the conduct of companies’ affairs has developed, sports clubs (particularly football and rugby clubs) have proved to be fertile sources of disputes between shareholders. In this article, we examine unfair prejudice petitions which have concerned the sports sector to look at the effects of those decisions and at what we can learn not just about the sorts of shareholder disputes which arise in sports clubs but also what we can learn from those decisions and apply to shareholder disputes in other contexts.’

4 New Square, 24th July 2019

Source: www.4newsquare.com

Divorcee granted injunction against ex-husband’s holding company – OUT-LAW.com

Posted July 26th, 2019 in company directors, contempt of court, divorce, enforcement, families, financial dispute resolution, injunctions, news by tracey

‘he High Court in England has granted an injunction against the holding company to which a wealthy Russian businessman transferred ownership of a luxury yacht in order to avoid enforcement of a £500 million divorce settlement, preventing the company from moving the yacht from where it is docked in Dubai.’

OUT-LAW.com, 24th July 2019

Source: www.pinsentmasons.com

Koza Ltd & Anor v Akcil & Ors [2019] EWCA Civ 891 – Hardwicke Chambers

Posted July 3rd, 2019 in company directors, expenses, freezing injunctions, news, undertakings by sally

‘The first Appellant/Claimant (‘Koza Ltd’) was a company incorporated in England and Wales, of which the Second Appellant/Claimant, ‘Mr Ipek’ was sole director. Koza Ltd was incorporated in March 2014 and capitalised with £60 million provided by the Respondent/Defendant (“Koza Altin”), its parent and 100% owner, to undertake mining operations outside Turkey.’

Hardwicke Chambers, 27th June 2019

Source: hardwicke.co.uk

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