If your company owes money to a creditor, and you haven’t responded to their requests for payment, they might send you a Statutory Demand. This is not a formal court document, but if you ignore it the next step could be a Winding-up Petition. Why would they send a Winding-up Petition? A creditor might choose to […]
“Help! I’ve received a Winding-up Petition.” Read More »
It can be stressful when you find yourself involved in a business dispute, especially if you’re a partnership or SME. As business solicitors, we’ve resolved all sorts of business disputes. Here are some of the self-help measures you can take to avoid business disputes in the first place. Draw up proper agreements A small business is
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If you’ve received a Section 16 letter, it means your conduct as a director has been investigated by the Insolvency Service working on behalf of the Secretary of State, and they obviously think there’s a case to answer. It will be headed something like: ‘This is a letter pursuant to Section 16 of the Company
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The court will not interfere in the matters of commercial judgment. Rather, the law looks at ‘unfair prejudice’. It difficult to claim something is unfair when all shareholders are treated equally. But if some or all members are treated differently, it can lead to a shareholder dispute. https://vimeo.com/794181745 You might be wondering about the different types
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If you are a director of a limited company, you have a legal responsibility to be competent and honest. Businesses, consumers, and the Insolvency Service, rightly expect you to: Supply goods and services that have been paid for Keep proper company accounting records Send regular accounts and returns to Companies House Pay any tax your
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Shareholders can find themselves in dispute when one wishes to exit the business, the working relationship has broken down, or because another shareholder simply isn’t pulling their weight. Here’s a common chain of events when you’re involved in a shareholder dispute. You and your fellow shareholder might have started out as friends, so you might first
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When you’re dealing with director disqualification, it’s important to use a solicitor who specialises in the subject. Don’t try to do it yourself, or things could go even more horribly wrong. But how do you decide which are the best director disqualification solicitors to appoint? This article explores some of the things you should consider before you
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When you first set up your shareholder agreement, you probably never imagined that anything would ever go wrong. Sadly, life isn’t like that, and there can be many bumpy relationships and hurdles along the road. For example, the majority shareholder might start diverting business to another company in which they hold an interest, so you miss
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“Only when the tide goes out do you discover who has been swimming naked” (Warren Buffett)” No matter how large or small your business, no one can ignore the consequences of fraudulent activity; which can have a devastating effect on an entity’s ability to trade. The number of frauds recorded by police has risen by
Case Study 1 (Business fraud) We were asked by a firm of accountants to speak to their client, a large limited company within the pharmaceutical sector. The in-house cashier and bookkeeper had misappropriated company funds but because of his position of trust and the large turnover of the business, the fraud had for many years
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