The UK limited partnership (“LP”) is the standard structure for European private equity and venture capital funds. The LP in the UK is regulated by the Partnership Act 1890 and the Limited Partnerships Act 1907. Given that these statutes have not changed a great deal in the 100 years since they were enacted, the law surrounding LPs needs to be brought into the 21st Century.
Further to our recent update on the online filing regime for employee benefit schemes, HMRC’s ERS online service has encountered some technical difficulties – meaning that some people were unable to submit the required returns by 6 July.
On 10th January 2015 EU Regulation 1215/2012 (“the Recast Regulation”) comes into force across the EU. The Civil Jurisdiction and Judgments (Amendment) Regulations 2014 make provision for the adoption of the Recast Regulation in the UK. In Scotland, changes to the Rules of Court are expected and are being considered by the Scottish Civil Justice Council in order to give effect to the new law.
The business decisions we take with the best of intentions sometimes have unexpected consequences. That does not mean that we should not have made those decisions, but it does mean that, in hindsight, we may have chosen to do things differently.
Perhaps one of the more surprising announcements made by George Osborne during the Budget last week was that a new national minimum living wage will be introduced from April 2016. The national living wage will be set at £7.20 per hour and is expected to increase to £9 by 2020. It will be payable to those aged 25 and over.
Being involved in a distressed business is invariably stressful for all involved. Time is often at a premium and for directors and shareholders, the issues can sometimes seem overwhelming. Lenders and creditors may be supportive or may be hostile. It is always necessary to understand and balance competing interests.
In Scotland, personal insolvency may be constituted by either Sequestration or by the signing of a Trust Deed, which ideally should become protected. Sequestration is the equivalent of bankruptcy in England, whereas a PTD (Protected Trust Deed) mirrors the informal aspect of an IVA (Individual Voluntary Arrangement).
Insolvent liquidation is a process by which the affairs of a company are placed in the hands of an insolvency practitioner with a view to the realisation of the assets of the company for the benefit of creditors. Almost invariably, liquidation is a step towards ending the existence of the company.
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