As featured on Insider.co.uk.
As the clock ticks down to the start of the G7 Summit on 8 June 2018 in Quebec, the leaders of seven of the world’s most advanced economies, consisting of Canada, France, Germany, Italy, Japan, the UK and the US, will meet to try to build consensus and set trends for current challenging issues. Their themes for 2018 are lofty but highly relevant. They include building a more peaceful and secure world, working together on climate change, oceans and clean energy, as well as advancing gender equality and women’s empowerment. Consensus may be hard. Apart from wishing the leaders well in their meetings, what can those of us in business adopt from the G7 practice of negotiations, meetings and summits?
The problem of people holding onto retention monies longer than they should at various levels within the contractual chain on a construction project whether retention held by an employer, a main contractor, or a sub-contractor, has long been a problem in the construction sector. Sometimes this can seriously affect the cash flow of businesses even pushing them to the brink of insolvency and sometimes beyond it.
Scottish Limited Partnership (SLPs) (as well as English Limited Partnerships) are a type of business structure formed under the Limited Partnership Act 1907. Unlike English Limited Partnership, SLPs have separate legal personality meaning they can, among other things, enter into contracts and own property in their own name. It was partly this distinction that resulted in the Persons of Significant Control regime (designed to improve transparency of UK corporate entities) being extended in 2017 to apply to SLPs (but not English Limited Partnerships).
It seems like only yesterday that the nation was gripped by the news of Prince Harry and Meghan Markle’s engagement. The big day has now been and gone, and between the Givenchy dress, the celebrity guests and the usual pomp and circumstance of a Royal occasion, there are still plenty of pictures and commentaries for us all to pore over. Since the engagement it seems there has been no shortage of headlines for this special event, and this is no more so than earlier this year when it came to light that the couple had decided not to enter into a pre-nuptial agreement.
Today the UK Supreme Court will hear the English family law case of Owens v Owens. The Court will be asked to decide whether a woman, Mrs Tini Owens, can divorce her husband, Mr Hugh Owens, despite his refusal to consent to their divorce. Whilst the facts of this case are not extraordinary, they have led to this case reaching the highest Court in the United Kingdom, which is quite unusual.
In January 2009, energy giant SSE started operating the Glendoe Hydro-Electric Scheme. Opened officially by the Queen later that year, the scheme was cited as one of Scotland’s biggest civil engineering projects, capable of generating power for 250,000 homes every 24 hours.
It is estimated that there are 4.8 million family businesses in the UK (Institute for Family Business Report 2017-18), making up 87% of private sector firms in the UK and 92% of private sector firms in Scotland.
Depending on the plans for the business, the principals may well be taking professional advice on succession planning, such as continuity of the business in the event of sudden death or the most tax-efficient way to pass the business on to the next generation etc. But how often is the impact of divorce of one of the partners or shareholders considered?
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