The Registry Trust, the agency responsible for recording judgment information, has reported sharp increases in both English business and consumer debt. Indeed, so far as consumer debt is concerned, the amount of consumer debt is the highest since current records, dating back to Q1 2005, began.
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?
As you should know, data protection law in the UK is changing on 25th May 2018 with the General Data Protection Regulations (the GDPR). Our GDPR hub has lots of useful information in relation to this. With fines of up to 20 million euros or 4% of annual worldwide turnover (whichever is greater), it is important that employers get this right.
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