On 26 August 2018 the Government announced new rescue measures and reforms which will aim to strengthen corporate governance and the insolvency regime for companies in financial distress.
The objective of the new measures is to establish a fairer balance between the rights of a company attempting rescue and the rights of its creditors seeking to be paid for the company’s debts.
Have you written off any invoices in your accounts in the last 6 years or obtained a Judgment against a debtor and not yet enforced it as there did not appear to be anything to enforce against at the time? Have you looked to see whether your aged debtors financial positions appear to have improved?
It has been a very active few years with a Valuation Officer arguing all the way to the Supreme Court that a property should not be reassessed for business rates when redevelopment works were being undertaken and preventing occupation, because the property was capable of being put back into the state of repair and occupied position at the material assessment date.
The Pre-Action Protocol for Debt Claims has now been approved and included into the First Supplement of the 2017 edition of the Civil Procedure Rules. It is due to come into force on 1 October 2017 and will affect how companies recover unpaid debts from individuals. It does not apply to business-to-business debts unless the debtor is a sole trader. Now is a good time to revisit your internal credit control process and terms of business.
For many people, their property is the most valuable asset they own. Yet, how many of us can say that we have taken steps to protect this asset? Property fraud is on the rise, and the tactics that fraudsters use are becoming increasingly more sophisticated. Prevention is better than cure.
With the introduction of the ‘rights to rent’ in February last year, private landlords must carry out checks to ensure that their tenants have the right to rent in the UK.
There are many obligations placed upon landlords, to the extent that some people might say Landlord and Tenant legislation has gone too far, especially when a rogue tenant comes across your path. Being a landlord can sometimes be an uneasy job.
While we still await the overhaul of the Insolvency legislation, the Enterprise and Regulatory Reform Act (ERRA) 2013 (Commencement Number 9 and Saving Provisions) Order 2016 has been passed, bringing into force Section 71 of the ERRA 2013 on 6 April 2016.
As of 1 February 2016, private landlords must check the right of prospective tenants to be in the country before a tenancy is offered. If a prospective tenant does not have the right to be in the UK and a tenancy is offered to them, the landlord could face a hefty £3,000 fine.
Recent surveys reported on in local and national press show that late payers are still prevalent and are the cause of cash flow problems affecting the growth and stability of many businesses.
It is therefore as important as ever, even with signs of economic growth and stability, for businesses to stay on top of their game when it comes to collecting in the cash.
In recent years we’ve seen a trend of more and more people working from home. But did you know that in the case of rented property, this can change the legal relationship between the landlord and tenant, from a residential tenancy to a business one?
From October 2015, a number of changes come into effect regarding the Deregulation Act 2015, particularly Section 21 notices and landlords’ additional responsibilities to assured shorthold tenants.