Legal

5 Reasons to Implement an Employee Benefits Program
Business Advice Human Resources Legal 

5 Reasons to Implement an Employee Benefits Program

TheBizTeam

Gone are the days when businesses only had to provide a wage to attract new employees. They now have to provide much more than just a wage – and this isn’t just to follow the latest business regulations – it’s to stay ahead of their competition. The problem many businesses have today is that their business model doesn’t appeal to new employees. Yes, they may get the odd desperate employee looking for work, but then that employee might not match the motivational needs of the business. Implementing a good employee benefits program is always a good idea for the following reasons.

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Legal 

Purchasing a Business in the UK

Summerfield Browne , , ,

The decision to purchase an established business should never be taken lightly. It is important for any individual involved in the process to be aware from the outset, the extent of work which will be involved, although instructing a business lawyer can ease this burden it will never remove it entirely. The purchase of a business/ company involves many areas of law including employment law, commercial property law, and of course many aspects of company and business law.
One of the key advantages of purchasing an established business is that it can offer greater security. This security is offered through the possibility of a loyal customer base, a business and marketing plan that may already be in place, and also the need for that particular product or service in the market area has already been proven.
However, there are many risks which are often associated with purchasing an established business, one being that it will involve a certain amount of due diligence to be undertaken by yourself, and also your business lawyer.
A key concern for many individuals purchasing a business is that certain contracts/agreements may already be established by the current business owner. These contracts and agreements will range from supply agreements to employment contracts. This will be a key consideration for many individuals purchasing a business, as they may wish to renegotiate the terms of these contracts to make them more suitable for ongoing business requirements. This is something which an experienced business lawyer would be able to advise on, and they should be able to assess whether the existing contracts are burdensome or in your favour, and whether they should be renegotiated.
Once an individual has decided to purchase a business, it will be the responsibility of their business lawyer to ensure that due diligence is undertaken thoroughly to ensure that their client is protected. Due diligence is an important process when purchasing a business, and will involve your commercial lawyer determining if the person/ business has legal title to sell the company/ business, whether they have legal ownership of all the assets, and whether there are any outstanding regulatory or litigation issues which should be addressed.
There are several different avenues for purchasing an established business which include purchasing the assets of the company, or alternatively purchasing the shares in the company. You should take tax advice on which structure will be the most tax efficient. Tax is one of the main factors/ considerations in determining which structure is the most suitable

Summerfield Browne Solicitors have offices in London, Birmingham, Cambridge, Oxford, Northampton and Market Harborough, Leicester. read more

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Legal 

Winding up Commercial Companies in UK business law

Summerfield Browne

‘Winding up’ is a more colloquial term for the liquidation process which a company may go through. Liquidation varies depending on the status of the company i.e. limited company or partnership. There are also several variants of liquidation which include the process of voluntary liquidation and compulsory liquidation.
Compulsory liquidation will often occur in the form of a winding up petition. A winding up petition can be brought against a company, and is a useful tool often employed by business lawyers to threaten payment of an uncontested debt. To apply for a winding up petition the company whom you are seeking the order against must owe you more than £750, and you must be able to demonstrate to the Court that it is uncontested, and that the debtor is unable to repay the debt as it falls due.
If a winding up petition is granted then a liquidator may be appointed who may sell the company’s assets, and once realized, any surplus funds resulting from the sale may be repaid to creditors and shareholders, providing there are sufficient funds. A risk with winding up a company is that there may be numerous secured and unsecured creditors, meaning that an unsecured creditor or shareholder may not receive all/ any of the money owed.
The requirement to successfully demonstrate to the Court that the company is unable to pay its debts, although apparently simple is often more complicated. It is not just an ordinary debt, there must be a statutory demand or a court judgement in place. Once the court receives your petition for winding up the company, they will set a date for a court hearing. If the petition is granted, then the Court will order the winding up of the company. The Court will then appoint an official receiver who will have the responsibility for following the liquidation protocol. The receiver will then begin the process of realizing the company’s assets and generating money which will be used to repay the individual who brought the petition and any other creditors who claim a debt from the company.

There is also the possibility that directors/ shareholders of a company may voluntarily wind up a company. In this event, the shareholders will appoint an authorised insolvency practitioner to act as a liquidator. If you already have instructed a business lawyer, then they will usually be able to recommend an insolvency practitioner. The appointed insolvency practitioner will then take control of the company, and the shareholders will no longer have any control over the company or any of its assets, nor will they be able to act on behalf of the company in any capacity whatsoever.
If a company is dissolved, and an individual wishes to restore it to the company register, perhaps because they are an outstanding creditor, then this may be possible in certain circumstances. There is a limitation period of six years in which to restore a company to the company register, from the time it was struck off the register.

Summerfield Browne Solicitors have offices in London, Birmingham, Cambridge, Oxford, Northampton and Market Harborough, Leicester. read more

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Legal Trade UK TAX 

Britain’s EU referendum

TheBizTeam

On Thursday 23 June 2016 the EU referendum took place and the people of the United Kingdom voted to leave the European Union.

This page contains government information on the EU referendum. No material was published on this page between 27 May and 23 June 2016, in line with the restrictions set out in the Political Parties, Elections and Referendum Act 2000.

Prime Minister David Cameron gave a statement in the House of Commons on yesterday’s European Council.

With permission, Mr Speaker, I will make a statement on yesterday’s European Council.

This was the first Council since Britain decided to leave the European Union.The decision was accepted and we began constructive discussions about how to ensure a strong relationship between Britain and the countries of the EU.

But before the discussion on Britain, there were a number of other items on the agenda. Let me touch on them briefly.

On migration, the Council noted the very significant reductions in illegal crossings from Turkey to Greece as a result of the agreement made with Turkey in March. But it expressed continued concern over the central Mediterranean route and a determination to do all we can to combat people smuggling via Libya.

Britain continues to play a leading role in Operation Sophia with HMS Enterprise. And I can tell the House today that Royal Fleet Auxiliary Mounts Bay will also be deployed to stop the flow of weapons to terrorists, particularly Daesh, in Libya.

On NATO, Secretary General Stoltenberg gave a presentation ahead of the Warsaw summit and the Council agreed the need for NATO and the EU to work together in a complementary way to strengthen our security.

On completing the single market, there were important commitments on the digital single market, including that EU residents will be able to travel with the digital content they have purchased or subscribed to at home.

And on the economic situation, the President of the European Central Bank (

ECB) gave a presentation in the light of the outcome of our referendum.

Private sector forecasts discussed at the Council included estimates of a reduction in eurozone growth potentially between 0.3% and 0.5% over the next 3 years. One of the main explanations for this is the predicted slowdown in the UK economy, given our trade with the euro area.

President Draghi reassured the Council that the ECB has worked with the Bank of England for many months to prepare for uncertainty, and in the face of continued volatility our institutions will continue to monitor markets and act as necessary.

Mr Speaker, returning to the main discussions around Britain leaving the EU, the tone of the meeting was one of sadness and regret. But there was an agreement that the decision of the British people should be respected.

We had positive discussions about the relationship we want to see between Britain and our European partners, and the next steps on leaving the EU, including some of the issues that need to be worked through and the timing for triggering Article 50

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