When you first set up your shareholder agreement, you probably never imagined that anything would ever go wrong. Sadly, life isn’t like that, and there can be many bumpy relationships and hurdles along the road. For example, the majority shareholder might start diverting business to another company in which they hold an interest, so you miss […]
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“Only when the tide goes out do you discover who has been swimming naked” (Warren Buffett)” No matter how large or small your business, no one can ignore the consequences of fraudulent activity; which can have a devastating effect on an entity’s ability to trade. The number of frauds recorded by police has risen by
Case Study 1 (Business fraud) We were asked by a firm of accountants to speak to their client, a large limited company within the pharmaceutical sector. The in-house cashier and bookkeeper had misappropriated company funds but because of his position of trust and the large turnover of the business, the fraud had for many years
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What is meant by director disqualification? A disqualification order is made under the Company Directors Disqualification Act 1986 by the Court. The Act applies to a person who has been formally appointed as a director and so to someone who has carried out the functions of a director and to shadow directors. What is a
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Companies can fail for a variety of reasons and there are times when honest and hard-working individuals find they can no longer trade out of their difficulties. However, creditors are understandably disgruntled when one company falls into liquidation and the second company seemingly starts up overnight with the same directors but importantly with no obligation
“Like a Phoenix Rising from the Ashes” Read More »
“A person with an enterprising attitude says, ‘Find out what you can before action is taken.’ Do your homework. Do the research. Be prepared. Be resourceful. Do all you can in preparation of what’s to come”. Jim Rohn Entrepreneurs are by necessity energetic people. They strive to make things happen fast. If they have a
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Central London law firm Summit Law LLP has retained its national Law Society’s law management quality mark, Lexcel. Lexcel is developed specifically for the legal profession. It is an optional, recognised accreditation scheme for law firms which gives assurance that a practice meets high client care and business management standards. To gain and retain Lexcel
Summit Law LLP secures top accolade from national Law Society(1) Read More »
Introduction So you did some work for a client in Madrid and you are based in England. In the event of non-payment, how do you recover the sum due to you under your invoice for professional accountancy services provided? Prior to the regulations referred to below, if a small business or consumer needed to recover
“POST BREXIT – HOW DO I RECOVER A DEBT FROM A CLIENT IN EUROPE?” Read More »
The biggest risk area is around contracts, particularly in the SME sector, where businesses may not have the resources to pursue a costly claim. The warning comes after a change to LASPO that came into force in April which now means that businesses are unable to insure their costs in the event of collapse to
Encompass Corporation LASPO Survey on Insolvency Read More »
In late 2014 Summit Law LLP was approached by a client. He was a young man, just 18 at the time and unfortunately his father had died. Our client was distressed. After his father’s death a Will materialised leaving a small legacy to him and other small legacies to friends and other family of the
