What is a Directors’ Service Contract?
Directors’ service contracts have an important function for companies. Not only are they are used to define the role, responsibilities and remuneration of the company’s directors, they also provide key legal protections to safeguard the interests of the business. Since directors are the most senior employees in the company, the directors’ service agreement is used […]
Winding Up a Company
If you’re a business owner looking to wind up your limited company because it can’t pay its debts, or a creditor wanting to petition for a winding up order because a company owes you money that it can’t repay, the following guide will help you to navigate the legal process. Sometimes winding up a company […]
Money Laundering Reporting Officer Responsibilities
What is a Money Laundering Reporting Officer? The Money Laundering Reporting Officer (MLRO) is the person in an organisation who is nominated to receive disclosures from employees within the firm regarding suspected money laundering. Sometimes known as the ‘nominated officer’, the MLRO is then responsible for deciding whether to report these concerns to the National […]
Buying Business Premises
If you are considering buying business premises there are many financial, practical and legal aspects that you might want to consider before climbing onto the commercial property ladder. Below we examine some of the advantages and disadvantages of buying business premises, as against the alternative of leasing commercial property. We will also look more closely […]
Disqualification of Directors Rules
A company director may face disqualification if they are found to have failed to fulfil their legal responsibilities by participating in unfit conduct, or wrongful or fraudulent trading. Common grounds for director disqualification could include: Failure to maintain proper accounting records for the company Permitting a company which is unable to pay its debts […]
What is Insolvency?
When financial hardship hits your business, and you are forced to consider closing down, working out what to do next can be overwhelming. Understanding the fundamentals behind what insolvency is, what the process entails and what it means for the future of your business can help you to navigate this complex situation. What does […]
What is the Role of the Company Secretary?
All UK public companies require a company secretary by law, under the Companies Act. Private limited companies however are not required to appoint a company secretary, however the directors may still choose to do so, as there can be many practical benefits to the organisation of having a dedicated individual in this role. Many important […]
Restoring a Company to the Register
There are two processes for restoring a company to the Register, either by Court Order or by ‘administrative restoration’ under section 1024 of the Companies Act 2006. The appropriate route will be determined by a number of factors. Restoring a company to the register by way of administrative restoration requires certain eligibility criteria to be met […]