|
The recent credit crunch has made the threat of insolvency a real one – bringing director’s responsibilities under the spotlight. Unsuspecting directors stand to lose much more than just their position in a company.
The Insolvency Act 1986 (“IA 86”) and the subordinate legislation that accompanies it (the Insolvency Rules 1986) is the basis of insolvency law in the UK. Two further statutes - The Insolvency Act 2000 (“IA 2000”) and The Enterprise Act 2002 (“EA 2002”) - have brought about significant changes to this landscape, the first having altered the company voluntary arrangement (CVA) procedures in relation to small companies whilst the second, has had a huge impact on the position of secured and unsecured creditors and altered the administrative receivership regime. In an attempt to remove the stigma associated with insolvent companies, the EA 2002 has also introduced the concept of ‘rescue culture’. So what does this all mean for directors?
|
|
Read more... [Director's Responsibilities - May be criminal to ignore!]
|
|
|
With the “Credit Crunch” slowing the economy it is an appropriate time to consider the liability of Directors for what is usually described as “Wrongful Trading”.
When a Company goes into insolvent liquidation the Court has power, on the application of the Liquidator, to declare that a person who is, or was, a Director of the Company, is to be liable to make a contribution to the Company’s assets (Section 214 of the Insolvency Act 1986).
|
|
Read more... [Directors Liabilty for Wrongful Trading]
|
|
The Valuation Office Agency (VOA) is responsible for assessing all non-domestic and business property and giving each one a rateable value. Rateable values are provided to local authorities, which use them as the basis for the calculation of business rate bills. If you own business property that is currently empty, it will probably already have a rateable value, assessed by the VOA.
Previously, most types of empty property were subject to rates at 50% of the normal charge. The charge is levied by the local authorities.
|
|
Read more... [Changes to Empty Property Rates]
|
|
|
What are they and who needs one?
The Kyoto Protocol became a legally binding treaty on 16 February 2005. It is an international agreement setting targets for industrialised nations to cut green house emissions - to which the EU is a party. The Protocol has found its way into domestic UK Law in the form of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 as amended, and The Home Information Pack (No 2) Regulations 2007.
An Energy Performance Certificate (“EPC”) is at its simplest, a document setting out a building’s energy rating, much like you have on electrical appliances like fridges and washing machines. It is accompanied by a recommendation report suggesting ways in which to improve the energy efficiency of a building and is required whenever a property is constructed, sold or let.
|
|
Read more... [Commercial Energy Performance Certificates (Commercial EPCs)]
|
|
Energy Performance Certificates (EPCs) - How they may effect Landlords and Tenants.
A copy of the EPC must be provided free of charge by a Landlord. However, the cost of producing the EPC may be recoverable where it is produced by a landlord for the benefit of a whole building. The Lease must be drafted in a clear manner to achieve this and a by product of the EPC regulations may be a move towards a more ‘greener’ form of lease?
|
|
Read more... [The Green Lease]
|
|
|
|
|
|
|
Page 1 of 3 |
Legal Updates
