Is this email not displaying properly? View online  

 

       
 







EMW
 
 
NEW LEGISLATION UPDATES

 



New consent to act requirement in the Companies Act  
This new requirement means that companies should ensure consent to act has been obtained from directors and secretaries prior to their appointment.  Read more

Amendments to limited partnerships law for private equity investments  
HM Treasury has consulted on proposed amendments to the Limited Partnerships Act 1907 to remove unnecessary legal complexity and administrative burdens for UK limited partnerships that are non-FCA authorised collective investment schemes constituted by an agreement in writing.  Read more

Small Business, Enterprise and Employment Act  
Certain provisions of the SBEE Act came into force on 10 October and some implementation dates have been pushed back.  Read more

Modern Slavery Act 2015
Companies with an annual worldwide turnover in excess of £36 million that supply goods or services and which carry on business in whole or in part in the UK (the "Conditions") need to comply with the Modern Slavery Act 2015. The relevant provisions came into force in October 2015. Companies that satisfy the Conditions are required to disclose at the end of each financial year the steps they have taken to address slavery and human trafficking. The disclosure statement must be approved by the board of directors of a company or by all members of an LLP and signed and must be posted on the entity's website. The government has published guidance (issued under section 54 of the Modern Slavery Act) called “Transparency in Supply Chains etc. A practical guide”,  which sets out the basic requirements of the legislation and provides advice on what can be included in the disclosure statement to give assurance to those scrutinising the statements.



Joint and several liability of partners   
The Court of Appeal held both partners in a limited partnership jointly and severally liable for the breach of fiduciary duty of one of the partners who had acted for a buyer and a seller on a property transaction.  Read more

Construction of MAC clause in SPA   
The Court held that revisions to a target company's profit forecasts during the period between exchange and completion did not trigger a material adverse change clause in a share purchase agreement.  Read more

Strict compliance with SPA requirements for valid warranty claim notice   
Following the sale of a target company, the buyer wrote to the seller twice within the warranty claim notification period regarding employment law claims against the target's subsidiary, however, that correspondence was held not to be a valid warranty claim notice within the share purchase agreement definition.  Read more

EIS reinvestment relief denied where the EIS company had multiple purposes   
The tribunal found that although the EIS company carried on a qualifying trade for the purposes of the enterprise investment scheme, it also existed for other purposes that were neither an integral part of, nor incidental to, that trade and did not qualify under the scheme.  Read more

WHAT WE'VE BEEN UP TO...
We've had a busy year, successfuly completing a number of deals. here's a summary of some of the deals we've recently completed: 

  • We advised the shareholders of Automated Technology Group Holdings Limited on the sale of the company to Wood Group.
  • We advised serial pharmaceutical entrepreneur Dr Dallas Burston on the sale of Northamptonshire pharmaceutical group DB Ashbourne, to Ethypharm, the French pharmaceutical multinational. 
  • We assisted the Burcote Wind Hotbed Limited Partnership in its new joint venture relating to four wind farm sites in Scotland. The agreement saw an Italian renewables business invest in 4 of Burcote's projects. The advice centred on the exclusivity, funding, development and option agreements between the parties for the joint venture.


SEMINARS

Employment seminar: Tuesday 10th November and Thursday 12th November. Visit our website for more information and to book your place. 


READ MORE
Corporate
 Newsletter 
Summer 2015    Read more

Employment Newsletter 
Autumn 2015      Read more


CONTACT US
The information contained in this update is for general information purposes only and should not be relied on in isolation without seeking further legal advice that is specifically applicable to your circumstances. For such advice please contact Simon Arkell.

EMW LAW
 
 

Copyright © 2015 EMW

 If you no longer wish to receive this newsletter click here