When it comes to the sale of a small business, there are two ways it can be done. You can either sell the business yourself or use an agent. Agents go by several names such as: business transfer agents business sales agents business brokers commercial real estate agents (for selling freehold businesses) etc For larger… Read Article →
Some Agents Have Breached Property Ombudsman Regulations RTA are one of a few Business Transfer Agents – others are National Business Sales, Vendor Direct, Preferred Commercial, Advent, Meridian, Knightsbridge, Turner Butler, Sovereign, Hilton Smythe, Intelligent Business Transfer, Ernest Wilson (not an exhaustive list) – who either call themselves ‘Estate Agents’ or carry out transactions concerning… Read Article →
The Ministry of Justice has published the Pre-Action Protocol for Debt Claims (the “Protocol”), which comes into force on 1 October 2017. The Protocol applies to any business (including sole traders and public bodies) claiming payment of a debt (the “creditor”) from an individual (including a sole trader) (the “debtor”). It does not apply to… Read Article →
HMRC internal manual https://www.gov.uk/hmrc-internal-manuals/vat-supply-and-consideration/vatsc06730 VAT Supply and Consideration Breach of contract. It is also possible for leases and other agreements to terminate early if a particular event occurs such as the customer breaching the terms or the lessee or an associate business calling in receivers. The contract deems that such events cancel its terms or effectively… Read Article →
Timing 4.10 The customers’ identity and where applicable the identity of beneficial owners, must be verified before entering into a business relationship or occasional transaction. You can make an exception to when customer due diligence is carried out on any party to a sale only if both the following apply: ● it is necessary not… Read Article →
On 26 June 2017 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (more commonly referred to as the Money Laundering Regulations 2017) came into force in the UK. These regulations supersede the Money Laundering Regulations 2007 and subsequent amendments. Business ‘Sales’/Business Transfer agents are defined as carrying out Estate Agency… Read Article →
LANDLORDS INVOLVEMENT If you have been visited by one of the ‘Business Sale’ Agents, what the Business Agent may not tell you is that you will need your Landlord’s consent to assign the remainder of the Term on the Lease to any new owner of the Business. The Landlord will want to see References, and… Read Article →
From: http://www.telegraph.co.uk/news/2017/03/04/budget-2017-chancellor-philip-hammond-announce-ban-baffling/ The small print problem is especially bad for financial products, such as insurance. According to one study by Fairer Finance, which applied a little-known formula called the “Flesch Kincaid” reading score to nearly 300 insurers’ documents, a third of all insurance policy documents are written in a language that is only understandable to people… Read Article →
AN UNCONSCIONABLE CONTRACT OR UNCONSCIONABLE CLAIM An unconscionable contract is one that is so one-sided that it is unfair to one party and therefore unenforceable under law. It is a type of contract that leaves one party with no real, meaningful choice. This is usually due to major differences in ‘bargaining power’ between the parties. “Inequality… Read Article →
Further to the RTA v Bracewell High Court case, LOST by RTA, readers should note that Judge Seymour QC used Council Directive 85/577/EC in deciding that Mr Bracewell was not a Consumer; BUT as you can see by the extract below from the actual Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (which came into force on… Read Article →