The Business > Resources > OnHand Counsel's The Business: Legal Briefing April 2015
OnHand Counsel's The Business: Legal Briefing April 2015

Dear reader,

In this issue:

A few things you may not have known about the law relating to confidential information


Completion Accounts in acquisitions - what does 'Accounting policies adopted in the Accounts' mean? (Accountants out there may be surprised at this)


Small Business, Enterprise and Employment Act 2015 – more transparency and a whole lot more

In this series of legal briefings I update you about recent developments in corporate or commercial law. Some of these briefings will hopefully resonate with some of you some of the time. I explain some of the context and background law, and perhaps give some specific tips. And maybe ramble or even rant a bit.

A few things you may not have known about the law relating to confidential information


People often ask me to put together confidentiality agreements/non-disclosure agreements (NDAs) for them. I wrote rather a good Ten Top FAQs about confidentiality some time ago.

A recent case is a good example of how the courts can apply the law.

WOULD YOU HAVE GUESSED THE DECISION?


Rating system:
Reading time (1-10 minutes): 3 minutes
Sophistication level (1 (idiot) – 10 (expert)): 7
Entertainment value (1 (turgid) – 10 (side-splitting)): 4

Completion Accounts in acquisitions – what doesAccounting policies adopted in the Accounts’ mean? (Accountants out there may be surprised at this)


Another court decision which would have surprised most businessmen (and their accountants)

READ MORE

Rating system:
Reading time (1-10 minutes): 3 minutes
Sophistication level (1 (idiot) – 10 (expert)): 7
Entertainment value (1 (turgid) – 10 (side-splitting)): 4

Small Business, Enterprise and Employment Act 2015 – more transparency and a whole lot more


The Small Business, Enterprise and Employment Bill received Royal Assent on 26 March 2015.  If you really want to read it, click here

The Act contains a mishmash of provisions, broadly aimed at making it easier to see who actually owns UK companies and increasing trust in UK businesses; simplifying company filing requirements and reducing red tape; making it easier for SMEs to access finance; and reforming bits of UK restructuring and insolvency laws.

It’s all a bit disjointed and dull and there’s too much to go into in detail, but here area few snippets which will have some impact on the transparency front:
  • Companies will have to investigate and put details of who really owns them (people who either on their own or jointly with others control more than 25% of a company’s shares) on a publicly available register. These people will have a duty to disclose their interests for this purpose.
  • Bearer shares are being abolished.
  • Company directors will (probably from October and with possible exceptions which are still being consulted on) have to be real people (previously a company could be a director)
The government has published various fact sheets to provide information on the Act, including in relation to the new company transparency and filing requirements.
All the best,
Andrew James
OnHand Counsel Limited
This newsletter is provided free of charge for information purposes only. It does not constitute legal advice (even if it looks like it does) and should not be relied on as such. No responsibility for the accuracy and/or correctness (I’m not sure what the difference is but that’s what my precedent says) of the information and commentary set out here, or for any consequences of relying on it, is assumed or accepted by OnHand Counsel Limited or by any solicitor, employee or agent of OnHand Counsel Limited, ie particularly me. You have not paid me to provide it to you and I do not owe you any duty of care whatsoever so why should I be liable to you if you go away and do something wrong relying on what I have said in it. If you want to do something and want to rely on my advice, give me some money! Thank you for reading this far.
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