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Monthly Archives: January 2012
Independent Schools and Public Benefit
Independent Schools and Public Benefit
Summary: Guidance issued by the Charity Commission following the introduction of a public benefit test under the Charities Act 2006 suggested that many Independent Schools would not meet the test’s requirements. Last year this guidance was challenged by the Independent Schools Council through Judicial Review. The ruling in this case, given in October 2011, provides an interesting insight into the charitable position of Independent Schools. Richard Monkcom, Head of Druces’ Private Client team considers the guidance
Relevant to: Independent Schools and Charities
Private Client Briefing Note – Independent Schools and the Public Benefit Test (Jan 2012)
Posted in Briefing Notes, Private Client Briefing Notes
Tagged charities, charity commission, charity law, law, private client, public benefit, richard monkcom, schools
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Inheritance Tax and Charitable legacies
Inheritance Tax and Charitable legacies
Summary: Legacies to charities are currently exempt from inheritance Tax (IHT). From the new tax year onwards they may carry the additional benefit of reducing the IHT rate payable on a deceased’s estate from 40% to 36%. Richard Monkcom, Head of Druces’ Private Client team, reviews the new rules
Relevant to: Individuals considering ways in which their tax bill may be reduced on death and those interested in leaving money to charity.
Private Client and Tax Briefing Note, Inheritance Tax and Charitable Legacies
Posted in Briefing Notes, Private Client Briefing Notes, Tax Briefing Notes
Tagged charities, charity commission, charity law, IHT, inheritance tax, law, private client, richard monkcom, tax
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Mortgage Express v Martin: permission to appeal out of time
Mortgage Express v Martin: permission to appeal out of time
Summary: The Court of Appeal dismissed an application made by the Claimant for an extension of time for appealing and for permission to appeal out of time. The Court of Appeal held that the Defendant, who was of relatively modest means, had the right to expect the Claimant, a substantial organisation, to abide by the Court’s rules and cited the parties’ differences in means, and the overriding objective of dealing with cases justly, as grounds for refusal. Please speak to Julian Johnstone, head of Druces’ Litigation and Dispute Resolution team for more information
Relevant to: Litigants
Litigation Dispute Resolution Briefing Note: Mortage Express v Martin (Jan 2012)
Posted in Briefing Notes, Dispute Resolution Briefing Notes
Tagged appeal, civil procedure, court, court of appeal, dispute resolution, extension of time, julian johnstone, law, litigation, mortgage express
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A warning for charities and testators, Ilott v Mitson
A warning for charities and testators, Ilott v Mitson
Summary: It used to be the case that where an adult child of a deceased lived independently and was not in financial need, they would be unable to make a successful claim for reasonable financial provision where they had been left out of a Will. This position has been challenged by the ruling in Ilott v Mitson [2011]. In this case, the Court of Appeal held that the adult daughter of the deceased was to receive a share of her estate, despite a clear letter of wishes left with the deceased’s Will explaining why she had excluded her daughter.
The case also provides valuable guidance for individuals who are considering leaving a legacy to charity as the court examined the testator’s connection to her chosen charitable beneficiaries in this case. Please speak to Richard Monkcom, Head of Druces’ Private Client team for further information
Relevant to: Individuals considering excluding an adult child from their Will or leaving a legacy to charity
Private Client Briefing Note – A Warning For Charities And Testators, Ilott v Mitson (Jan 2012)
Posted in Briefing Notes, Private Client Briefing Notes
Tagged appeal, charities, charity law, civil procedure, court, court of appeal, dispute resolution, estate, ilott, law, legacy, litigation, mitson, private client, richard monkcom, will
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Government shelves proposals to change law in relation to pre-pack sales
Government shelves proposals to change law in relation to pre-pack sales
Edward Davey MP has confirmed that the Insolvency Service has decided not to implement changes to the law regarding pre-pack administrations having consulted on proposals to introduce new legislative measures.
This is the conclusion of a lengthy consultation which caused disquiet amongst many insolvency practitioners, who considered the proposals to change the legislation were misguided, in particular the suggestion that creditors should have three day’s notice of a pre-pack administration. The inference from the proposals was that the Government believed a creditor would have the time to apply to court for an injunction during the proposed three day period.
However, Edward Davey MP today acknowledged that while concerns remained about the use of pre-pack sales, the merits of the current process outweighed the drawbacks of changing the regime. He said: “The Department of BIS have discussed the merits and practical application of the proposed measures with a range of interested parties, including secured and unsecured creditors, IPs and business representatives.
Having taken account of all the issues, the government is not convinced that the benefit of new legislative controls presently outweighs the overall benefit to business of adhering to the moratorium on regulations affecting micro-business which is an important part of this government’s deregulatory agenda.”
For further information please contact Richard Baines Head of Druces’ Business Turnaround, Restructuring & Insolvency team
Posted in News and Comment
Tagged administration, insolvency, insolvency service, law, pre-pack, restructuring, richard baines, turnaround
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Severing Joint Tenancies of Property
Severing Joint Tenancies of Property
Summary: Where two or more persons own a property together, they may be joint tenants or tenants in common. When a co-owner of property dies, the nature of their ownership determines how the deceased’s ‘share’ is treated after death. In the case of a joint tenancy, the surviving co-owner will own the entire property. Under a tenancy in common, the deceased’s ‘share’ in the property will pass to the beneficiaries of his or her estate. The case of Quigley v Masterson [2011] serves as a useful reminder of the importance of severing a joint tenancy effectively where it is intended that the deceased’s ‘share’ in the property is to pass to the beneficiaries of his or her estate. Richard Monkcom, Head of Druces’ Private Client team, examines the Court’s decision
Relevant to: Individuals who wish their property to pass under their Will
Private Client & Property Briefing Note – Severing A Joint Tenancy (Jan 2012)
Posted in Briefing Notes, Private Client Briefing Notes, Property Briefing Notes
Tagged charity law, co-owner, court, dispute resolution, joint tenancy, litigation, masterson, notice, private client, property, quigley, richard monkcom, sever, tenant in common, will
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Do you have an iWill?
Do you have an iWill?
Summary: From email accounts to music and photographic collections and social networking profiles, many individuals now have a Digital Estate, perhaps without even realising it. Unlike physical assets of sentimental or monetary value, it is easy to overlook what happens to your Digital Estate when you die. Unfortunately the law in this area is underdeveloped. Therefore if you do not make plans, the access your loved ones have to parts of your Digital Estate is often dependent on the individual policy of the company which holds the relevant information. Richard Monkcom, head of Druces’ Private Client team, examines the issues in our briefing note below
Relevant to: Persons who store information and data electronically or have an online presence
Private Client Briefing Note: Do You Have An iWill (Jan 2012)
Posted in Briefing Notes, Private Client Briefing Notes
Tagged digital estate, estate, law, private client, richard monkcom, will
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Residential Tenancy Deposit Schemes
Residential Tenancy Deposit Schemes
Summary: Residential Landlords are required to place tenancy deposits in approved tenancy deposit schemes. Failing to do so can lead to financial and other penalties. A landlord will not be able to serve a section 21 notice (to recover possession of its property) at a time when the deposit is not being held in accordance with a TDS or the initial requirements of such a scheme have not been complied with. A landlord can be ordered to pay the tenant a penalty sum up to three times the amount of the deposit if it is in breach of the scheme. Speak to Karli Hiscock or Julian Johnstone of Druces’ Property and Property Litigation teams for further information
Relevant to: Residential landlords and tenants
Property Briefing Note: Residential Tenancy Deposit Schemes (Jan 2012)
Posted in Briefing Notes, Property Briefing Notes
Tagged julian johnstone, karli hiscock, landlord, law, possession, property, property litigation, residential, tenancy, tenancy deposit scheme, tenant
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Office space plan for entrepreneurs
Office space plan for entrepreneurs
The Government is expected today to announce plans for small firms and new enterprises to be offered office space in unused Government buildings at low rent for a year, as part of its aim to make 2012 “the year we get behind Britain’s grafters, doers, hard-workers and entrepreneurs” (UK Press Association). Speak to Susan Perry or Toby Stroh of Druces’ Corporate & Commercial team about the legal services Druces provides to entrepreneurs
Posted in News and Comment
Tagged Corporate & Commercial, enterprises, entrepreneurs, legal services, small firms, Susan Perry
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‘Out of Court’ appointments of Administrators
‘Out of Court’ appointments of Administrators
Following two recent contradictory judgements in the High Court given on the same day, there is further confusion over the correct procedure over the appointment administrators to a company by means of the so-called “out of court” procedure. The problem arises only where there is no debenture holder having a qualifying floating charge (QFC) as the Insolvency Rules (the Rules) are open to different interpretations as to what notices are required to be given by the directors and to whom.
In one case, called National Westminster Bank v Msaada Group, the court decided that the appointment of the administrators was invalid because no prior formal notice of the appointment was given to the parties referred to in Rule 2.20 of the Rules (including the company itself). In the other case, Re Virtualpurple Professional Services Ltd, the judge decide that in a case where there was no QFCH the failure to give notice to the parties referred to in the Rule did not make the appointment of the administrators invalid and went further stating that in such a case there was no need to give the notices specifed in the Rule. In cases where there is a QFC holder the position is clear that notice must be given to the parties referred to in Rule 2.20, including the company itself.
In order to cut through these apparently conflicting judgments and for more information please contact Richard Baines, Head of Turnaround, Restructuring & Insolvency, email: r.baines@druces.com
Posted in News and Comment
Tagged administration, administrators, appointment, court, debenture, director, dispute resolution, high court, insolvency, law, litigation, msaada, national westminster, notice, restructuring, richard baines, turnaround, virtualpurple
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