Reforms to limited partnership law move a step closer
The Government has announced plans to reform limited partnership law to combat concerns that some limited partnerships are used as vehicles for criminal activity. As reported in May 2018, the Department for Business, Energy and Industrial Strategy (BEIS) published a consultation last year seeking views on proposals to reform the law of limited partnerships (LPs). […]
Findings of the review into the FRC have been published
The Government has published the final report of the independent review led by Sir John Kingman into the Financial Reporting Council. Just before Christmas the Government published Sir John Kingman’s independent review of the Financial Reporting Council (FRC). The review puts forward broad proposals for a new organisation with a new mandate, clarity of purpose, […]
Can unlawful dividends be re-classified as salary?
In the recent case of Global Corporation Limited v Hale [2018] EWCA Civ 2618, the Court of Appeal considered whether payments to the director and shareholder of a company must be repaid on the basis that they constituted unlawful dividends pursuant to section 830 of the Companies Act 2006. The court confirmed that the legality […]
AIM Rules for Companies: public censure and fine for breaches of Rules 11 and 31
The London Stock Exchange has published a disciplinary notice in relation to the public censure and fine of Bushveld Minerals Limited for breaches of Rules 11 and 31 of the AIM Rules for Companies. On 7 December 2018, the London Stock Exchange (LSE) announced that Bushveld Minerals Limited had been publicly censured and fined £700,000 […]
The hurdles to invoice discounting have been removed
The Business Contract Terms (Assignment of Receivables) Regulations 2018 are now in force. These regulations mean that parties entering into a contract on or after 31 December 2018 may no longer be able to prohibit the assignment of sums payable under the contract. In effect, this means that one party to a contract cannot prevent […]
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Shearman’s revenue closes in on $1bn barrier
Shearman & Sterling’s global turnover increased by 5 per cent over 2018, though the pace of growth has fallen behind some of Shearman’s US peers who have all reported double-digit gains this year. Turnover at Shearman rose to $955.5m in 2018, an increase of 4 per cent. This followed the addition of just $5m to […]
Addleshaws’ senior partner faces fresh challenge in firm elections
Addleshaw Goddard’s senior partner Charles Penney faces a challenge to his bid for another term, with another contender stepping forward to take on the role. Penney, who is seeking a second term in the top job, will run against contender Michael Leftley, who heads the employment, incentives & immigration group in London. Leftley has been […]
Ashfords and Boyes Turner walk away from £60m merger
South-West pair Ashfords and Boyes Turner have backed away from a merger that would have created a firm with around £60m in turnover. The firms revealed last December that their tie-up would go live on May 1, trading under the name Ashfords. That firm was by far the bigger party, generating £42.2m in 2017/18. Yesterday […]
DWF borrowings skyrocket to nearly £60m ahead of IPO
With the firm just weeks away from listing on the London Stock Exchange, DWF has revealed its borrowings increased by 43 per cent over 2017/18 to nearly £60m. According to its LLP accounts, DWF’s borrowings rose from £41.5m to £59.2m between April 2017 and April 2018. The figure is understood to be one of the largest […]
Charles Russell Speechlys snares partner duo for arts law foray
Charles Russell Speechlys is launching a new practice aimed at capturing the legal issues surrounding the art market on an international level. The practice, which will advise market players including dealers, collectors, gallery owners and artists themselves, will be spearheaded by partners Tim Maxwell and Rudy Capildeo, who will join the firm in April from London-based […]
Reed Smith’s recovery continues as turnover rises 5 per cent
Reed Smith’s global revenue has risen for the second consecutive year, exceeding levels recorded in 2015 for the very first time. Despite the 5 per cent uptick, the firm’s revenue continues to be around the $1.1bn mark. Over 2018, Reed Smith’s turnover increased from $1.119bn to $1.175bn. This compares to Reed Smith’s financials four years ago […]