Figures released by the credit reference agency, Experian, show that companies in the UK paid their bills 1.3 days earlier in the third quarter of 2012 than they did during the same period in 2011. Experian’s late payment index shows that between July and September this year, companies took 24.88 days beyond the agreed terms
When drawing up contracts of sale across different countries it is essential to specify in advance the currency and exchange rate to be used. Confusion over these issues can prove costly, as one firm discovered in a recent case before the Court of Appeal. The case involved the sale of various goods together with industrial
A director has been ordered to pay compensation to his former company after breaching his legal duties. The director, who had been chairman of a credit union business, breached his fiduciary duty when using a loan from the company to purchase a property. The problem arose because he had a separate business interest with a
The Government has begun a public consultation on its plans to clamp down on “binge drinking and alcohol-fuelled antisocial behaviour”. It’s seeking the views of all interested parties including licensees and retailers. The Home Office action plan includes: a ban on multi-buy promotions a review of the mandatory licensing conditions a minimum unit price of
Complying with data protection regulations remains a problem for many companies and organisations. In a recent case, Stoke-on-Trent Council was fined £120,000 after one of its employees emailed sensitive information about a child protection case to the wrong person. An investigation by the Information Commissioner’s Office (ICO) found that the employee breached the council’s guidance
The Government has announced a new blitz on bureaucracy that should see red tape slashed at twice the present rate. Business Minister Michael Fallon said that from January 2013, every new regulation that imposes a financial burden on a company will be offset by reductions in red tape that will save double those costs. Currently
The Government is now finalising its plans to introduce a new employment status next April in which some workers will be able to become ‘employee owners’. The scheme was announced by Chancellor George Osborne on 8th October. The Department for Business, Innovation and Skills (BIS) is now conducting a consultation on the plans which are
A total of 300,000 new businesses have been set up in the UK, according to the latest figures from the Department for Business, Innovation and Skills. The number rose from 4.5million at the beginning of 2011 to a record 4.8million at the start of 2012.Those 4.8 million businesses employ an estimated 23.9 million people and
Rent control is one several ideas being considered by a Commons Select Committee looking into the quality and regulation of rented housing. The committee is inviting interested parties to submit views on issues such as the quality of rented housing and how to ensure that standards remain acceptable. It will look at levels of rent,
The number of firms going out of business reached its highest level for two years in the first quarter of 2012 as the economy hit a “period of stagnation”. Figures released by the financial services firm RSM Tenon showed that more than 400 companies became insolvent every week. This was a 5% increase on the