A husband and wife who tried to buy a business have lost their £40,000 deposit after the High Court ruled they could not claim a refund when the deal fell through. The couple wanted to buy a waste collection company. They were introduced to the sole shareholder and a tentative agreement was made that they
The number of businesses in ‘significant’ financial distress jumped by 15,000 to a total of 481,000 in the final quarter of last year, according to the latest Red Flag Alert research from Begbies Traynor, the independent insolvency firm. The hardest hit sector was real estate and property, which not only saw a 7% (3,134) increase
An estate agent has won his claim to be paid commission after finding a buyer for several flats, even though he didn’t have a written contract with the seller. The case, that went all the way to the Supreme Court, involved the agent and a developer who was trying to sell several newly built properties.
The buyers of three companies have been awarded damages for breach of warranty under the share purchase agreement (SPA). The case involved companies that manufactured complex metal components for aircraft. The buyers were Triumph Controls UK Ltd and Triumph Group Acquisition Corp; the sellers were Primus International Holdings, Primus International Inc and Primus International Cayman
Two companies had broken competition law by meeting with competitors and discussing price points, even though they did not agree to join their cartel. That was the finding of the Competition and Markets Authority (CMA) following an investigation. The case involved two connected companies who supplied water tanks for sprinkler systems, Balmoral Tanks Ltd and
London Underground has found itself in the unusual position of having to pay twice to compensate agency workers in a dispute over back pay. The issue arose following the introduction of the Agency Workers Regulations 2010. After it came into force on 24 December 2011, workers employed by London Underground through an agency became entitled
An 88-year-old woman who was dismissed from her job with the NHS has become the oldest person in the UK to win an age discrimination claim. Eileen Jolly told the Employment Tribunal that she felt “humiliated and degraded” by the way she was treated by the Royal Berkshire NHS Foundation Trust. Mrs Jolly had started
The Tenant Fees Act that caps tenancy deposits and protects against unfair practices has now received the Royal Assent and passes into law. The government introduced the new regulations because it believes that unexpected letting fees and high deposits can make properties harder for people to afford and are often not clearly explained upfront –
A firm of brokers have won a commission claim against an investment company that started to bypass it by approaching its clients directly. The case involved Medsted Associates Ltd and Canaccord Genuity Wealth (International) Ltd (2019). Medsted had introduced several investors to Canaccord under a set of agreed terms. Medsted then alleged that Canaccord had
Three directors had damaged their family business by paying themselves too much and benefiting from company loans. That was the decision of the High Court in a case involving AMT Coffee Ltd. The company had been incorporated in 1993 as a retail coffee-selling business. Upon incorporation, four ordinary shares were issued, one each to three