Update on the Trust Registration Service
The EU Fifth Anti-Money Laundering Directive (5AMLD) has been enacted into UK law with effect from 10 January 2020, with the exception of proposed changes to the Trust Registration Service (TRS).
COVID-19 and the Hotel Industry
The ongoing COVID-19 pandemic continues to have a devastating effect on the hotel industry, with some commentators suggesting that it could take upwards of five years for the sector to fully recover. What are the key legal issues hoteliers should consider during these uncertain times?
The End of Leaseholder Alterations?: The Supreme Court Decision in Duval
Those in the leasehold world have been waiting with bated breath for the Supreme Court's Decision in Duval v 11-13 Randolph Crescent Ltd. [2020] UKSC 18 (6 May 2020) ("Duval") to provide guidance on a landlord's liability when granting consent to leaseholders to carry out structural alterations.
The hotel industry: responding and adapting to unprecedented times
The coronavirus pandemic has, without a doubt, reshaped our personal and professional lives. All industries and sectors have been affected in one way or another and are responding in different ways. Some areas of the hotel industry have taken steps which no-one could have foreseen just a few months ago. So, how is the hotel industry responding to the crisis, what measures and arrangements are being put in place and what are the longer term considerations for it?
Art in the time of Coronavirus: Disputes in the Art World
With one third of the global population living under lockdown, we are witnessing the dawn of a new, and hopefully temporary, normal. We are all having to adapt to significant changes to our daily lives, social interaction and the operation of our businesses.
COVID-19: HMRC guidance on Company Residence, Permanent Establishment and related issues regarding the Economic Substance Test
Her Majesty's Revenue and Customs (HMRC) published guidance on 9 April on the implications of COVID-19-related travel restrictions on a company's residence status. Such travel restrictions may force directors or employees to be present in the UK when they would not be here under normal circumstances. This situation raises concerns as to whether a foreign company may become resident for tax purposes in the UK because the central management and control (CMC) of the company might be considered to have moved here.
A practical guide for landlords on the impact of a tenant entering liquidation
Despite stimulus packages from the Government, it unfortunately seems inevitable that a large number of businesses will enter liquidation in the short and medium term as the economic impact of the COVID-19 pandemic is felt in nearly every sector.
Think carefully before putting pen to paper (or, in this case, fingers to keypad…)
In the recent case of Athena Brands Ltd v Superdrug Stores Plc [2019] EWHC 3503 (Comm) the courts held that a binding contract was made by a simple exchange of emails between parties. The case highlights the importance of businesses following internal policies when discussing and negotiating purchase agreements and being very careful when negotiating and discussing potential orders by email.
Buyer Beware: Counterparties and Covenant Strength
In times of growing economic uncertainty business owners will face numerous commercial and strategic challenges. Ultimately, this may result in corporate restructuring or asset and business sales in order to manage liquidity or in more serious cases, protect parties from insolvency.
Tax and immigration implications of the COVID-19 pandemic for individuals and their families
Few would have anticipated only a few weeks ago that by March, a large part of the world, including the UK, would be or have been in virtual lockdown with many planes grounded and borders closed.