The first payment to include in a redundancy package is the statutory redundancy payment. This must be paid to all eligible employees and the amount is set by legislation. Other mandatory payments on termination would also include accrued but untaken annual leave and unpaid wages. Some employers, where the contract allows, may make a payment in lieu of notice.
The flurry of economic forecasts over the last few months may reach slightly different conclusions but none give much scope for encouragement. With no sign of the pressure points of high inflation, interest rates and energy prices abating, we look at three things the coming year might bring from an insolvency perspective.
A rent deposit is money provided by a tenant to its landlord as security for payment of the rent and performance of the tenant’s covenants contained in the lease. A rent deposit deed will specify the circumstances in which the landlord can draw on this money and the conditions that must be satisfied for the deposit to be repaid to the tenant.
The decision to cut 800 jobs has sparked outrage with staff staging sit-ins on the company’s boats and there have been calls from unions for strike across the country – but what are the legal implications of the decision of P&O Ferries?
The ‘General Director's Duties’ are still seen by many as the pillars of correct corporate governance. Codified in the Companies Act 2006, these duties apply to executive, non-executive, shadow directors and de-facto directo
Where a headlease is surrendered the intermediate tenant under the headlease falls away and the tenant under the sublease becomes the direct tenant of the superior landlord. This means that the premises will continue to be occupied by the tenant on the terms of the sublease.
The Government has published its new, Code of Practice for Commercial Property Relationships following the COVID-19 pandemic, which replaces the previous Code of Practice published in June 2020.
A Company Voluntary Arrangements is one of a number of insolvency procedures designed to address a company’s financial difficulties by entering into a binding contract with its unsecured creditors, i.e. those who do not have the benefit of any security interest in the assets of the company. These are likely to include: customers, suppliers, contractors, landlords etc.
Directors need to be mindful of incurring personal liability where companies are distressed. This article provides an overview of some of the key areas where directors could incur personal liability when navigating their business through difficult times and stresses the importance of taking and following professional advice when faced with financial difficulties.