Commercial development

Persons with significant control and how to identify them

On 6 April 2016 Part 21A and Schedule 1A to the Companies Act 2006 (“CA 2006”) came into force. Every company and LLP falling within the scope of those sections is now required to keep a register of people with significant control (“PSC”) over that company, known as a PSC register. As this requirement applies to all UK companies and LLPs (with limited exceptions), and due to the penalties that could be issued for non-compliance, it is important for officers to be aware of their obligations.

If only Ronseal produced licence agreements

“It does what it says on the tin”, was, when first unveiled, a welcome departure from the usual overblown product claims. What made the campaign successful was the unambiguous labelling which conveyed a succinct message. If only agreements regulating the occupation of land were equally clear; unfortunately just because an agreement is labelled a licence, does not mean it is.

Be aware of void property transactions if seller is insolvent

There is always the risk with any property transaction that the seller could be selling at an under value because they are in financial difficulties and need a quick sale. If a pending winding up or bankruptcy petition is presented against the seller before the sale has completed, and which later results in a winding up or bankruptcy order, then the sale will be void – a fact the buyers are unlikely to know.
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