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Monthly Archives: August 2023
Independent legal advice for personal guarantees: everything you need to know
To secure a loan, lease, or credit agreement, business owners or directors will often be required to provide banks or other lenders with a personal guarantee. It is a commitment that they (the guarantor) will be personally responsible for repaying the lender if the business fails to do so. It is easier to enforce the personal guarantee if it can be proved the guarantor understood the terms of the contract at the time of signing, freely consented to it, and had the capacity to enter into the agreement. As a result, most lenders will require guarantors to seek independent legal advice prior to signing a contract. If you need independent legal advice for a personal guarantee, our specialist business lawyers can help. Get in touch today for expert independent legal advice. What are the risks of personal guarantees? Being a … Continue reading
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How are pensions split in a divorce UK
Going through a divorce is tough. Not only must you cope with the emotional distress of your marriage breaking down, but there’s also a great deal of uncertainty about the future. Where will you live? Where will your children live? How will you cope financially? With these questions hanging over you, thinking long-term can be difficult and pensions are probably the last thing on your mind. However, to secure the best possible outcome, it’s essential to consider all assets in the matrimonial pot – everything you and your ex owned together or separately during your marriage. Although pensions may not immediately impact your finances, for many married couples, they are the second-largest asset in the matrimonial pot, following the family home. Unsurprisingly then, overlooking pensions completely or making a poor decision on how to handle them could leave you financially … Continue reading
Types of divorce
Legally speaking there is now (since 6th April 2022) only one type of divorce: the ‘no fault divorce’. No fault divorces were introduced with the intention of making the divorce process quicker, easier and less combative. However, the language people use every day may differ in meaning from the legal definition. That’s why, despite changes to the law, we still get plenty of questions and see many people searching for information about ‘types of divorce’. Generally speaking, what we find people mean when they say ‘types of divorce’ is the many ‘types’ or routes to reach a financial settlement or resolve disputes in respect of children. In this guide, we’ll break down each of those routes. With so many options, it can be difficult to work out what’s best for you. Learning about the different routes available to you is … Continue reading
A guide to court orders regarding children
Divorced or separated parents often struggle to see eye-to-eye when making decisions about their children. While it may be possible to resolve issues outside of court via one of the many dispute resolution processes, if an agreement cannot be reached, parents can apply for a court order to settle the matter. In response to accusations of unjust decisions being made in secret, a pilot scheme was launched in January 2023, allowing journalists to report on family court cases for the first time in the UK. The aim of the pilot was to improve transparency in the justice system; however, the decision has also shed light on the sheer breadth of cases being handled in family court. If you are a divorced or separated parent, understanding the legal tools at your disposal can enable you to resolve matters faster. There are … Continue reading
What is a Share Purchase Agreement?
If you are contemplating the sale or purchase of shares in a private limited company, our experienced corporate lawyers are here to help. Whilst this is no substitute for tailored legal advice, hopefully it should provide a brief overview of some of the key clauses in a standard share purchase agreement (or “SPA”). What is an SPA? The SPA is a vital document that sets out the terms of the agreement between the buyer and the seller for the acquisition of shares in the private limited company, commonly known as the “target company”. The SPA encompasses vital particulars, such as the purchase price, the shares being purchased, warranties, and the conditions for completing the transaction. Navigating the Completion Process Completion marks the culmination of the transaction, heralding the buyer’s official ownership of the shares. Completion can either take place following … Continue reading