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Cautious welcome from Creditors for new Insolvency Rules

The process of replacing the Insolvency Rules 1986 and 28 subsequent amendments has necessarily involved difficult balancing exercises between the interests of numerous stakeholders, but the general consensus among creditors is that The Insolvency (England and Wales) Rules 2016 (SI 2016/1024) (“IR 2016”) which came into force on 6 April 2017 are likely to significantly improve the insolvency process for most creditors.

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HMRC updates guidance on the higher rates of stamp duty land tax

Melanie Morris cropped

The implementation of the supplemental 3% stamp duty land tax (‘SDLT’) charge came into force on 1 April 2016. Bermans has previously looked at the impact of the higher rates of SDLT, particularly in relation to its effect on individual joint purchasers, in an article that can be found here. In this article we look at the charges in relation to companies, partnerships, trusts and inherited properties.

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General Data Protection Regulation: What it means to business

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The Regime

The current legislation in relation to data protection in England and Wales is the Data Protection Act 1998 which was derived from the European wide Data Protection Directive (95/46/EC). The General Data Protection Regulation (GDPR) is due to come into force in May 2018. Whilst many of the provisions are already covered by the Data Protection Act, there are important new provisions of which businesses need to be aware.

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The virtual and augmented reality gold-rush

Dom Raban is the MD of Corporation Pop, a digital innovation agency. He has been creating ‘stuff’ for nearly 40 years, from punk fanzines in the 1970s to content for emerging technology platforms now. Currently Corporation Pop are working on several Augmented Reality (AR) and Virtual Reality (VR) projects, including an app for child patients that helps reduce the stress associated with hospitalisation by increasing familiarisation with staff, environments and procedures.

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Testamentary Freedom

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The Supreme Court has recently issued a decision in the case of Ilott v Mitson turning on the interpretation of the Inheritance (Provision for Family and Dependants) Act 1975 (the Act ). In England and Wales a testator can choose to distribute their estate to anyone subject to the possibility of an excluded person bringing a claim under the Act.

The Court may decide to make financial provision for a dependent of the deceased be it a child, spouse, or former spouse if the Court concludes that the testator failed to make adequate financial provision for them. Such a claim is more likely to succeed if the Claimant is receiving state benefits.

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FCA Final Guidance on Guarantor Loans and Default Notices

The FCA has now published its finalised guidance (FG17/1) concerning default notices and guarantors under regulated consumer credit and consumer hire agreements.

The FCA previously consulted on its draft guidance twice during 2016, resulting in revised draft guidance in October which took a more burdensome view of funders’ obligations. The Final Guidance is largely unchanged from the October revised draft.

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