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Credit Protection Revisited

The recent decision by one of the main bank owned invoice financiers to withdraw from the provision of credit protection has highlighted a continuing debate within the industry on issues arising from the interface between bad debt protection on the one hand and the provision of insurance on the other hand.

It is now widely understood within the industry that the provision of insurance is a regulated activity under the Financial Services and Markets Act 2000 (“FSMA”) which requires providers to be authorised and regulated by the Financial Conduct Authority.

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Managing cashflow and risk, coping with uncertain times

chris-mcdonoughThere are various ways in which a business can protect its business interests whether that is profit or cashflow. Many will look first at the internal workings of the business to make savings and some may never look at their other options with external parties. Having in place contractual provisions which assist you in that regard are often overlooked. The aim of this article is to provide some ideas on how a business can protect itself in these uncertain times.

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Employment Law: Disability Discrimination

adrian_fryerDiscrimination arising from disability is where an employer treats an employee less favourably because of ‘something’ which results from their disability, and which can’t be justified. The Employment Appeal Tribunal has recently looked at whether it is discriminatory to discipline an employee for failing to follow an instruction they mistakenly think will exacerbate their disability.

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Is Forfeiture the Answer?

michael_smeatonLocal high streets, town centres and out of town retail parks are all sporting empty units as retailers continue to find market conditions tough. In the last 12 months we have seen some big names disappear such as House of Fraser, HMV and Better Bathrooms and we have seen other retailers reduce their portfolio by closing stores such as Marks and Spencer and John Lewis.

Commercial landlords will normally have an early warning when businesses are struggling as they will often default on rental payments. Depending on the terms of the lease, landlords may have the right to forfeit the lease for non-payment, bringing the lease to an end and giving the landlord an opportunity to re-let the property. But in these tough times is that the landlord’s best option?

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Guest article: Neil Inskip, BGF

neil-inskipNeil Inskip heads up BGF’s Manchester office which covers the North West region.

He is involved in all aspects of the investment process from origination through to completion and supports companies to achieve their growth targets up to exit.

He has led over a dozen investments at BGF across a range of sectors, such as Mission Mars and European Braking Solutions , and currently sits on the board of several investee companies, including: Sentric Music, NSS Group and Hobs Group. We spoke to him about what BGF look for in a business and how they can help them develop and grow.

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Stamp Duty Land Tax (SDLT) Changes Proposed for non-UK Residents

fergal_o_cleirighOn the 6 May 2019, a 12 week consultation by the Government on proposed changes to Stamp Duty Land Tax (SDLT) rates for non-UK residents will come to an end.

This is the Government’s latest scheme to assist people to get on the property ladder. Their main focus is on building more homes but, as this takes time, they are looking at solutions that will have a more immediate effect.

The changes were initially proposed by Theresa May back in Autumn 2018, citing evidence that the purchase of property in England and Northern Ireland by non-UK residents was pushing up house prices for UK residents. At that stage the Government mooted introducing an additional surcharge on properties bought by non-UK residents of either 1% or 3%.

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Rights of Subcontractors

Tnick_harveyhe rush hour commute into Manchester City Centre ground to a halt one morning last month as a disgruntled subcontractor chose to block one of the key routes with plant hire vehicles. The protest was against of non-payment by Dawnus Construction, the main contractor appointed by Manchester City Council to carry of a £15 million road improvement scheme in Manchester and Salford.

The subcontractor, Total Plant Hire (TPL), had supplied plant and machinery to Dawnus for the scheme. When Dawnus failed to pay under the terms of the contract and TPL couldn’t get through to anyone at Dawnus or the Council it took drastic action. Sadly the action was in vain as Dawnus entered Administration that same week. TPL was said to be owed £300,000 by Dawnus. So what can TPL do to recover its money?

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