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Shared Ownership explained
Posted: 1st November 2022
Following the opening of our Central Milton Keynes office in 1983 Franklins Solicitors LLP were directly involved with the new concept of Shared Ownership and as a result are experienced in dealing with both New Build and Re-Sale Shared Ownership purchases and sales as well as staircasing (explained below). Shared Ownership is sometimes referred to […]
What does my Solicitor mean by source of funds?
Posted: 21st October 2022
When you purchase a property, large sums of money change hands. This makes it susceptible to fraud and means that if you are purchasing a property, you will need to prove how you have obtained the funds to do so. When you speak to your Solicitor you may hear them saying that they await ‘source […]
The case of Worcester Warriors highlights administration process
Posted: 12th October 2022
Worcester Warriors, the Premiership rugby club, have been suspended from playing and will be put into administration after failing to meet a Rugby Football Union funding ultimatum. The Department for Digital, Culture, Media and Sport, one of the main guarantors of a loan through Sport England, said it had agreed to the directors’ request to […]
Completion accounts or locked box?
Posted: 21st July 2022
‘Completion accounts’ and ‘a locked box mechanism’ are two tools in share transactions that can be used to determine the purchase price. Both can be used but carry their own risks and advantages. Locked Box Mechanism In a transaction using the locked box mechanism, the parties will agree on a fixed purchase price based on […]
Overview of LGBT Discrimination
Posted: 21st June 2022
The Equality Act 2010 (the “Act”) prohibits workplace discrimination on grounds of sexual orientation and protects lesbian, gay, bisexual and transsexual workers from direct and indirection discrimination, victimisation and harassment at work. The Act also protects individuals who are incorrectly (or even correctly) presumed to have a particular sexual orientation. The Act protects people from […]
Model Articles and a Private Limited Company with a sole director – corporate law update
Posted: 17th June 2022
Many companies have sole directors who labour under the mistaken belief that Model Articles are all they need. Unfortunately, as has been recently confirmed by Fore Investments Holdings Ltd [2022] EWHC 191 (Ch), this isn’t the case. This claim was an unfair prejudice petition brought by a shareholder of the company. The company did bring […]
Selling your Business – the Team
Posted: 8th June 2022
Now you know what is involved in selling your business, you know how important it is to have the right team around you to guide you with each element of your transaction and ensure the best outcome for you. Who is involved in the transaction? The team that you need to sell your business will […]
Selling your Business – Documentation
Posted:
Every transaction, whether a share sale, business sale, management buy-out, merger, share scheme (the list goes on!) will be governed by legal documents. These are essential to governing the relationship between the parties and sets out what has been agreed. This is important not only in relation to any ongoing matters between the parties post-deal, […]
Selling your Business – Due Diligence
Posted:
So you’ve found a buyer and agreed Heads of Terms, now it’s time for the hard work to begin! From my experience, the most commonly underestimated work-load in the transaction is legal due diligence enquiries. Accounting and Commercial due diligence often starts at the Heads of Terms stage as the buyer uses basic enquiries and […]
Selling your business – Heads of Terms and NDA
Posted:
Once you have resolved to sell your business and decided on a structure that is going to suit you, the next stage is finding a prospective buyer and agreeing Heads of Terms. Taking your business to market can be a daunting process; especially as it is something many owners of private companies may only do […]
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