The General Data Protection Regulation (GDPR) imposes new obligations on data processors as well as controllers. As a software company selling hosted or SaaS (software as a service) solutions, there are things you need to think about now, to ensure you comply with GDPR. [Read more…]
A company’s statutory books are very important and are therefore one of the most common items routinely investigated as part of a sale of a company. Despite this, many companies do not have nor maintain proper statutory books. This article considers ‘what are statutory books’ and the potential implications for failing to maintain or update them. [Read more…]
With less than 5 months until GDPR comes into force, all businesses should be well on the road to getting their preparations underway for the new data protection regime. But if you’ve not yet started, don’t panic: there is still time.
There have been a lot of headlines and hysteria about the new upper limits on fines that can be imposed under GDPR. However, enforcement will remain the responsibility of each member state which means the Information Commissioner’s Office (ICO) will continue to deal with enforcement in the UK. [Read more…]
The recent case of Wood v Capita Insurance Services Limited has highlighted the importance of clear, concise and unambiguous drafting of commercial contracts.
Wood v Capita Insurance Services Limited concerned a particular indemnity in a Share Purchase Agreement which the buyer of the company sought to enforce against the seller but ultimately failed. The buyer was purchasing the seller’s business which sold car insurance policies through comparison sites. After the business purchase had completed certain business practices came to light which the buyer alleged amounted to miss-selling to the company’s customers. [Read more…]
BHW Solicitors have been instructed by the entrepreneurs behind the headline-hitting Mo Bro’s. BHW Partner and Head of the Corporate & Commercial Department Ed Nurse is advising the three Leicester-based brothers on the deal for a £150,000 investment secured on the BBC2 programme Dragons’ Den. [Read more…]
In an age where the internet and Google are so prevalent, having an online presence for your business has never been more important – but does your business own its website?
Indeed, most businesses whether big or small will have some sort of website – from simple “information-only” websites to more sophisticated e-commerce websites capable of processing high volumes of various transactions. [Read more…]
When applying for business finance, lenders often insist on a Personal Guarantee being given as a form of security for the loan. Personal Guarantees may also be requested by landlords and sometimes even suppliers. However, before agreeing to grant anyone a Personal Guarantee, it is vital that the guarantor (i.e. the person giving the guarantee) is aware of exactly what they are agreeing to individually.
In fact, in a finance situation, lenders often insist that a guarantor take independent legal advice to extinguish any future argument that the guarantor did not understand the terms or practical implications of entering into the Personal Guarantee. [Read more…]
The principal law governing partnerships is set out in the Partnership Act 1890 (the “Act”) which defines a partnership as “the relation which exists between persons carrying on a business in common with a view to profit” (section 1 of the Act).
The question of whether a partnership exists or not is therefore a matter of fact (not necessarily agreement). It is therefore not something which the parties can simply determine for themselves. While the relationship can be governed by a written partnership agreement, the essence of a partnership is the continuing relationship between two or more individuals, personal as well as commercial, with the contractual partnership agreement being only an indication of the relationship. [Read more…]
Entering into commercial agreements is an everyday occurrence for many businesses. It is therefore crucial for business owners and management teams to understand exactly what obligations they are signing up to.
Typically, many of the contracts a business will enter into will reflect its offering and requirements and therefore be of a similar nature (for instance, supply of services and/or supply of goods agreements). It is however important to recognise that where perhaps similar in nature, the terms of contracts can vary considerably and may contain some unfamiliar terminology. [Read more…]
In August the British Business Bank announced the first wave of its £250 million Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund, with the launch of £120 million worth of SME debt finance, in a move designed to provide greater support to the region’s smaller businesses, accelerate economic growth and promote job creation – in line with the Government’s Midlands Engine Strategy.
The Fund’s launch was marked with the publication of a new report examining the current state of the regional economy and business finance landscape. ‘Spotlight: The Midlands Engine Investment Fund‘, draws on the British Business Bank’s own research and other publicly-available data. It highlights the opportunities available for ambitious, fast-growth businesses across the Midlands Engine area to reach their economic potential. [Read more…]