Keeping Afloat

by Kidd Rapinet on October 3, 2008

In the current economic climate, our clients are turning to solicitors for legal advice on important current issues.

The takeover of HBOS by Lloyds and nationalisation of Bradford and Bingley, as well as other well publicised institutions in financial difficulties, emphasise the importance of knowing your legal rights. Gordon Brown announced on 1 October 2008 that the Financial Services Compensation Scheme (FSCS) limit for savings would be increased to £50,000 (from £35,000). This has not yet actually taken effect – the FSA are still consulting on this move – but there is unlikely to be any political opposition. This sort of publicity has helped raise public awareness that savings over this limit are not protected in banks. Joint account holders are each entitled to claim compensation.

We are heavily involved in helping businesses who are also suffering the fallout from the current financial crisis and would strongly urge people to take legal advice early. Often, bankruptcy or liquidation can be avoided if action is taken early enough.

In addition, it is a criminal offence, which can lead to jail sentences, if directors trade a company whilst it is insolvent. So it is often wise to take early action.

We can advise you if you are buying or selling a business, or assets of a business, and if you need legal expertise on issues such as assignment or transfers of business contracts. We also can advise you on how to check your contracts, rights and liabilities and also how to check up on your customers and suppliers and be cautious if they wish to move contracts into the names of other legal entities.

Call Philip Wild on 020 7024 8029 for information.

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