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Debt relief orders (DROs)—checklist

Debt relief orders (DROs)—checklist Debt relief orders Debt relief orders (DROs) are an alternative to bankruptcy and are dealt with in sections 251A–251X and Schedule 4ZA to the Insolvency Act 1986 (IA 1986), and supplemented by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, Pt 9. They provide protection from debts by prohibiting further legal process against the debtor without the court's permission and, after a year, discharges the debtor from those debts. The big difference between a DRO and bankruptcy is that DROs are available only to debtors with no substantial assets and no income over and above what is necessary for the debtor's 'reasonable needs', and there are no provisions for the collection, realisation and distribution of the debtor's estate on the basis there will be nothing to distribute. As set out in R (on the application of Payne) v Secretary of State for Work and Pensions, DROs are a 'a new and simplified way of wiping the slate clean for debtors who are...

Timetable—hostile offer

Timetable—hostile offer This is a detailed timetable for a hostile takeover offer. It has been compiled by reference to the provisions of the City Code on Takeovers and Mergers (Code) and relevant statutory rules. The timetable covers the steps leading up to the announcement of a firm intention to make an offer (Rule 2.7 announcement) up until the completion of any ‘squeeze-out’ procedure. Changes can occur to the timetable: for example, document preparation may take a shorter time than planned or the emergence of a rival offer may cause the timetable to default to that of the competing offeror. For other examples of timetables used on takeover transactions, see: • Timetable—recommended offer • Timetable—scheme of arrangement Public company takeovers quiz: Part 3 of our public company takeovers quiz includes questions which tests users’ knowledge of the new offer timetable for takeover transactions. The quiz is in multiple choice format and at the end of each question the correct answer is displayed together with feedback and links to relevant materials. The...

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Direct marketing compliance—data protection—checklist

Direct marketing compliance—data protection—checklist This Checklist is intended for private sector commercial organisations in the UK. It is intended as a mini self-assessment of your direct marketing systems from a data protection perspective. It reflects the Information Commissioner’s Office (ICO’s) Direct marketing checklist. For each item on the Checklist, further ICO guidance is provided, together with links to relevant ����Ӱ��® tools and materials. This Checklist is not intended for organisations that make live direct marketing calls about claims management services or pension schemes. ICO expectation Additional ICO guidance and ����Ӱ��® materials ☐  Define and allocate responsibility for compliance with data protection legislation and Privacy and Electronic Communications (EC Directive) Regulations 2003 (PECR 2003), SI 2003/2426 when carrying out direct marketing activities or roles You should clearly allocate responsibility for the oversight of data protection when carrying out direct marketing activities.Where appropriate you should have steering groups to monitor performance in data protection and discuss relevant issues.You should have reporting lines and effective links between key roles to ensure a...

Money Laundering Regulations 2017—CDD quick reference guide—individuals

Money Laundering Regulations 2017—CDD quick reference guide—individuals Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is the most recent addition to the long-established AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and include in relation to systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. As things stand, therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Notes: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach....

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Good Laboratory Practice (GLP) definition—life sciences

Transition schedule

Transition schedule Schedule—Transition 1 Introduction 1.1 This Schedule describes how the Services will be transferred from the Customer to the Supplier on or before the scheduled Service Commencement Date . 1.2 It sets out the responsibilities of each party, management and reporting processes and the consequences of any delays or failures in the delivery of the Transition activities. 2 Transition 2.1 From the Effective Date, the Supplier shall: 2.1.1 begin Transition of the Services in accordance with the Transition Plan contained in the Annex to this Schedule; 2.1.2 ensure that each Milestone is completed on or before the Milestone Date; and 2.1.3 take any other action or perform any other services that are necessary to ensure that the Services are ready to be provided on or before the Service Commencement Date notwithstanding that such actions or services may not be expressly set out in the Transition Plan. 2.2 The Supplier shall be responsible for the overall management of Transition and shall identify and resolve, or assist the Customer in the...

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Is it necessary to include the certificates of incorporation for corporate clients in anti-money laundering records, or is the electronic verification sufficient on its own?

Is it necessary to include the certificates of incorporation for corporate clients in anti-money laundering records, or is the electronic verification sufficient on its own? CDD requirements for corporate clients The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, require that where the client is a body corporate you must: • obtain and verify: ◦ the name of the body corporate ◦ its company number or other registration number ◦ the address of its registered office, and if different, its principal place of business • take reasonable measures to determine and verify: ◦ the law to which the body corporate is subject, and its constitution (whether set out in its articles of association or other governing documents) ◦ the full names of the board of directors (or if there is no board, the members of the equivalent management body) and the senior persons responsible for the operations of the body corporate Further/differing requirements apply where the client is...

Where a new employee has an indefinite leave to remain endorsement in their expired passport, would an employer have a statutory excuse against a civil penalty if they obtained a positive verification notice from the employer checking service with a copy of their expired passport? If not, would the employer need to wait until the employee receives their biometric residence permit before they can commence employment?

Where a new employee has an indefinite leave to remain endorsement in their expired passport, would an employer have a statutory excuse against a civil penalty if they obtained a positive verification notice from the employer checking service with a copy of their expired passport? If not, would the employer need to wait until the employee receives their biometric residence permit before they can commence employment? A system of civil and criminal penalties for employers who hire illegal workers exists for employment commencing from 29 February 2008 under the Immigration, Asylum and Nationality Act 2006 (IANA 2006). Under IANA 2006, s 15 employers who unwittingly employ an illegal worker (ie without immigration permission) are liable to pay a civil penalty unless they can benefit from the statutory excuse. For further information, see Practice Note: Illegal workers—civil and criminal sanctions. A correctly conducted right to work check can provide an employer with a statutory excuse against a civil penalty for employing a person illegally, should it be that...

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Corporate weekly highlights—12 December 2024

This week's edition of Corporate weekly highlights includes the High Court judgement in Re KRF Services (UK) Ltd and others, which clarifies the position of sole directors under the Model Articles, the FCA’s 46th Quarterly Consultation, which proposes updates to the FCA Handbook to align it to the new edition of the UK Corporate Governance Code, and the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, which will reduce the reporting burden on companies. Also included is a recent case on constructive trusts in relation to the sale of shares, and an update on the CMA’s approval of the merger between Vodafone and Three.

A closer look at the Data (Use and Access) Bill of 2024

Information Law analysis: Victoria Hordern, partner at Taylor Wessing LLP, discusses the Data (Use and Access) Bill, how it differs from previous proposals, who will be impacted, and key takeaways for data protection and privacy practitioners.