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Archive for June, 2017

Tuesday 27 June 2017

MH Employment Update

Calculating a Day’s Pay

If someone earns an annual salary – how do you work out a ‘day’s pay’? You might think that this would be a straightforward question – but far from it. Most employment law deals with a week’s pay or – in the case of paid annual leave under the Working Time Regulations – a proportion of a week. To think about a day’s pay you have to refer to the Apportionment Act 1870 – and even then, the answer is not entirely clear.

Tuesday 13 June 2017

MH Restructuring

Let’s be clear – intention means intention!

Since 2003, placing a company into administration has been a lot easier than it used to be. Formerly, an administration could only be initiated with an application to court which was expensive, could be slow and with no certain outcome guaranteed. The out of court administration option, introduced in that year, is a far cheaper and more streamlined means of having a company placed into administration and is the option now used in the vast majority of cases.

The out of court option is commonly started with the filing in court of a notice of intention to appoint an administrator (“Nol”)(pursuant to paragraphs 26 and 27 of Schedule B1 to the Insolvency Act 1986). This is used where the appointment is sought by either the company itself or its directors. The key benefit accruing from the filing of a Nol is that the company in question is immediately protected from potential creditor action by an interim 10 business day moratorium.

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