Yesterday (24 September) the Chancellor of the Exchequer, Rishi Sunak (the Chancellor), announced, as part of the Government’s so-called “Winter Economy Plan”, further support for businesses. As the UK goes back into a state of winter lockdown there had been calls from businesses, and their representative bodies, for the Government to extend and provide additional support.

The Government has replied to these calls and we consider these changes and what they mean for your business.

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The Chartered Governance Institute (“ICSA”) has recently published new guidance on directors’ general duties under the Companies Act 2006 (“Act”). ICSA provides guidance for governance professionals across all sectors and whilst aspects of this new guidance applies to publicly owned, listed companies, many of the recommendations have practical application for privately owned companies and their directors should take note.

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In the third article in a series on protecting buyers’ value in M&A deals, partner James Worrall in our Corporate team discusses tax covenants – how they differ from warranties and indemnities, when they are used and what function they have in a share purchase agreement.

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In the second article in a series on protecting buyers’ value in M&A deals, partner James Worrall in our Corporate team discusses indemnities – how they differ from warranties, when they are used and what function they have in a share purchase agreement.

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Since its launch in May 2020, the Future Fund has proven to be extremely popular, with applications in excess of the initially funding commitment of £250million.

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The bill has now completed its journey and obtained Royal Assent, becoming legislation in the form of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) (“the Act”).

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In the wake of the controversy surrounding the allegations of modern slavery of a Leicester factory supplying online fashion brand Boohoo, now is not the time for Boards to take their eyes off the ball.

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As anyone who’s read a share purchase agreement knows, the largest section therein is generally the warranty schedule. This schedule contains often dozens of pages of statements about the target company or group, covering matters ranging from details of its share capital to its tax affairs.

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As the social, economic, and health impacts of COVID continue to ripple around the globe, it would seem that the UK Biotech sector is weathering the storm. But despite its robust response, there are warming signs that should not be ignored.

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EBITDAC is the new acronym which has been much discussed recently as businesses and their advisers get to grips with how to adjust valuations to take into account the impact of Covid-19. Does this further increase uncertainty in an already unsettled M&A market and how much are we really going to see it used?

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On 27 June 2020, the Companies etc. (Filing Requirements) (Temporary Modifications) Regulations 2020 (Regulations) came in to force.

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We are pleased to report that on 26 June, the Government tabled an amendment to Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 which will come as a relief to companies with EMI Schemes and holders of EMI options.

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