Introduction and background to the regulatory changes Earlier this year, I published an article in which I discussed the fact that the 2020 editions of the Domestic and Non-Domestic Technical Handbooks, official guidance for compliance with the Building Scotland Regulations 2004, had removed direct reference to a party’s ability to demonstrate alternative compliance with the…
Facing the possibility of going to court can be daunting. Whether it’s a disagreement over a contract, a personal injury matter, or another kind of civil court dispute, understanding what lies ahead makes it feel less overwhelming. This article walks you through how court action works in Scotland, what the procedure involves, and how SGT…
Scottish law is best defined as a mixed legal system because it incorporates both civil law, influenced by Roman law, and common law. Scotland has a separate legal system from the union, providing the legislature, courts, and administration authority over law and policy decisions. Here, we explain how the various components of the Scottish system…
Following the liquidation of a corporation, what is the order in which creditors get paid? The Insolvency Act of 1986 defines a preferred creditor as a creditor who receives preferential treatment during an insolvent liquidation by obtaining first payment. This is done in accordance with the provisions of the Act. During the process of insolvent…
In the realm of construction contracts, the concept of a pay less notice can often raise questions and uncertainties. Essentially, a pay less notice signals a change in the agreed payment terms – either reducing or completely withholding the previously settled payment amount. When confronted with a pay less notice that you disagree with, the…
In the realm of banking and finance, ensuring the integrity of transactions and safeguarding against financial crimes is paramount. Anti-Money Laundering (AML) stands as a crucial framework implemented by financial institutions, particularly in the United Kingdom, to combat illicit financial activities. Let’s delve into the core of AML in UK banking to understand its significance…
Use of Documents in Proceedings – Avoiding Contempt of Court When it comes to court proceedings, understanding the permissible use of court documents and information is essential to avoid potential legal pitfalls. Parties must be aware that using information or documents obtained during proceedings for purposes other than those of the proceedings themselves can lead…
Imagine this: your company is sailing along smoothly, but then you hit a financial iceberg. Suddenly, you’re facing insolvency, and creditors are circling like sharks. But wait, what’s that about the onset of insolvency? It sounds like a potential transaction at undervalue. There seem to be some questionable transactions defrauding creditors from before the storm….
To get business loans or support a commercial tenancy arrangement, you can be required to provide a personal guarantee as a director of the firm. You may not have considered much about it at the time. However, if you refuse to make payments or the firm collapses and is unable to repay the loan, your…
So, You’ve decided it’s time to close the doors on your limited liability company (LLC), ensuring all developments are officially documented. But before the metaphorical “for sale” sign goes up, there’s the question of how to wind down your business affairs in a controlled and solvent manner. This is where a Members’ Voluntary Liquidation (MWL)…