3,000 law firms “could be forced to close or merge” – Legal Futures

Posted December 8th, 2020 in conveyancing, coronavirus, insurance, law firms, legal services, loans, mergers, news by sally

‘As many as 3,000 law firms could be forced to close or merge over the next few years after the conveyancing bubble bursts and the recession really kicks in, a leading law firm consultant has warned.’

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Legal Futures, 8th December 2020

Source: www.legalfutures.co.uk

Ashbolt v HMRC [2020] STC 1813 – CrimeCast.Law

Posted December 3rd, 2020 in HM Revenue & Customs, income tax, loans, news, podcasts, search & seizure, tax avoidance by tracey

‘The case arose from the response of certain taxpayers and their professional advisers to the Treasury’s introduction of the so called ‘loan charge’ under the Finance Act (No 2) 2017, which was intended to enable HM Revenue and Customs to put an end to what had become a widespread practice of avoiding income tax by characterising payments as loans rather than income. HMRC commenced a criminal investigation into the conduct of a number of subscribers to a particular tax avoidance scheme and, in the course of that investigation, they obtained and executed search warrants relating to both residential and business premises. The question arose whether the first set of access conditions in paragraph 2 to Scheduled 1 of PACE, and whether the further condition in paragraph 14(d) of that schedule had been satisfied. It prompted the Divisional Court to issue a stern warning about the need for scrupulous care in presenting such an application and the court also gave guidance on how, in practical terms, the judge to whom the application is made should be assisted in focusing on the key issues which he or she needs to resolve …’

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CrimeCast.Law, 30th November 2020

Source: crimecast.law

Judge wrong to find ‘subject to contract’ compromise binding – Litigation Futures

Posted November 23rd, 2020 in appeals, contracts, judges, loans, news, solicitors by sally

‘A judge was wrong to rule that solicitors had reached a binding compromise on a piece of litigation, when their correspondence had expressly been “subject to contract”, the Court of Appeal has decided.’

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Litigation Futures, 23rd November 2020

Source: www.litigationfutures.com

Watchdog warns UK high-cost lenders about exploitation – The Guardian

Posted August 7th, 2020 in advertising, complaints, consumer protection, debts, interest, loans, news, ombudsmen by sally

‘The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt.’

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The Guardian, 6th August 2020

Source: www.theguardian.com

Bounce Back Loans, Injunctions and the Misappropriation of Funds – 33 Bedford Row

Posted June 4th, 2020 in injunctions, loans, news by sally

‘Make sure you can lawfully access the money, or you will find yourself paying a heavy penalty!’

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33 Bedford Row, 4th June 2020

Source: www.33bedfordrow.co.uk

FCA warns banks not to put pressure on clients during Covid-19 crisis – The Guardian

‘The City watchdog is cracking down on UK banks that have been preying on corporate clients seeking financial help during the Covid-19 crisis.’

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The Guardian, 28th April 2020

Source: www.theguardian.com

Future for the Bar “bleak” as workload collapses for many – Legal Futures

Posted April 28th, 2020 in barristers, coronavirus, legal aid, loans, news, remuneration by sally

‘The future for the Bar is “bleak” if work streams and earnings do not improve, with over half of barristers now working less than 18 hours a week, the Bar Council has warned.’

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Legal Futures, 28th April 2020

Source: www.legalfutures.co.uk

Law firm defeats broker’s claim for £100k introducer fee – Legal Futures

Posted April 14th, 2020 in fees, financial dispute resolution, law firms, loans, news by sally

‘A Liverpool law firm has defeated the claim of a finance broker who sought a £100,000 fee for introducing it to a new loan provider.’

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Legal Futures, 14th April 2020

Source: www.legalfutures.co.uk

A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled – OUT-LAW.com

Posted January 24th, 2020 in debts, landlord & tenant, leases, loans, news, schemes of arrangement by tracey

‘A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled.’

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OUT-LAW.com, 23rd January 2020

Source: www.pinsentmasons.com

Windrush man who served in British army for nine years told there is no record of him – The Independent

Posted January 23rd, 2020 in armed forces, citizenship, colonies, compensation, loans, news by tracey

‘A Windrush man who was told the UK government had no record of him despite having spent nearly a decade serving in the British army says he is struggling to obtain compensation two years on.’

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The Independent, 23rd january 2020

Source: www.independent.co.uk

Default Interest? That is just under 290% p.a. – KCH Garden Sq

Posted January 22nd, 2020 in interest, loans, news, repossession by sally

‘An interesting part of my work involves advising and appearing in cases in which there are loans from companies that specialise in loans to “distressed borrowers”. I have acted both for and against loan companies in that area of business, and so I have been able to see the issues from both sides.’

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KCH Garden Sq, 16th January 2020

Source: kchgardensquare.co.uk

Divorcee sues top law firm after taking out ‘crippling’ loan to pay for legal fight with husband – Daily Telegraph

‘A businesswoman who wrongly believed she would win a substantial divorce settlement from her wealthy husband is suing a top law firm after taking out a crippling loan to pay their fees.’

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Daily Telegraph, 18th January 2020

Source: www.telegraph.co.uk

Solicitor duped by ‘fake’ wife fined for failing to check ID – Legal Futures

Posted January 16th, 2020 in disciplinary procedures, fines, identity fraud, loans, news, solicitors by sally

‘An experienced solicitor has been fined £20,000 for misconduct after being duped into accepting that a woman was who she said she was because he did not require documentary proof.’

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Legal Futures, 16th January 2020

Source: www.legalfutures.co.uk

Secret Commissions: Wood v Commercial First Business – Case Analysis – Forum Chambers

Posted November 20th, 2019 in agency, disclosure, fees, forgery, limitations, loans, mortgages, news, rescission by sally

‘This note is essential reading for mortgage providers, brokers and any practitioners with a practice or interest in civil fraud as the case constitutes perhaps the most detailed review of the law on secret commissions to date. In particular, it addresses the distinction between full secret commissions and so-called half-secret commissions where there is a partial disclosure. It clarifies the law in the area and solidifies the basis for a broker being held liable where a commission is only partially disclosed.’

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Forum Chambers, 12th November 2019

Source: www.forumchambers.com

Can You Keep A Half Secret? (Wood v Commercial First) – New Square Chambers

Posted November 19th, 2019 in agency, disclosure, fees, forgery, limitations, loans, mortgages, news, rescission by sally

‘The dispute centred around a mortgage broker receiving both a fee from the borrower and a commission from the lender. Mrs Wood obtained two mortgages and a further advance secured over her two farms from Commercial First Business Limited (“CF”), a provider of unregulated secured loans to commercial borrowers. CF only accepted applications via brokers. UK Mortgage and Financial Services Limited (“UKMFS”) acted as broker for Mrs Wood on all three transactions, receiving commissions of £30,600, £57,092.80 and £5,234.22 respectively. CF entered into securitisation agreements assigning the loans to various assignees prior to entering CVL.’

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New Square Chambers, 5th November 2019

Source: www.newsquarechambers.co.uk

Follower notices invalid, says Court of Appeal – OUT-LAW.com

‘The Court of Appeal in England has quashed follower notices issued to a participant in a film partnership on the basis that tax authority HM Revenue & Customs (HMRC) could not have been of the opinion that the judicial ruling they were based on was relevant to the taxpayer’s case.’

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OUT-LAW.com, 14th November 2019

Source: www.pinsentmasons.com

Court rejects debtor’s challenge to the validity of assignment of debt (Nicoll v Promontoria (Ram 2) Ltd) – Littleton Chambers

Posted November 1st, 2019 in assignment, debts, insolvency, loans, news by sally

‘Restructuring & Insolvency analysis: James Bickford Smith, barrister at Littleton Chambers, examines the High Court’s decision in Nicoll v Promontoria (Ram 2) Ltd that the appellant debtor’s challenge to the validity of an assignment of his debt to the respondent should not have been entertained by the judge below because although the appellant had sought to put the effectiveness of the assignment in issue in his first witness statement, the point that he took was entirely different from that which he took before the judge.’

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Littleton Chambers, 3rd October 2019

Source: www.littletonchambers.com

Wonga customers’ average compensation payout may be just £118 – The Guardian

Posted October 9th, 2019 in administrators, compensation, complaints, debts, interest, loans, news, statistics by sally

‘Customers who were mis-sold loans by the collapsed payday lender Wonga are expected to receive less than 10% of what they are owed in compensation after administrators revealed that only £41m will be put aside for claimants.’

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The Guardian, 9th October 2019

Source: www.theguardian.com

Couple must repay £10.4 million after ripping off struggling firms to live high life on yachts – Crown Prosecution Service

Posted September 13th, 2019 in assets recovery, banking, bankruptcy, fraud, loans, news, proceeds of crime by tracey

‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’

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Crown Prosecution Service, 12th September 2019

Source: www.cps.gov.uk

Failure to attend trial “means more than turning up late” – Litigation Futures

Posted September 5th, 2019 in appeals, civil procedure rules, debts, delay, loans, news, striking out, trials by tracey

‘The High Court has set aside an order made by a recorder striking out a claim because the claimants were two hours late for a trial in Cornwall.’

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Litigation Futures, 5th September 2019

Source: www.litigationfutures.com