The takeover of HBOS by Lloyds and nationalisation of Bradford and Bingley, as well as other well publicised institutions in financial difficulties, emphasise the importance of knowing your legal rights.
It was only after publicity that some local clients realised savings over £50,000 are not protected in banks. Joint account holders are each entitled to claim compensation. We are heavily involved in helping local businesses that are also suffering the fallout from the current financial crisis and would strongly urge people to take legal advice early. Often, bankruptcy or liquidation can be avoided if action is taken early enough.
In addition, it is a criminal offence, which can lead to jail sentences, if directors trade a company whilst it is insolvent. So it is often wise to take early action.
We can advise you if you are buying or selling a business, or assets of a business, and if you need legal expertise on issues such as assignment or transfers of business contracts. We also can advise you on how to check your contracts, rights and liabilities and also how to check up on your customers and suppliers and be cautious if they wish to move contracts into the names of other legal entities.