Flying Solo forum: commercial law update

Flying Solo forum: commercial law update

parachuteOn the 20th of October LexisNexis, together with Radius Law and C&I, hosted the first Flying Solo forum for sole in-house counsel and in-house lawyers in small legal teams. The session was chaired by Sophie Gould and consisted of a commercial law update followed by peer to peer sharing of insight. 

Led by Iain Larkins, the commercial law update provided an overview of the top 5 legislative changes and top 5 contract case law changes over the last 12 months. Iain explored the practical impact of the changes and discussed how in-house lawyers should be preparing and responding.

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Key legislative changes

  1. Small Business Enterprise and Employment Act 2016

    The SBEEA 2015, which received Royal Assent on 26 March 2015, is an incredibly wide-ranging act which affects a miscellany of topics including education, employment and access to finance as well as company law. The company law reforms introduced by the Act include:

    • requirement for companies and LLPs to maintain a PSC register
    • amendment of s170(5) CA 2006 to provide that director’s duties apply to shadow directors
    • abolition of bearer shares
    • duty to publish report on payment practices (expected April 2017)
  2. Insurance Act 2015

    12 August 2016, marked the day that the Insurance Act 2015 came into force. This is the most significant reform of UK insurance law in over 100 years and impacts all business insurance contracts, but not consumer insurance. In particular:

    • the Act introduces a new duty of ‘fair presentation’. This places a more onerous duty on the insured to provide information that they actually know and to search for information that they ought to know
    • In addition, the disclosure must also be made in a manner which is reasonably clear and accessible so it is not possible simply ‘dump data’. Prior to the new law a material non-disclosure would allow an insurer to avoid the entire contract. Now, for the insurer to avoid the contract completely it will have to show that the non-disclosure was deliberate or reckless.
    • An insurer cannot avoid a claim simply because of a breach of a term in an insurance policy unless that breach relates to the loss.
  3. Modern Slavery
    Businesses with a global turnover of £36m are n

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About the author:
Sophie Gould is the Head of Lexis®PSL In-house. Sophie worked as an in-house lawyer for 10 years including seven years as Head of Legal for Virgin Radio and Ginger Media Group. She has also run a legal risk and compliance training business.

 

Since joining LexisNexis in 2009 Sophie has worked on developing our legal and business content for the in-house legal community.  She also runs various networking and mentoring groups for in-house lawyers and works with schools to promote social mobility within the legal profession.