The following Commercial Q&A provides comprehensive and up to date legal information covering:
Ensuring that a written contract contains the correct information is important as it affects the rights and obligations of the parties. However, backdating documents is potentially a criminal offence under the Theft Act 1968, and is also contrary to the rules of professional conduct. There are a few extremely limited circumstances in which a simple agreement might be dated with a date that was earlier than the date it was signed. These include if the document was lost or if a potential signatory has to leave a meeting early but intended to be bound and the terms were agreed. Neve
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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