A transfer of value is a disposition made by a person (the transferor) as a result of which the value of its estate immediately after the disposition is less than it would be but for the disposition (Inheritance Tax Act 1984). The meaning of ‘estate’ is defined in IHTA 1984,

The first thing to consider is what is the usual position for employees in an administration, outside of the Job Retention Scheme (JRS)? Paragraph 99 of Schedule B1 to the Insolvency Act 1986 (IA 1986), provides that salary payments under contracts of employment ‘adopted’ by the administrators are given super-priority in an administration, ranking before expenses and secured creditors. IA 1986, Sch B1, para 99(6), defines ‘wages or salary’ as including holiday pay or sums paid in lieu of holiday pay. See Practice Note: The 14-day rule and adoption of employment contracts in administration and administrative receivership. The decision as to whether to adopt employee contracts is ordinarily made during a 14-day grace period after appointment, after which salary and wages under adopted contracts will rank as an expense of the administration (see below). Alternatively, administrators have the ability

The Consumer Rights Act 2015 (CRA 2015) applies to contracts for the supply of goods to consumers, including hire-purchase agreements. CRA 2015 sets out various statutory rights, including that goods must be as described. If goods are not as described, the consumer may have the short-term right to reject (within the first 30 days) and also has access to the tiered remedies. CRA 2015 also provides remedies where the goods do not comply with the pre-contract information provided by the trader to the consumer under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, SI 2013/3134 (CCR 2013). The draft CTSI guidance Car traders & consumer law: guidance for dealerships (page 35) provides the following as an example: ‘You describe a car as having one careful owner but

AEA 1925, s 44 provides that PRs have at least a year from the date of death before any beneficiary may call on them to distribute any part of the estate with pecuniary legatees entitled to interest on the amount of their legacy from the time when payment of the legacy is due to the date of payment. A

AEA 1925, s 44 provides that PRs have at least a year from the date of death before any beneficiary may call on them to distribute any part of the estate with pecuniary legatees entitled to interest on the amount of their legacy from the time when payment of the legacy is due to the date of payment. A pecuniary legatee must wait for their legacy and any interest thereon until the PRs are satisfied that the property

Bankruptcy debts are defined in section 382 of the Insolvency Act 1986 (IA 1986). Bankruptcy debts may bear interest with such interest being contractual or statutory. A secured creditor has a choice of enforcing their security (ie realising the secured asset in satisfaction of the debt) or simply proving for the debt in the bankruptcy. Where the security is insufficient to repay the secured creditor in full, a third option is to

In conducting our research, we have focussed on whether there is a financial threshold for County Court judgments before judgment debt interest is awarded. In the County Court no interest accrues on County Court judgments under £5,000 (except under the Late Payment of Commercial Debts (Interest) Act 1998 (LPCD(I)A 1998)) as per County Courts (Interest on Judgment Debts) Order 1991,SI 1991/1184, art 2(4). SI

Personal representatives (PRs) have at least one year from the date of death before beneficiaries can call on them to distribute any part of the estate. See section 44 of the Administration of Estates Act 1925 (AEA 1925). Even after one year, the PRs may not yet be in a position to distribute the estate, in which case the question of interest may arise. Certain rules entitle a beneficiary to income or interest for the period pending receipt of their entitlement under the Will. The rules vary depending on the nature of the legacy in question and are subject to

Subrogation The expression 'subrogation' is a convenient way of describing a transfer of rights from one person to another, without assignment or assent of the person from whom the rights are transferred and which takes place by operation of law in a whole variety of widely different circumstances. For more information, see: Doctrine of subrogation: Halsbury's Laws of England, Equitable Jurisdiction vol 47, (2021), para 208. A guarantor's right to subrogation of the lender's rights As a general rule, once a guarantor has paid the debt which has been guaranteed in full, it is entitled to be subrogated to all of the guaranteed party's rights against the principal in respect of the debt which has been guaranteed. The authority for this is section 5 of Mercantile Law Amendment Act 1856 (MLAA 1856), which provides that: ‘Every person who, being surety for the debt or duty of another, or

Terms of the new lease The landlord must serve their counternotice by the date specified in the tenant’s notice of claim. There is no prescribed form for the counternotice, but section 45 of the Leasehold Reform, Housing and Urban Development Act 1993, (LRHUDA 1993) does require the landlord to deal with certain matters. In particular, the counternotice must: • admit the tenant’s claim in principle (in which case the counternotice must state which of the tenant’s proposals as to the terms of the new lease are accepted, or make counter-proposals as to those which are not) • deny the claim (stating reasons, which cannot be amended or added to later) • whether the claim is admitted or denied, state whether a landlord intends to seek a court order preventing the exercise of the right to a new lease on the ground of intended redevelopment of all or part of the premises

Why might a borrower want to exclude part of its assets from the security package? In some secured financing transactions the borrower (or other obligors) may ask the lender to exclude part of its assets from both the fixed and floating charges contained in the security package created to support the lending. The rationale for the request may be legal or commercial. For example, there may be specific covenants affecting assets which would prohibit the borrower from creating security interests over them. Another common reason for a request is that the assets are in another jurisdiction and the costs of taking the relevant security (such as registration fees and taxes) outweigh any perceived value of the asset. Preliminary point—describing the assets to be excluded An important preliminary point is how the assets to be excluded from the security package are to be described. If there is a definition of 'excluded assets' in

The 'right to rent' scheme was introduced by the Immigration Act 2014 (IA 2014) as a means to prevent persons who are not lawfully present in the UK from accessing or remaining in private accommodation in the UK. The visitor visa route, as contained in Immigration Rules Appendix V: Visitor, is for a person who wants to visit the UK for a temporary period, usually for up to six months. A non-British national on a visitor visa is considered to have a ‘limited right to rent’ under IA 2014, s 21 as they have been granted leave to enter the UK for a limited period. A person is defined as disqualified in that section from occupying premises under a residential tenancy agreement as a result of their immigration status if they are not a relevant national (non-British, non-Irish or non-EU citizen)