This Q&A assumes that the shares to be valued are in a private company. The basic rule is that the market value of unquoted shares or securities is the price which those assets might reasonably be expected to fetch on a sale in the open market between a hypothetical willing seller and a hypothetical willing buyer. The transaction is assumed to take place in the open market based on information which is available in the public domain, including published information and matters of genuine public knowledge. (see: HMRC Capital Gains Manual: CG59540) In these circumstances,

Restructuring & Insolvency analysis: We look at what steps Japan has taken in light of the coronavirus (COVI-19) pandemic. Written by Yosuke Kanegae, a restructuring partner in the Tokyo Office of Nagashima Ohno & Tsunematsu and author of the Japan chapter in the Asian Business Law Institute (ABLI)’s publication, Corporate Restructuring and Insolvency in Asia 2020.

As set out in Q&A: What would the statutory position be if the postal system is not available due to coronavirus (COVID-19) and the parties have to serve a statutory notice (absent any emergency legislation which may be introduced to deal with this issue)?, the first step will be to carefully assess both the instrument (for example a contract, deed or lease) under which the notice is to be served, and the statutory regime which applies to the notice. Separate statutes may govern the circumstances in which the notice can or must be served on one hand, and the way in which service can take place on the other. For example, the termination of protected business tenancies is governed by the Landlord and Tenant Act 1954 (LTA 1954), which incorporates the service regime set out in section 23 of the Landlord and Tenant Act 1927 (LTA 1927). Contractual terms as to service Some leases will include deemed service provisions

Tax analysis: In both City Blinds Scotland Ltd v HMRC and Complete Solutions Europe Ltd v HMRC, the First-tier Tax Tribunal (FTT) made decisions concerning the coronavirus job retention scheme (CJRS), ie the coronavirus furlough scheme. Both cases included detailed consideration of the calculation of the reference salary for the purpose of the CJRS.

Is there a force majeure event? In English law, the expression ‘force majeure’ does not refer to a legal doctrine. Instead, the expression ‘force majeure clause’ is used to describe a contractual term which provides that, on the happening of a specified event or event beyond the parties’ control, one (or both) of the parties: • is entitled to cancel the contract (or it may be cancelled automatically) • is excused from performance of the contract, in whole or in part • is entitled to suspend performance or to claim an extension of time for performance Whether or not a force majeure clause will assist in suspending performance obligations under a contract or give rise to a right to terminate a contract will be subject to the particular drafting of the clause and the general principles of contractual interpretation should be applied. See Practice Notes: Contract interpretation—the guiding principles and Contract interpretation—rules of contract interpretation. It will be necessary to check to see if the definition

Where notice of termination of employment is given, either by the employer or the employee, and the employee has been continuously employed for one month or more, then, in broad terms, the employee is entitled to be paid a week’s pay for each week of the statutory notice period. However: • the liability of the employer to the employee is limited to the period of statutory notice to which: • the employee is entitled, if notice is given by the employer • the employer is entitled, if notice is given by the employee • the rights that otherwise arise during a period of statutory minimum notice do not

This Q&A assumes that the tenancy is not a tenancy of social housing or long lease but a residential assured shorthold tenancy (AST) in England to which the Tenant Fees Act 2019 (TFA 2019) applies. A landlord should only expect the tenants to clean the property to the standard that it was in when they moved into the property, while accounting for general wear and tear. Coronavirus (COVID-19) does not change that requirement. The relationship between a landlord and tenant is governed by the terms and conditions of the tenancy agreement between them. However, it is possible for statute to impose implied terms into tenancy agreements and to render the inclusion of certain clauses into tenancy agreements unenforceable. How are the tenancy deposit schemes likely to deal with this? Some tenancy agreements contain a clause that asks for professional deep clean at the end of the tenancy.

Dispute Resolution analysis: Force majeure and frustration have suddenly taken centre stage for parties who are either considering their remedies under existing contracts, or deciding what protections need to be built into their future contracts. Patricia Robertson QC, Ben Lynch QC and Deborah Horowitz, barristers at Fountain Court Chambers set out the core legal principles as regards force majeure and frustration, consider their relevance in the context of coronavirus (COVID-19), and identify consequent issues for some of the major industries affected by the pandemic, including construction, trade finance, banking, airline, pharmaceuticals, energy and insurance.

It is fairly common that where a business is sold, the contract will provide for deferred consideration which is calculated in accordance with a profitability formula. This ensures that while the seller receives a lump sum as part of the purchase price, the remainder of the purchase price is conditional on the performance of the business, thus protecting the seller or the buyer depending on where the risk has been agreed to fall. It is also a useful protection against the seller setting up in competition and attracting away existing clients as the seller has a financial interest in the business remaining profitable, at least for the

ICO’s approach in light of coronavirus (COVID-19) On 15 April 2020, the UK’s supervisory body for data protection, the Information Commissioner’s Office (ICO) issued a statement and document setting out how it shall be adjusting its regulatory approach during the current coronavirus (COVID-19) pandemic, with a focus on safeguarding information rights in an ‘empathetic and pragmatic way’ as a result of: • staff and capacity shortages organisations are facing, with furloughed employees • acute financial pressures that

Clearly the execution of a new Will at this time will be a priority for many clients and solicitors are under a duty to act in a timely manner, taking into account factors such as age and state of health, which will be of particular concern at the moment. At the same time many legal practitioners will be struggling to work at full capacity due to lack of childcare. The Department for Education is clear that every

This response deals with the position before the introduction of the new national restrictions from 5 November. The Health Protection (Coronavirus, Wearing of Face Covering in a Relevant Place) (England) Regulations 2020, SI 2020/791, reg 3(1), provides that ‘No person may, without reasonable excuse, enter or remain within a relevant place without wearing a face covering’. In the context of employment, the requirement in SI 2020/791, reg 3(1) does not generally apply to employees or workers (SI 2020/791, reg 3(2)), however it does apply