See Practice Note: Personal representatives—powers, duties and remuneration, which explains that personal representatives (PRs) have wide powers to manage the estate and to sell such assets as they think fit. It is prudent for PRs to consult with the residuary beneficiaries to ascertain their wishes, and the beneficiaries’ wishes may be relevant to their deliberations, but the decision on how best to administer

A distribution in specie transfer is treated as made for no consideration and, therefore, the second box in panel eight of form TR1 (not available

Any amount paid or agreed to be considered as paid on the shares of each shareholder in a company (ie the amount paid or agreed to be paid in respect of its nominal value, including any premium) must be recorded in the company’s register of members. There is no requirement to note in a company’s register of members that shares are unpaid, although commonly there is a ‘comments’ section (or similar) in the register

The annual accounts and reports of a company must be: • approved by the directors and signed on behalf of the board (see section 414 of the Companies Act 2006 (CA 2006)) • circulated to its members, debenture holders and other persons entitled to receive notice of general meetings within the specified time period, and • filed with Companies House within the specified time period Subsections (4) and (5) of CA 2006, s 414 create offences if accounts are approved which do not comply with the

When administering the deceased’s estate, the executors or personal representatives (PRs) have a duty to settle any debts, liabilities and administration expenses and subsequently to distribute the legacies and residuary estate in the correct order and form. For information on the considerations for PRs when preparing to distribute the estate, see Practice Note: Payment of legacies. As you have identified, the PRs should also consider the solvency of beneficiaries of the estate before distributing legacies to them. Where a bankruptcy order has been made against a beneficiary, the correct recipient will be the trustee in bankruptcy, rather than the beneficiary. This is because, where a trustee in bankruptcy is appointed, all property belonging to the bankrupt automatically vests in the trustee in bankruptcy under section 306 of the Insolvency Act 1986 (IA 1986). The property of the bankrupt is defined very widely in IA 1986, s 436 to include ‘things in action’, which includes

For our full suite of materials on paid annual leave entitlement, see: Holiday and holiday pay—a guide to our materials. In particular, see our Practice Note: Statutory paid holiday—calculating holiday pay. The information below relates to statutory holiday entitlement and assumes that the employee has normal working hours and is not a part-year worker. The employee’s contract of employment should also be considered for any terms that may be relevant, eg if the employee has a contractual entitlement that is more generous than the statutory minimum. Workers in Great Britain have a statutory entitlement to 5.6 weeks of paid annual

It has been assumed for the purposes of this Q&A that the individual does not wish to give away either the legal or beneficial ownership of the property. If the individual did wish to settle the rental property on trust to give the donee the right to receive the rental income, there would likely be immediate and longer term tax implications. Without a trust, the individual would simply make lifetime gifts of the actual rental income as it arises. They might wish to make a declaration to the effect that the transfers of income will indeed be gifts, but no declaration of trust is required as the legal and beneficial ownership is not being given away. For inheritance

What are the FCA’s expectations around senior management responsibility for sanctions risk? Which senior managers will be responsible? It is likely that there will be a number of members of senior management within FCA authorised firms with either individual or collective responsibility for managing sanctions risk under the SM&CR. At an individual level, primary responsibility for sanctions compliance will generally be held by the senior manager who is allocated the prescribed responsibility for ‘the policies and procedures for countering the risk that the firm might be used to further financial crime’. This prescribed responsibility is often allocated to the Money Laundering Reporting Officer (MLRO); however, it does not have to be. To the extent that this responsibility is held by a different senior manager, that individual will need to work closely with the MLRO and/or financial crime team to ensure the firm is complying with financial sanctions measures. Senior managers responsible for specific business

The simplest solution to this problem would be for the executors to reach an amicable agreement with the beneficiaries regarding the division of the shares, dividing the shares as closely as possible between the beneficiaries, and making balancing payments if necessary. Alternatively, there might be a possibility that the company would be prepared to assist the beneficiaries. The company might be persuaded, for instance, to sub-divide all the issued shares in the relevant class under section 681(1)(a) of the Companies Act 2006. Sub-division is essentially

Contract formation Under English contract law, a contract is formed when: • a valid offer is accepted • there is valid consideration • the parties intend to create legal relations Standard T&Cs Standard T&Cs can be useful for organisations when they enter into agreements as part of day-to-day operations. Their generic, pro forma nature means that they require fewer resources to prepare than a bespoke agreement. They can be used as the basis of all contractual agreements for an organisation and can be a useful tool to ensure efficiency and consistency between agreements within an organisation. Incorporation of standard T&Cs To establish that express T&Cs have been incorporated into a contract, the party seeking to rely on them must show that it has done what is reasonably sufficient to give the other party notice of them (Thornton v Shoe Lane Parking Ltd). This will be a question of

We refer you to Information requirements under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013—checklist which sets out the essential information that should be given to consumers in on-premises contracts, off-premises contracts and distance contracts. It should be

Section 7(1) of the Natural Environment and Rural Communities Act 2006 (NERCA 2006) states: ‘Natural England may make an agreement (a management agreement”) with a person who has an interest in land about the management or use of the land, if doing so appears to it to further its general purpose.’ There does not appear to be any reason why a landowner or an occupier would not fall within this description. However, an agreement