The only HMRC tax advantaged share plans which can be operated exclusively for executives are the company share option plan (CSOP) and the enterprise management incentives (EMI) scheme. In order to be able to operate either of these types of share plan, one of the statutory requirements is that the company issuing shares under the share plan (the issuing company) must not be under the control of another company. Due to this requirement, private equity backed companies are most often unable to operate either a CSOP or an EMI scheme. For the purposes of this statutory requirement, the issuing company will be under the control of another company if that other company can secure that the affairs of the issuing company are conducted in accordance with its wishes either by means of its shareholding or voting power,

Private fund limited partnerships From 6 April 2017 with the entry into force of the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (LRO), SI 2017/514, limited partnerships which are collective investment schemes may constitute a private fund limited partnership (PFLP). Like a general partnership, a limited partnership is not a legal entity, but is a relationship that subsists between persons (which includes individuals or corporate entities) carrying on a business (which includes every trade, occupation and profession) in common with a view of profit (see: Limited partnerships—overview and Practice Note: The nature of a limited partnership and its legal framework). Under the Limited Partnerships Act 1907 (LPA 1907) as subsequently amended by the LRO, SI 2017/514, a limited partnership may only be a PFLP if it satisfies these two conditions: • it is constituted by an agreement in writing—this should be easily satisfied, as a limited partnership agreement is always put in place for private funds, and • it is a collective

It is assumed that the relevant private fund limited partnership (PFLP) is established in England under the Limited Partnerships Act 1907 (LPA 1907). A PFLP is a form of limited partnership vehicle under LPA 1907 introduced into UK law by the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (LRO), SI 2017/514 to provide for a more effective vehicle for the purposes of private equity and venture capital investments. As with other forms of limited partnership established in England, a PFLP does not have legal personality. This means that a PFLP cannot itself

This Q&A assumes that the decision under appeal was made under sections 60–62 of the Local Government (Miscellaneous Provisions) Act 1976 (LG(MP)A 1976). If a licence is suspended, revoked or refused renewal under LG(MP)A 1976, ss 60–62

The private hire vehicle and private hire vehicle driver must be licensed by the same local authority which licenses the operator who is responsible for inviting and accepting the bookings for a private hire vehicle. The same local authority must license the private hire vehicle, driver and operator—see Dittah v Birmingham City Council and Shanks v North Tyneside Council

Section 733(2) of the Companies Act 2006 (CA 2006) provides that where shares of a limited company are redeemed wholly out of the company’s distributable profits, the amount by which the company’s issued share capital is diminished by the nominal value of the shares redeemed (which are treated as cancelled) must be transferred to the capital redemption reserve. The company may use its capital redemption reserve to pay up new shares to be allotted to members as fully paid bonus shares. Subject to that, the provisions of CA 2006 relating to the reduction of a company's share capital apply as if

For information on share buybacks generally, see Practice Notes: How to carry out a share buyback and Share buybacks—the legal framework. How must a share buyback be financed? Under section 692 of the Companies Act 2006 (CA 2006), a share buyback carried out by a private company limited by shares must be financed: • out of its distributable profits • out of the proceeds of a fresh issue of shares made for the purpose of such financing • out of capital in accordance with CA 2006, Pt 18, Ch 5 (CA 2006, ss 709–723), after it has applied for the purpose of the buyback, and exhausted, any distributable profits and the proceeds of any fresh issue of shares made for the purpose of such financing • out of capital under CA 2006, s 692(1ZA) up to an aggregate purchase price in a financial year not exceeding the

Authorised minimum It is not possible for the share capital requirements of section 91 of the Companies Act 2006 (CA 2006) to be met following the re-registration of a private limited company as a public company. The share capital requirements for a public company must be met at the time

Where a private limited company has no distributable or available profits, it could still potentially finance a redemption of shares out of the proceeds of a fresh issue of shares made for the purpose of financing the redemption (Companies Act 2006, s 687 (CA 2006)). Further details on financing a redemption are set out below. Full details can be found in Practice Note: Private company redemptions of shares—initial considerations. Financing a redemption of shares CA 2006, s 687(2) states that a limited

Practice Note: Prize promotions, in particular under the heading ‘Independent judges’, states (per CAP Code, rules 8.24 and 8.26): ‘There are two circumstances where an

For the purposes of this Q&A, ‘buy out’ refers to a one-off fee rather than repeat fees. In the scenario described, the typical intellectual property rights of patents, trade marks, designs and copyright are unlikely to be relevant. For example, any copyright in the audiovisual work as a dramatic work is unlikely to be owned by the actor unless they are also the author of the scenario for the advert. The actor does hold rights in their performance. Part II of the Copyright Designs and Patents Act 1988 (CDPA 1988) confers certain exclusive rights on performers. Performers rights arise automatically if the performance is a ‘qualifying performance’ (for further detail, see Practice Note: Performers’ rights and rights in performances). A performance is defined by CDPA 1988, s 180(2)

The making of a bankruptcy order has the effect of freeing the debtor from the debts they owe to their creditors (save for some statutory exceptions) and prevents unsecured creditors from commencing, or continuing with, any legal process against the bankrupt or their property. Therefore, at the core of the bankruptcy regime is the idea that in return for surrendering their estate for the benefit of their creditors and accepting the disqualifications which are inherent to the status of a bankrupt, the bankrupt should be protected against and relieved from the claims of their creditors. Specifically no creditor with a provable debt in the bankruptcy has any remedy against the property or person of the bankrupt in respect of that debt; subject to certain restricted exceptions in respect of executions and distress, such a creditor may instead prove in the bankruptcy. Removing the creditor's right to seize the property