Pearse Trust Blog



Creditors & Their Powers: An Introduction

Posted by Pearse Trust on Wednesday, Sep 17, 2014

A creditor is a person or company to whom money is owing, creditors can be divided into two types; secured creditors and unsecured creditors.

Secured creditors have their debt secured against the borrower’s assets. The security provided with a registered charge could be over property, a ship, piece of machinery, shares, intellectual property such as copyrights, patents, trade marks and other such assets.

Many security documents have clauses reserving the right for the secured creditor to appoint a receiver in the event of the debt remaining unpaid. The receiver will sell the secured asset in an attempt to recover the creditor’s debt.

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Tags: Ireland, Legal, Finance

Briefing On The New EU Succession Regulation

Posted by Pearse Trust on Wednesday, Sep 03, 2014

The procedures and methods of administering estates can differ significantly across jurisdictions. A person’s estate may often include investments or property abroad. When it comes to the stage of administering the estate, cross border issues may arise in determining which succession law applies to that property. In this case private international law (“PIL”) rules apply.

These are also commonly known as “conflict of law” rules. These rules and procedures are often complex and ambiguous, and other jurisdictions may not always recognise or accept them. The EU Regulation on Succession Law (No 650/2012), also known as “Brussels IV” seeks to remedy many issues surrounding the application of EU member states applying their own PIL/conflict of law rules for succession purposes. 

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Tags: Legal, EU

FATCA – An Update For The UK & Ireland

Posted by Pearse Trust on Wednesday, Aug 27, 2014

 

Further to our previous blog on FATCA wherein we observed the postponement of the implementation dates for FATCA, the regime has now been implemented since July 2014.

Jurisdictions across the world are producing local legislation and guidance in order to implement FATCA on their home soil. 

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Tags: Ireland, Legal, United Kingdom, Tax, USA

Annual Compliance Dates For New Zealand Entities

Posted by Pearse Trust on Wednesday, Aug 13, 2014

According to the Companies Act 1993, every company registered at the Companies Office must file an Annual Return with the Registrar each year, except during the calendar year of its incorporation.

Upon incorporation, the Registrar will allocate the company its ‘Annual Return Filing Month’.  The company is then required to deliver an annual return to the Registrar during that allocated filing month i.e. between the first and last day of the month. A company may opt to change its annual return filing month when filing its current annual return.

Failure to file an annual return will result in the Registrar initiating action to remove the company from the Registrar.

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Tags: Legal, Corporate Governance, New Zealand

Attestation - Unwitnessed Deeds Invalidated

Posted by Pearse Trust on Wednesday, Jul 30, 2014

Case Of Briggs & Ors v Gleeds

This blog highlights the importance of ensuring deeds are validly executed. The recent case of Briggs & Ors v Gleeds (Head Office) & Ors [2014] EWHC 1178 (Ch) (15 April 2014) deals with the consequences of the defective execution of 30 salary pension scheme documents over a period of almost 20 years.

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Tags: Legal, Trusts

Transferring Assets Between Companies Of The Same Group – UK Rules

Posted by Pearse Trust on Wednesday, Jul 23, 2014

Where one company transfers an asset to another company when both are members of the same group, then subject to certain conditions being met, the consideration on transfer will be deemed automatically to be of such an amount that the capital gains tax computation gives neither a gain or a loss. 

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Tags: Legal, United Kingdom, Tax

Overview Of The UK Small Business, Enterprise & Employment Bill

Posted by Pearse Trust on Wednesday, Jul 16, 2014

The Small Business Enterprise and Employment Bill received its first reading in Parliament on the 25 June 2014. The Bill aims to progress a number of Government commitments intended to further the UK’s reputation as a trusted and fair place to do business, and also to improve new opportunities for small businesses to operate and compete.

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Tags: Legal, Incorporation, United Kingdom

Reporting Entities In New Zealand Preparing For AML/CFT Report

Posted by Pearse Trust on Wednesday, Jul 02, 2014

Twelve months have passed since the enactment of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 in New Zealand on 30 June 2013. Reporting entities are now preparing to file their first annual report to their AML/CFT supervisor in respect of their first year under the new legislation.

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Tags: Legal, New Zealand, Anti-Money Laundering

Disclosure Requirements For Company Websites

Posted by Pearse Trust on Monday, Jun 23, 2014

In a world where technology and the internet are essential to most businesses it is important to be aware of the disclosure requirements for company websites.  

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Tags: Legal, EU, Website

Execution Of UK Company Documents

Posted by Pearse Trust on Monday, Jun 09, 2014

In the normal course of business, a company will be required to issue and execute many documents throughout its lifetime.

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Tags: Legal, United Kingdom, Accounting