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The term ownership denotes a wide array of rights over property.
Ownership appears to have the widest set of rights over property and sometimes is called 鈥渁bsolute ownership鈥 including rights of exclusive enjoyment, of destruction, alteration and alienation, of maintaining and recovering possession of the property from all other persons. Ownership of land differs from ownership over personal property or over goods in that the common law did not treat land as the subject of absolute ownership but only of tenure. Also, the common law did not recognise the alternative that the ownership of goods could be split up into lesser successive interests or estates, or remainders or reversions in chattels. See Halsbury's Laws of England, 80 (5th), 812, 813.
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Intra-group reorganisation (by share sale)鈹checklist This Checklist summarises the key steps involved in an intra-group reorganisation by sale of shares of an English-incorporated company to another English-incorporated company and highlights certain issues which may arise for the company as a result of such process. This Checklist does not claim to be exhaustive, as the issues that arise in connection with an intra-group reorgnisation by share sale and the steps involved in the process will vary from one transaction to the next. For a summary of the key issues involved in an intra-group reorganisation by way of an asset sale, please refer to: Intra-group reorganisation (by asset sale)鈹checklist. Consideration of a corporate reorganisation may also require specialist assistance in property, employment, pensions, intellectual property, information technology, finance and tax matters. Please consider obtaining further guidance on these areas. For further information, see Practice Notes: IP and IT aspects of intra-group reorganisations and Intra-group reorganisations and pensions. Issue Guidance Determining the reorganisation structure and other preliminary considerations (general) Asset purchase or...
Ireland鈥擲urrender of lease鈥攁cting for the landlord鈥攃hecklist This Checklist sets out some of the key steps and issues that the landlord should consider when contemplating taking a surrender of a lease from its tenant. It is not exhaustive and you must always consider whether there are any other issues that need to be addressed in your particular circumstances. The Checklist assumes that: 鈥 the surrender is express and not by operation of law, and 鈥 there will be no re-grant in favour of the tenant immediately following the surrender This checklist can be read in conjunction with: Ireland鈥擲urrender of lease鈥攁cting for the tenant鈥攃hecklist. How to use this Checklist While the mechanics of a surrender of a lease are similar to a sale and purchase (because the tenant is selling and the landlord is buying), there are some differences. The first section (Key considerations) in this Checklist sets out key issues to consider with further detail in the table in Procedure when dealing with the surrender of a lease below. The table...
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Formalising the family business鈥攃hecklist Many family businesses start out with quite an informal governing structure in place; the family members have an understanding of their roles and relationships with each other, and decisions are made quickly at the kitchen table. The nature of many family businesses is that they are informal and flexible, and their objectives are often driven by doing the best for the family according to the family's values, rather than purely for the profit of the owners. However, as the business grows and more members of the family and other employees start working with them, it becomes more and more difficult to manage the business in this way. The pros and cons of formalising the family business are considered in Practice Note: Family businesses. This checklist sets out a list of questions that an adviser can put to the family (or that the family can consider themselves) to assist with setting up a structure for the family business. These questions will also help determine the matters to...
When does the Takeover Code apply?鈥攆lowchart This flowchart sets out the circumstances in which the City Code on Takeovers and Mergers (Code) will apply. The Code may apply to takeover bids, merger transactions and other transactions that have or may have, directly or indirectly, an effect on the ownership or control of a business. The Code limits its application in practice mostly to those transactions having as their objective or potential effect the obtaining or consolidation of voting control of a company subject to the Code and does not explicitly apply to offers for non-voting or non-equity share capital except where these are corollary to offers for voting shares. This flowchart sets out the companies which may be subject to the Code. Part 1 of our public company takeovers quiz includes case studies of circumstances in which the Code applies. The
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Preparing for the auditors鈥攊n-house lawyers One of the key dates in your organisation鈥檚 calendar is the date of the annual audit. An important part of the auditors鈥 role is to ensure that your organisation鈥檚 processes are fit for purpose. Central to that is your organisation鈥檚 approach to legal matters and legal risk. As an in-house lawyer, you need to prepare for the auditors鈥 visit because inevitably they will want to meet with you. While each audit firm has its own standard set of questions for in-house lawyers, the questions tend to follow certain themes, eg: 鈥 your risk register 鈥 litigation 鈥 applicable law and regulation 鈥 contracts 鈥 intellectual property (IP) 鈥 legal work process 鈥 your knowledge and experience Since joining your organisation, you have hopefully had the opportunity to meet with the key directors and heads of function. Those meetings will have given you the opportunity to find out more about many of the issues the auditors will be interested in. See Practice...
Annual tax on enveloped dwellings (ATED)鈥攖he basics What is the annual tax on enveloped dwellings? The annual tax on enveloped dwellings (ATED) was introduced as part of a package of measures aimed at making it less attractive to hold high-value UK residential property indirectly, eg through a company, in order to avoid or minimise taxes such as stamp duty land tax (SDLT) on a subsequent disposal of the property. The other measures included in the anti-avoidance package relating to high-value UK residential property include: 鈥 the single higher rate of SDLT on the acquisition of high-value UK residential property for non-natural persons (NNPs) (for further details, see Practice Notes: Rates of SDLT and Single higher rate of SDLT for high-value residential property transactions), and 鈥 prior to 6 April 2019, a capital gains tax (CGT) charge on sales of high-value UK residential property by NNPs (abolished from 6 April 2019 (for further details, see Practice Note: Capital gains tax charge on ATED-related gains [Archived])) When does ATED...
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Ireland鈥攄ata protection impact assessment鈥攁rtificial intelligence DPIA screening questionnaire The screening questionnaire should be a concise document and not overly burdensome on the business. However, it needs to provide sufficient information to the DPO/Privacy POC to decide if a DPIA needs to be completed. Like the DPIA itself, the screening questionnaire will be drafted by a multidisciplinary team within the business. All completed screening questionnaires should be approved, time stamped and retained by the DPO/Privacy POC. Where a DPIA is required, it should be kept with the screening questionnaire to avoid duplication. The DPIA template is a continuation of the screening questionnaire. While the screening questionnaire and the DPIA detail AI use in accordance with EU GDPR requirements, companies deploying AI systems also need to factor in their obligations under additional relevant legislation, such as the requirement to carry out a fundamental rights impact assessment (FRIA) under the EU AI Act. While outside the scope of this document, information gathered as part of the screening questionnaire / DPIA exercise will be...
Unapproved share option agreement鈥攕tandalone deed for employee This AGREEMENT is made on [insert date of execution of the share option agreement] Parties 1 [insert name of company whose shares are being granted under option] (registered number [insert registered number of company]) whose registered office is at [insert registered address of company] (the Company);[and] 2 [insert name of option holder] of [insert address of option holder] (the Option Holder) [and] 3 [[insert name of grantor (if different from company)] of [insert address of grantor] (the Grantor)] Background (A) [The Company has agreed to grant to the Option Holder as at the date of this Agreement an Option to acquire Shares on the terms set out in this Agreement. OR The Company and the Grantor intend that, as at the date of this Agreement, the Option Holder be granted an Option to acquire Shares on the terms set out in this Agreement.] (B) [The Company will satisfy the exercise of the Option by transferring or procuring the...
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When an organisation wishes to add several branches to its Sponsor Licence, can this be done 鈥榠n bulk鈥 (via one report on the Sponsor Management System and then a single submission of supporting documentation relating to each of the new branches), or must an individual SMS report be made for each new branch? Practice Note: Applying for a sponsor licence under Workers and Temporary Workers: eligibility and suitability notes that an organisation which has different subsidiaries, location offices or campuses (all of which are termed 'branches' for these purposes) in the UK can choose to register: 鈥 all its branches together under one licence 鈥 all its branches separately, or 鈥 several of its branches together, eg by location The relevant section of the sponsor guidance is at Workers and Temporary Workers Sponsor Guidance, Part 1, Organisations with multiple branches. Where a sponsor wishes to add new branches subsequent to the grant of a licence, the Practice Note: Workers and Temporary Workers sponsor duties: sponsor changes of circumstances notes that...
What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II鈥擴K trading venues 鈥 Requirements for RMs, MTFs and OTFs 鈥 Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...
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Ireland-Finance and Financial Services analysis: This article was written by A&L Goodbody鈥檚 Financial Regulation Advisory Team and discusses how domestically, the CBI issued a number of updates on Fitness and Probity. At European level, the European Banking Authority (EBA) updated the indicators for risk assessment and resolution.
This week's edition of Environment weekly highlights includes: the Department for Energy Security and Net Zero (DESNZ)鈥檚 working paper on a community benefits scheme and shared ownership of renewable generation infrastructure, a consultation by the Department for Energy Security and Net Zero (DESNZ) on proposed changes to the Contracts for Difference (CfD) Standard Terms and Conditions (ST&Cs) ahead of Allocation Round 7, guidance from the Department for Environment, Food and Rural Affairs (Defra) on items made from endangered species materials as well two Defra consultations on the implementation of biodiversity net gain for minor, medium, and brownfield developments and nationally significant infrastructure projects. We also include an analysis of a High Court case regarding the definition of 鈥榳aste鈥 in the Planning Acts.
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