business solicitor Tag

A discretionary trust is a great way to separate different assets and protect these from business risk.  A discretionary trust works by separating "ownership" from "control".  By using a trust you may ensure that your personal assets are not put at risk.  Trusts are based on legal technicalities, so it is necessary to take care, simple technical failures in the management can undo the protection that a trust offers.  Too often we find that advisors do not take care to ensure that the arrangement actually works, or having set up the trust properly, over time the original intention of protecting the asset is forgotten.  Please read our story about Ralph to see how the most carefully constructed trust will not offer protection when improperly managed.

Going to court is expensive.  It is so expensive that many commercially minded people would rather pay someone money that is not owed, or walk away from money that is owing, just to avoid legal costs. While some business people take this practical approach, others want to stand up for the principle of the matter.  Having principles can however be very expensive. It is true that because legal costs are high, even a win may feel like a loss.  Legal costs are sometime higher than the value of the dispute. Lawyers have a saying that "costs follow the event".  In other words, normally the winner of legal proceedings will receive an order that their costs should be paid, by the losing party.  We mention some exceptions below. Here we should pause to think about what this means:

When a retailer purchases from a wholesaler or a manufacturer the retailer must ensure that they know the limitations of the goods purchased.  If the goods are faulty then the retailer may be liable to any subsequent buyer.

Whenever a retailer sells goods to a consumer there is a sale agreement and conditions are implied into that agreement.  Consumers may make use of these conditions to successfully claim against a retailer.

The stakes can be high!  If a product is not fit for a purpose it may cause damage and necessitate rectification works the cost of which may go well beyond the cost of the goods supplied.