LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
The following is a more accessible plain text extract of the PDF sample above, taken from our Business Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
What is an SPT? | If a D (or a connected person) buys from or sells to the company, consent must be obtained from the members by Ordinary Resolution (“OR”) if it is a ‘substantial non-cash asset’. Directors are always under a duty to:
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Transaction… |
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…Between the Company and… |
“Connected Persons” s.252(2)
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…of a Non-Cash Asset… |
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…Which is Substantial |
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Exceptions (No S’holder approval needed) | Shareholders do not need to give approval if:
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If it is an SPT |
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Breach of s.190 | If the requisite member authority is not obtained, then:
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It IS an SPT Template
[SALE/PURCHASE] of [PREMISES/BUSINESS]
The members need to pass an ordinary resolution (“OR”) before the board can complete the [SALE/PURCHASE] contract because the transaction is a substantial property transaction (“SPT”) under s.190(1)(a) Companies Act 2006.This is an SPT because:
[NAME OF COMPANY] (“The Company”) are involved in an arrangement under s.190 as they are entering into a contract to [PURCHASE/SELL] [LAND AND BUILDINGS/ANOTHER COMPANY]
The [LAND AND BUILDINGS, (“THE PREMISES)/NAME OF OTHER COMPANY (“ABBREVIATED NAME OF COMPANY”)] fall into the definition of non-cash asset under s.1163 as it is any property or interest in property other than cash
[THE PREMISES/ABBREV. NAME OF COMPANY] are of substantial value as they are worth [X], which:
is more than 100,000 (s.191(2)(b)); or
exceeds 5000 but is not more than 100,000 and exceeds 10% of the company’s asset value (I.E. ITS NETS ASSETS) (s.191(2)(a)). It is [X]% of the company’s asset value.
The [PURCHASER/SELLER] of [THE PREMISES/ABBREV. NAME OF COMPANY] [“NAME OF PURCHASER/SELLER”], is connected to a director of the Company (“NAME OF D”) because [“NAME OF PURCHASER/SELLER”] is (pick an option below)
a member of D’s family (s.252(1) and (2)(a) and s.253(2)(a-e)); or
a body corporate (s.252(1) and 2(b)) in which a member of D’s family (s.252(1) and (2)(a)and s.253(2)(a-e)) (“NAME OF MEMBER OF FAMILY”) owns at least 20% of voting shares (s.254(2)(b)) [AND/OR] share capital (s.254(2)(a)). (NAME OF MEMBER OF FAMILY”) owns [X]% of the voting shares [AND/OR] share capital ; or
a body corporate (s.252(1) and 2(b)) in which D owns at least 20% of voting shares (s.254(2)(b)) [AND/OR] share capital (s.254(2)(a)). D owns [X]% of the voting shares [AND/OR] share capital; or
a body corporate (s.252(1) and 2(b)) in which a member of D’s family (s.252(1) and (2)(a) and s.253(2)(a-e)) (“NAME OF MEMBER OF FAMILY”) and D collectively own at least 20% of voting shares (s.254(2)(b)) [AND/OR] share capital (s.254(2)(a)). (NAME OF MEMBER OF FAMILY”) owns [X]% of the voting shares [AND/OR] share capital and D owns [Y]% of the voting shares [AND/OR] share capital therefore collectively they own [X+Y]% of the voting shares [AND/OR] share capital.
None of the exceptions apply in CA apply.
NB if D who is connected is D of Holding Company, members of Holding Company need to pass OR to authorise transaction (s.190(2))
It is NOT an SPT Template
[SALE/PURCHASE] of [PREMISES/BUSINESS]
Prima Face, the members need to pass an ordinary resolution (“OR”) before the board...
Buy the full version of these notes or essay plans and more in our Business Law and Practice Notes.
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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