Blog posts by - Gary Cousins

Tuesday, 5 April 2011
It wasn’t an exciting budget, and it did contain some help for SMEs, but did it go far enough? The government is beginning to realise that sustained economic growth will need to come from the SME sector but should it do more to boost this vital sector? The focus for the economy as a whole remains the reduction of the public sector deficit. This is essential to create the right economic envir...
Monday, 28 February 2011
Since it first came to power, the government has promised to reduce the excessive red tape that is strangling British business, and SMEs in particular. It introduced a ‘One In One Out’ system where new regulation would only be introduced where another piece of regulation could be removed. It also created its own red tape regulator, the Regulatory Policy Committee (RPC), whose job is to...
Tuesday, 4 January 2011
As we enter 2011, one thing is for sure: company directors have never before faced so many duties, responsibilities and potential personal liability for the companies they control. Based on recent trends, we predict that the following 4 areas will be the main ones for directors of SMEs to watch out for in 2011. Directors Pay The law on how and when a director can be paid is complex and there are s...
Monday, 6 December 2010
What surprised me most about the news story of MP Phil Woolas losing his seat for lying is the number of politicians who came forward to say that lying is just a part of the “rough and tumble” of electioneering. Do we, as a society, really think it’s OK to lie in public? As a litigation solicitor with considerable court experience, I have seen many individuals lie in the witness ...
Thursday, 25 November 2010
If a director who has loaned money to their company resigns, or is dismissed, can they get their loan back? Many companies, especially in the current economic climate, seem reluctant to repay a director’s loan in this situation. The first thing to look at is the loan agreement itself, if there is one. It may set out the circumstances when a loan can be repaid. If the written agreement doesn&...
Monday, 22 November 2010
As we approach the end of 2010, the economy is still very fragile. However, most of the small and medium businesses we have been talking to are showing some improvement compared to this time last year. Our clients are saying they are busier now than they have been for a couple of years, although it is fair to say that a lot of this is due to them having cut back on costs and staffing levels to suc...
Monday, 15 November 2010
In my blog of 15th September 2010, I pointed out that breaches of directors’ duties can have serious consequences for a director, particularly if a company becomes insolvent or after it is sold. It is in these situations that directors frequently find themselves facing claims to pay often-huge sums into the company. One of the areas where it is easy for a director to slip up is in ‘con...
Sunday, 24 October 2010
It’s been a long 5 months since the drama and political intrigue of the General Election. Most political debate has been about public sector cuts but, until now, no one had really known what they would entail. As far as small and medium businesses are concerned, are we really any the wiser following the Comprehensive Spending Review? In my view, the three main issues facing SMEs at the momen...
Wednesday, 15 September 2010
Company directors are subject to so many duties that, if they are not careful and don’t take proper advice, they can easily find themselves in breach of one or more of their duties. But, in SMEs and family-owned companies, the directors and shareholders are usually the same people; so who cares anyway and how would anyone find out about the breaches? Some breaches are very easy to commit, an...
Wednesday, 8 September 2010
When preparing to sell your business, it is crucial to take the right advice as this can have a big impact on the success of the sale, the amount you receive and any ongoing liability following completion. Here are 10 reasons why it is essential to use a good solicitor when selling your business: 1. Share or asset sale The two main methods of structuring the sale of a business are to dispose of th...
Tuesday, 20 July 2010
The Emergency Budget showed that the government are seriously committed to reducing the budget deficit, primarily through public sector cuts and an increase in VAT. Predictably the politicians have since been arguing about whether this is too much too soon (with the risk of a double-dip recession) or exactly what was needed due to the frightening increase in the deficit. Whilst all this argument m...
Thursday, 1 July 2010
I have blogged before about the coalition government's promise to remove excessive red tape and to allow businesses to nominate their most hated business laws.Well, at last our chance is here. The government has now launched its Your Freedom website where we can tell it what regulations we want to see removed.They promise to listen. Now let's see how good they are at acting.Gary CousinsBusiness So...
Monday, 21 June 2010
We are often asked “Which is really best - partnership or limited company?” The answer is that it depends! Have a look below and decide what cover and what formality you feel you really want. Partnership In a partnership, two or more people share the risks, costs, and responsibilities of being in business. Each partner is self-employed and takes a share of the profits. Usually, each pa...
Wednesday, 16 June 2010
According to a recent Federation of Small Businesses (FSB) survey, although the level of small business satisfaction with high street banks remains low overall, one of the most important things firms looked for in a bank was a good working relationship with their business manager. There was a strong correlation between the number of business managers a firm dealt with in a 2-year period and the le...
Friday, 11 June 2010
Directors are under a legal duty to maintain detailed accounting records of their company. In particular, they must maintain records: to show and explain transactions, and disclose the financial position of the company at any time with reasonable accuracy; to enable them to compile balance sheets and profit and loss accounts; to keep records of all money received and paid out by the company on a...
Thursday, 3 June 2010
The government has taken its first steps to reducing the amount of red tape which is stifling business, particularly SMEs. The Business Secretary, Vince Cable, has announced an action plan to tackle excessive regulation. It includes the following: The creation of a new Cabinet “Star Chamber”, officially to be called the Reducing Regulation Committee, which will be chaired by Mr Cable. ...
Wednesday, 26 May 2010
Our senior partner and litigation specialist, Gary Cousins, spends much of his time pursuing financial claims against directors on behalf of insolvency practitioners and in defending those claims. All too often company directors are financially ruined after the demise of their company and some of them even end up in prison. For specific advice on your circumstance book a free initial half hour app...
Tuesday, 25 May 2010
When the final Coalition Agreement was published last week, Nick Clegg announced that the government would be asking people what laws they wanted to be scrapped. It was a manifesto pledge of both the Conservatives and Lib Dems for there to be a “one in one out” policy as far as business regulation is concerned – in other words, if a government department wants to introduce anothe...
Thursday, 20 May 2010
The long-awaited Full Coalition Agreement has now been published, which sets out what the coalition intends to do during its time in office. Refreshingly, it has a section specifically on business, something which the individual party’s manifestos failed to do. Unfortunately, there are a lot of promises to “review”, “look into” and “consider”, which doesn&...
Thursday, 13 May 2010
Birmingham is officially the top European city for promoting entrepreneurship It was announced on Monday that Birmingham was number one in the prestigious European Cities Entrepreneurship Ranking for promoting entrepreneurship. This category ranks Europe’s cities as to how they promote and support new business, and create an environment for entrepreneurs and new business growth. In the overa...
Wednesday, 12 May 2010
The new coalition government has published their Coalition Agreement. It is difficult to see what measures remain in place to support SMEs. The agreement does, however, include the following:* Cancelling some backdated demands for business rates;* Generous CGT exemptions for entrepreneurial business;* Ensuring that the flow of credit to viable SMEs will be a core priority, including: &nb...
Tuesday, 11 May 2010
A poll by the Federation of Small Businesses (FSB) reveals that 54% of small businesses are planning not to expand following the election result. I am not surprised. The simple fact is, that for a small business to expand, it needs confidence that customers will be there to buy its products in the future and have the financial means to do so. The poll also revealed that 52% want action taken by go...
Friday, 7 May 2010
The magazine for small businesses and entrepreneurs, Real Business, reports that a new survey suggests a lack of education and training for entrepreneurs is holding back many people from setting up their own businesses.The research, published by the Global Entrepreneurship Monitor (GEM), shows that only 18 per cent of the UK's working age population has received training in starting a business.The...
Wednesday, 28 April 2010
As election fever (as well as volcanic dust) sweeps the country, we have had a look at the manifestos of the 3 major parties to see what they promise to do for small and medium businesses. Our view is that real steps need to be taken to support SMEs through the recession and recovery process, and that means taking measures to help SMEs get the finance they need at a reasonable price, reduce regula...
Monday, 19 April 2010
I was fascinated to read Emma Wimhurst’s article in the Independent small business section. Her views are, to say the least, controversial:"We’re all fed up with the R-word, but I believe the economic downturn has done many business owners a favour. It’s grabbed us by the profit margins and warned us to make changes to the way we do things, or else. It’s been a positiv...
Friday, 19 March 2010
Whether you employ young people for paper rounds, to help out in a local shop or restaurant or offer them work during school holidays there are some restrictions to be aware of and rules to be followed if you employ anyone under the age of 18.So what is the law for England and Wales? Limits on work for under 14sChildren under 14 are not allowed to work at all except in very limited ...

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