Limited Companies don’t offer the protection they used to During the course of a year some 500,000 new businesses are likely to launch in the UK and a large proportion of the budding entrepreneurs behind these businesses will be advised by their professional advisors to run their business through a limited company. These advisers will have in mind that about four of every ten new businesses die within 5 years and that “death” can take the form of an insolvency. The limited company structure has historically meant that in the event of failure at least the entrepreneur’s house and...
News July 2018
Next month Tourmalet Consulting moves onto its fourteenth year of trading with plenty of activity to report. One clear theme that is emerging is the continued blurring of the line between personal and corporate liability. We are currently handing a large case where HMRC are seeking to impose personal liability on our director client and pointing to new retrospective legislation that they claim gives them power to do this. We disagree. Lenders to corporates are pushing harder and harder for ever wider personal guarantee commitments. We are currently challenging a whole range of personal guarantee claims – very few lenders...
News Update
News Update We continue to be very busy with a rich mix of instructions. Currently we are:- Working on a large corporate finance deal with an international element Advising on a while range of personal guarantee claims Working with a cutting edge social media firm Working on a third party costs claim Trying to resolve a dispute over a Cyprus property Working in a minority shareholder claim Advising on a failed film scheme And on and on. Life is not dull. We offer unrivaled consultancy experience!
News Update
To give readers an idea of what we deal with (and therefore whether we can help) here is a snapshot of some of the work going through the office at the moment. Advising on a large historical bank claim against a client – the claim dates back to the property crash Resisting several personal guarantee claims Trying to resolve ownership issues in respect of overseas property (Cyprus) Dealing with fall out from two failed tax avoidance schemes Advising a very active building sub contractor on a number of contractual matters Dealing with attempts by HMRC to impose personal liability on...
Personal Guarantees
Autumn seems to be the season of personal guarantees. Here at Tourmalet we are working on over twenty personal guarantee claims – all on behalf of guarantors. Time and again we are finding that the claims there guarantors are facing are seriously flawed. Many finance houses are failing to follow elementary processes in obtaining guarantees. Good advice is essential. We are working on a range of other projects including some large property funding transactions and corporate deals. We have over twelve year experience of providing advice to a wide range of corporate and personal clients. Every single client we have...
April 2017
We continue to work on a wide variety of interesting projects. Tourmalet formed part of a team that saw a seven year court battle brought to a successful conclusion on the Court of Appeal in March 2017. We formulated a new approach to a complex legal dispute by developing the concept of equitable security – a valuable but often overlooked concept. We were able to convince the Court of the powerful priority rights of the beneficiary of the equitable charge. Charges and mortgages don’t always have to be in the form used by your local bank or building society! Sadly...
September 2016 Update
The Consultancy has enjoyed a busy Summer working on a wide variety of projects. On the property front we were successful in solving serious planning problems with a commercial development site in the North of England. The resolution of the planning issues has restored value to a site that was unsaleable. We have also completed our role in supervising the restoration of a badly flood damaged country house where we dealt with difficult discussions with insurers and loss adjusters. On the Corporate front we have advised a number of Companies and their directors who have found the tax savings schemes...
10 Eventful Years
Established in September 2005, Tourmalet Consulting is celebrating ten years of advising businesses and business people. We offer discrete and confidential advice on a range of challenging business issues based on a wealth of experience. A snapshot of where we are now shows us advising on (inter alia); • A range of multi million pound failed tax savings schemes and their consequences. • Legal fees claims for sums in excess of half a million pounds. • A substantial sale of a private business. • Strategic development of a listed company. • Multi million-pound personal guarantee claims for several individuals with property issues in Cyprus, Romania and Spain as well as...