BRX Bond Street

Paul Marmor Presentation – BRX Bond Street – 3rd September 2010

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Late or non-payment of debts can cause cash-flow problems or even force a company out of business. Many businesses remain unaware of the regulations in place that allow for interest to be claimed on unpaid invoices.

The Late Payment of Commercial Debts (Interest) Act 1998 and Late Payment of the Commercial Debts Regulations 2002 enable businesses to claim interest on unpaid invoices, from other businesses, at the rate of 8% above base rate.

It follows therefore that in any contract or Terms of Business, you should specify that you will claim interest on unpaid invoices at the rate of at least 8% above base.

Note that if you make your own arrangements in relation to interest (i.e. in your Terms of Business) the late payment legislation will not apply and you will be bound by the rate set out in your terms/the contract.

To ease calculation of interest, the legislation has provided a fixed reference rate, linked to the Bank of England base rate, which applies for a six month period.  Accordingly, if an invoice becomes payable within a specified six month period then the interest rate will be calculated by reference to the fixed reference for that period plus 8%.

Compensation may also be claimed under the Act, in respect of each outstanding invoice and by reference to the amount outstanding under each invoice.  Compensation ranges from £40.00 to £100.00.  This means that you should be able to recover part, if not all, of any solicitors’ charges for sending the initial letter before action claiming the outstanding invoice plus interest and compensation.

For further information please contact Paul Marmor or Karen Dobson in Sherrards’ litigation/debt recovery department 01727 832830 or at www.sherrards.com

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“My phone’s not working for some strange reason”,said a colleague to me this morning.
I took the phone from her and inspected it. It’s shiny screen that was once full of life was now a dull deep sea of nothingness.

“When did you charge it last?” I ask, “Looks like it has totally run out of juice!”

“Only the other night,” she replied.

“Aha!” My voice lowered to a whisper, “Well there is your problem then, no power. This is an iPhone you know!”

I’m no stranger to this myself. My journey to my office is via the Victoria and Picadilly lines and requires my own iPhone to entertain me with such masterpieces like The Daily Show, Louise (great new american comedy) and Russell Howard’s Good News. Kerrang Radio app keeps me busy when I am walking to the Underground and World War app, Facebook, Twitter and a handful of email accounts are constantly draining my battery. Which means I need a spare charger in the office for that mid afternoon boost.

And that’s the down fall of the iPhone and many other smartphones. More reasons to touch the screen and use up data will totally diminish the battery so if you are the kind of person that needs your phone to just make lots of calls and send lots of texts over long periods of time without a charge, the iPhone may not be for you.

However, if you still need to be smart and get emails on your handset, Blackberry have always been at the top when it comes to battery life. To some, the Blackberry looks dated and not as aesthetically desirable as Steve Job’s and Co have brainwashed us all to believe.

Not so with the latest Blackberry.

While other manufacturers have tried hard to step into the limelight with their own iPhone wannabe, the biggest downfall they have is just that. No matter how much better they actually are, they are just not the real thing. Blackberry themselves tried and totally failed with the Storm and Storm 2 so rather than try again they have decided to put out an altogether new concept:-

Yours truly with the Blackberry 9800 Torch

Blackberry’s new Torch 9800 has taken a different direction to every other phone on the market. With a touch screen and a pull out keyboard it is bound to attract the two opposing camps and it looks very stylish with it’s black and chrome finish.
But what really sets it apart from any other Blackberry is the new OS.6 operating system which is slick and fast. The all new browser means you can view webpages much faster and in the frames just like you would do on a normal pc. It is much quicker in opening attachments to emails, editing Microsoft Office documents and sending and receiving emails. Of course you can make calls and send texts too.
Add to that a battery life that can stand all your emailing, texting, tweetingm browsing and even talking for at least 2 whole days on a single charge.

In layman’s terms, it does what is says on the tin, but unlike the iPhone it does it a lot longer.

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Trusts, Trustees and Insurance

Trust structures are now widely used as a tax efficient means of owning property,

and often it is the responsibility of the trustees to ensure that adequate insurance

coverage is in place to protect the assets of the trust. This is quite a complex area of

insurance, and as such, it has become increasingly important to seek specialist

advice. Green Park Insurance Services (GPIS) has developed considerable

expertise in this area, and this article is designed to highlight the main areas that

trustee’s should consider when arranging insurance cover on behalf of their clients’.

The key role of the trustee when arranging the insurance should be to ensure that

there is adequate cover in place to protect the asset in the event of a major loss. To

this end GPIS are able to provide cover with a number of insurers on an unlimited

replacement basis, thereby ensuring that under-insurance would not be a factor in

the event of a major claim, or total loss situation.

It is also essential that the broker involved should be independent, and have a wide

panel of insurers to ensure that competitive premiums can be obtained. To this end,

GPIS have established relationships with 9 insurance companies, 6 of which are able

to provide cover for properties in the majority of worldwide locations, under a single

insurance portfolio. This portfolio arrangement is likely to lead to a further reduction

in insurance costs, alongside providing a far more convenient way of handling the

insurance requirements of the trust.

Another area that requires careful consideration is the relationship between the

trustees and the tenant of the property (which may also be the beneficial owner of the

trust). In the majority of property trust arrangements the trustees are responsible for

the insurance of the buildings, but not the contents of the property (unless of course

they are also assets owned by the trust). Quite often this can lead to confusion, as

the tenant of the property may assume that their contents are also insured, whilst this

falls outside of the responsibilities of the trustees. To provide reassurance to both

parties, GPIS will visit the property and undertake an inventory to ensure that the

coverage would be sufficient to replace the contents in the event of a total loss.

This client visit is also particularly useful when it comes to insuring any improvements

made to the internal fixtures & fittings of the property. The buildings insurance policy

arranged on behalf of the trust will re-instate the building to it’s original condition, but

is not designed to pay for the cost of replacing the expensive improvements that

have been made by the occupier. The responsibility here rests with the tenant, and

this can be very easily insured under the tenant’s improvements section of a contents

insurance policy.

In addition to this, GPIS have developed a number of specialist insurance policies

that are designed to cover properties that are undergoing renovation, and properties

that are empty for more than 30 days at a time. Most insurance policies have a

clause where if the property is empty for more than 30 days, or if works in excess of

£15,000 are being undertaken then insurers have the right to amend the terms of

cover, or cancel the policy with immediate effect.

Please contact us if you would like any further information

Contact – Mike Nightingale GPIS Ltd 07824 530093

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PA / Legal Secretary Vacancy (Central London) – Sherrards Solicitors LLP 

Do you know anyone who fits the following description?
Sherrards Solicitors is looking for a full-time legal secretary / PA for their busy commercial office at Marylebone Lane, London. Ideally, they will have previous experience of company commercial work, excellent IT and audio skills, be able to work on their own initiative and be confident when dealing with clients. Sherrards is an equal opportunities employer.

Apply in writing/email with current CV to:
Julie Shields, Human Resources Administrator
Sherrards Solicitors LLP, 45 Grosvenor Road, St Albans, Hertfordshire AL1 3AW
Email: jas@sherrards.com
Closing date: 31st August 2010

Location: London

Start date: ASAP

Job Type: Permanent

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Insurance.

Okay, okay. Before you say a word, I know that insurance isn’t exciting and that most people see it as a necessary evil, but bear with me because it’s important.

Make it quick then.
Think of all the homes, possessions, furniture, clothes and cars etc individuals own, they all need insurance cover.

Why?

You tend to find that out when something goes wrong. Let’s say that your wine cellar floods causing damage to the wine casing and labelling. The damage will lead to a loss in value. If you’re not properly insured you have to take the hit. If you are, the insurance company will pay for the difference in value before and after the flood.

Yeh, right. If they decide to pay out. You know what insurers are like.

Well, actually, the problem usually is the laissez faire attitude of the insured. Upgrading an insurance policy is one of the things people put off because it’s dull. As a result, the insurer is unaware of valuable items and refuses to pay out. That leads to frustration, further mistrust of insurance companies and a lack of appropriate insurance for luxury assets.

Consider this. A client of ours, who previously had arranged his own insurances, had a fire in their main home. They claimed for more than £100,000 of damage. But they had only insured themselves for £75,000 and the contents were worth £150,000. The loss adjuster decided that since the client had been under-insured by 50 per cent, they were only entitled to 50 per cent of the claim. They got a cheque for £50,000. There’s an underinsurance clause in most policies.

So, what do I have to do to stop that happening to me?

Get your contents valued properly. Speak to a private client broker, they’ll sort out a valuation.

Sounds expensive.

That’s what people always say about insurance, until they have a claim. But you’d be surprised, for instance, how cheap fine art insurance is. It’s all to do with risk. Burglars are more likely to want jewellery or electrical goods than paintings or antique furniture, which can be traced through the art loss register. If you’d bought a Damien Hirst print for £100,000 at Sotheby’s recently you could have it insured for £250 a year.

Jewellery, on the other hand, is a tricky area. Many people think that their jewellery is covered under their household insurance – but it won’t be if it falls outside the single-article value limit in their policies.
It’s going to be even more boring if I have to have a separate policy for every valuable item in my home. I’ve been collecting for a long time, you know.

Well, you could consider a portfolio policy. That’s a single policy that covers household, motor and travel insurance under a single contract with one renewal date. It can also cover second properties in the UK and overseas, and all of their contents.

Now that really does sound expensive.

Not really. Quite often we’ve put a portfolio policy in place for a high-net-worth client and it has cost them less than all of their other policies put together.

Is there anything else I need to consider.

Well, if you buy a luxury car valued at more than £100,000 you have to go through a private client broker. Direct insurers balk at the value – you need somebody who is comfortable with the fact that a replacement wing mirror can cost £5,000, and knows that the value of a year old luxury car can be higher than its purchase price, especially if there’s a waiting list.

What you’re saying here is that I need help with everything.

The point is that you need up-to-date relevant insurance cover based on current values. If you’re too busy to do that, you can get somebody to do it for you.

For further information and to continue a “conversation with a private client insurance broker” call Mike Nightingale on 07824 530093

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Richard Houldsworth from Splatt Print (a commercial printer based in East London) showed BRX Bond Street his wears and talked through three key stages to servicing clients with print…..

Stage One – Understand what the client wants

The Splatt Print sales team offer to visit clients at there premises (taking a selection of relevant product samples) or ask them to visit the operation at E8 (especially if paper selection is important as they have a wide variety of samples available on site). By asking open questions Splatt Print can understand what the item will be used for, who the audience will be and how it will be delivered. All these factors can make a difference to the look, feel and cost of the document i.e. If a document needs to be Corporate in style and the client is up against a tight budget then they have alternative printing methods, papers and finishes that they could recommend.

Stage Two – Research & Consultation

Splatt Print go to all the major trade exhibitions (DRUPA, IPEX, DIGITAL PRINT WORLD) to understand what new print methods, materials and finishing technology is available, this information can then be used to offer clients a wider range of products to suit there needs. By talking through the various options available the client is able to make a balanced decision, ensuring they get what is right for them.

Stage Three – Production Control

Some clients require tight colour control as there product or service is relayed to the customer through the company colours. Splatt Print use highly experienced and trained print operators to ensure colour matching is as close as possible, time after time. As different clients needs vary significantly, most jobs take different lengths of time to complete. Splatt Print communicate all stages of the production process to ensure job completion is within any deadline specified in stage one.

Below is a small range of products Splatt Print have completed using these three stages

visit www.splattprint.com to know more about Splatt Print or call 020 7254 8736 to book a free consultation

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If you want good networking go to a BRX meeting – if you want great networking and lots of fun, then come to a BRX Bond Street Friday morning breakfast.

If Carlsberg did networking breakfasts……… they would be in Paris!

Members of BRX Bond Street group at the Franco Brit Chamber of Commerce

Lunch at Le Dome du Marais……… then walking off the fantastic lunch!

To top the day, drinks at a great bar……. Tres Bien!

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Employees stranded by volcanic ash – the fall-out from the volcano eruption 

 Earlier this year, heavy snow fall brought the country to a halt and employers were left counting the cost of enforced staff absences. Now, as volcanic ash drifts across Europe, grounding flights and causing travel chaos, employers are again picking up the tab when employees are not able to get back from their holidays.

In January, we sent an Email Alert looking at employers’ obligations where employees were not able to come into work due to weather conditions. The current situation is analogous and many of the same considerations apply. By way of brief reminder, the key issues are as follows:

• Take a look at your employment contracts and Employee Handbook, to see whether these deal with the situation. If they do not, then the default position is that the obligation is on the employee to get into work. If they do not come into work, even due to circumstances beyond their control, they are on unauthorised absence and they are arguably not entitled to be paid.

• Be careful if you have decided to dock employees’ pay. The employee could argue that failure to make payment is an unauthorised deduction from wages (assuming this is not covered in the employment contract). Although you would have a potential defence that there was no entitlement to pay as no work was done, it may be an argument best avoided.

• You should also assess the impact of refusing to pay employees on morale and productivity. This is particularly so if employees are trying hard to get back to the UK but this is proving impossible.

• Keep your approach consistent. If you haven’t got a policy covering the situation, meet with the employees after their return and explain to them that either:

(a) any time off will be unpaid;

(b) time off will be paid but that they are expected to make up the time later; and/or

(c) they can request the time off as paid annual leave.

• Be careful if you are trying to insist on employees taking annual holiday retrospectively. Employees will need to agree to this unless the contract specifically allows you to do this.

 The above provides a general guide to issues that might arise. However, each situation is unique and different considerations may apply in your case. We would therefore recommend that you consult a solicitor, or other suitably qualified person, about your specific circumstances.

 If you have any questions about the matters discussed above, or any other question of employment law, please contact Paul Marmor, head of Litigation at Sherrards, or one of the Employment team:-

 Joanne Perry, Tel: 01727 738920, Email: jp@sherrards.com

Mark Fellows, Tel: 01727 738976, Email: mf@sherrards.com

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World Cup Fever – An Employer’s Guide

Once again, World Cup Fever is gripping the nation. Windows and cars are adorned with flags and people are dressed head to toe in their national colours. The festive spirit seems to be just what the country needs after months of recession, a biting winter, travel chaos and constitutional upheaval.

However, the very words “World Cup” can strike dread into the heart of employers all over the country. Just as the tournament can help to lift morale amongst the workforce, it can also be expensive for employers as employees duck out of work early to catch the games and then come into work late suffering with hangovers. How can employers handle the situation without coming across as killjoys?

Setting Out Expectations

You should be realistic in your expectations. Making unreasonable demands will seriously damage morale and demotivate employees. Although you are not obliged to make allowances for employees who wish to watch the football, putting intentional barriers in their way will do more harm than good.

Before the tournament begins, you should consider sending a memo to staff, clearly setting out your intentions and expectations. Then, when the tournament gets underway, a consistent approach should be adopted. In this way, you can ensure that employees are clear as to what they are permitted to do, and what is expected of them. This will make it easier for you to deal with anybody who crosses the line without spoiling it for everyone else.

Handling Absences

Historically, sickness absences increase during major sporting events. It can be difficult for employers to distinguish between those employees who are genuinely sick and those who are “pulling a sickie” in order that they can watch football.

To try to avoid unplanned absences, encourage staff to take pre-booked annual holiday if they want to watch the football. Also, consider allowing them to take unpaid leave. However, be careful to ensure that it is made clear to employees that requests for leave are not guaranteed to be approved and will have to be considered on a “first come, first served” basis to ensure that there is adequate cover. Give equal priority to all requests for time off – preference should not be given to employees wanting to watch the football. Such an approach is likely to favour male staff and could therefore result in claims of discrimination.

If employees do call in sick on days when there are key games during working hours, do not assume that they are faking. Make it clear to employees in advance that absences during the tournament will be subject to closer scrutiny and hold return to work meetings with employees when they come back, even if this has not been the normal practice before. Make sure that all absences are carefully and accurately recorded. Hopefully, if employees are aware that their absences will be looked at more closely, they will be dissuaded from pulling “sickies” if they are not genuinely ill.

If you have grounds to believe that an absence is not genuine, for example if there is a suspicious pattern of days off coinciding with football games, you should consider taking disciplinary action. Bear in mind, however, that it can be difficult to establish that absences were not genuine and therefore it is preferable to try to avoid the situation arising in the first place.

Flexibility

In order to avoid employees taking “sickies”, you might want to consider offering employees the opportunity to work flexibly around games. For example, you could allow employees to work through their lunch breaks, or come into work early, then leave early in order to catch the games. Again, you should make it clear that any such arrangement will need to be pre-approved by the Company in order to ensure that adequate cover is available.

If your employees work shifts, you could also offer a “shift swap” arrangement, provided that employees can find somebody who is prepared to swap shifts. Again, all “swaps” should be subject to prior approval.

Finally, you might consider allowing employees to work at home on match days. This requires a level of trust in your employees, as you will not be able to monitor what they are doing, but this may prove to be a preferable option to employees taking unplanned absence or causing disruption within the place of work itself.

Make sure that any offers of flexible working, shift swaps and homeworking are made available to all employees, regardless of whether they want to watch the football. Limiting the offer to football fans only is likely to alienate those employees who do not wish to watch the football and potentially create tension and resentment in the workplace.

Watching at Work

You could consider showing the football at the place of work, and even making it into an “event” that all employees are welcome to attend. This can be a good opportunity to foster a team spirit and boost morale. However, you should be aware that not everybody will want to be involved and you may wish to allow non-interested employees to simply take time out rather than watch the football.

Again, you should be realistic. It will be difficult to expect people to go straight back to their desks and pick up their work where they left off after spending time socialising with their colleagues while they watch a game. Also, be alert to the fact that not everybody will support the England team – in today’s multinational workforce, there may be members of staff from all around the world. Be sensitive to the fact that they should be given the same benefits as employees supporting the England team. If you have a particularly wide spread of nationalities in your staff, this may mean that it is simply not practicable to allow the employees to watch the games on site.

Dealing with Alcohol

Football often comes hand-in-hand with alcohol. If you choose to screen the football, and perhaps turn it into an event with food and drink, make sure that employees are aware of their responsibilities. In particular, if there is any chance that employees may need to operate machinery after the event, make it explicit to them that they must not consume any alcohol. Make sure you have an up-to-date alcohol policy and consider sending a memo reminding staff of its contents.

Similarly, you should make it clear to employees that it is unacceptable for them to come into work suffering from the effects of alcohol (including hangovers) such that they are incapable of performing their duties properly.  You should spell out the disciplinary consequences that will follow if employees take time off for alcohol-related reasons or if they come into work under the influence of drink.

Internet Policies

You should also take some time to revisit and consider your company’s internet policy. You may find that employees spend significant amounts of time on the internet, either getting the updated scores or general news about the tournament. Some games are even likely to be screened in full on the internet and employees may try to watch the football from their workstations.

Again, set out your expectations to employees clearly. You may wish to state that reasonable internet browsing will be permitted, provided that it doesn’t interfere with the person’s work, but that watching full games is expressly prohibited. Alternatively, you may wish to adopt a “zero tolerance” approach and prohibit all non-work related browsing.

Conclusion

The World Cup can be an excellent opportunity to forge good relations with staff. Handled correctly, it can be a chance to encourage a real sense of goodwill and commitment from employees. However, employers should be alive to the potential pitfalls and take steps to avoid being the ones that lose out. Now is the time to revisit and update employment policies, and make sure that these are issued to staff. Overall, the key elements for success are communication, clarity and consistency. With the right approach, employers and employees alike can enjoy a happy (and hopefully victorious) World Cup.

The above provides a general guide to issues that might arise. However, each situation is unique and different considerations may apply in your case. We would therefore recommend that you consult a solicitor, or other suitably qualified person, about your specific circumstances.

If you have any questions about the matters discussed above, or any other question of employment law, please call one of our team at Sherrards:

Paul Marmor, Tel: 01727 832830, Email: pdm@sherrards.com

Joanne Perry, Tel: 01727 738920, Email: jp@sherrards.com

Mark Fellows, Tel: 01727 738976, Email: mf@sherrards.com

Kelly-Lee Wright, Tel: 01727 738943, Email: kw@sherrards.com

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