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For example, a reduction of share capital using the UK solvency statement procedure only takes effect in law when it is actually registered with Companies House.
So any attempt to rely on the reduction before registration would be ineffective.
Even though the transaction may have already happened in substance, it’s important to find out what the other legal consequences may be, so that steps can be taken to mitigate the risks.
These two general areas mean that some legal due diligence should be carried out to identify and address areas for corrective action.
If lawyers are involved in the practice, they may also face disciplinary penalties under their professional conduct rules, such as having their practising certificate revoked.
A former partner of Linklaters Shanghai, Andrew Godwin teaches law at Melbourne Law School in Australia, where he is an associate director of its Asian Law Centre.These may include registering the transfer of land or intellectual property rights, or obtaining third party consents or releases.Secondly, the transfer may trigger liabilities, such as where the relevant group companies participated in a defined benefit pension scheme.Documenting a transaction which has already happened One possible scenario is that the relevant transaction has already happened, but just hasn’t been documented yet.For example, there may have been a transfer of trade from one group company to another on a particular date.
In this situation, it may be possible to create a document after the event which recites what actually happened, and which records the key terms of the transaction.