Expert Resources

Free information from our team of lawyers about legal and practical aspects of corporate and investment structures. If you are interested in these areas, you may want to bookmark this page to check back regularly for new information.

Paul Sutton

What is a commissionaire?

Commissionaire structures are not uncommon within multinational groups. The concept of a “commissionaire” is based on civil law systems such as those in France, Germany, the Netherlands and Switzerland. It refers to a person who sells goods in his own name, but for the account of a principal. Under a commissionaire arrangement: the commissionaire …
Paul Sutton

The LCN Tax Interview: Tony Hooper

We are delighted to feature an interview with Tony Hooper, the head of treasury and tax of Pennon Group plc, which owns South West Water and also waste management group Viridor. Why did you get into treasury and tax? I qualified as an accountant around 1984 and showed a mild interest in tax in advance of South West Water Authority’s privatisation. …
Paul Sutton

Legal feasibility checklist: Section 110 demerger

This article provides a preliminary checklist of legal feasibility issues when planning a section 110 demerger (also known as a ‘section 110 liquidation’) for an unlisted group. It sets out some of the most common legal issues which typically arise and which can have a significant impact on the timing of such a project, or whether it can …
Paul Sutton

What is a Section 110 demerger?

The term ‘demerger’ is often used to refer to a situation where one company separates its assets or activities by transferring them into separate new companies. Often, the proportionate ownership of those new companies will reflect the ownership of the original company. Section 110 of the Insolvency Act 1986 provides the basis for one way to achieve …