Blackstone’s Commercial Property, Corporate Law and Wills and Probate Roundup

 

Blackstone’s Commercial Property, Corporate Law and Wills and Probate Roundup
In our roundup this week we look at suggestions that big UK lenders would endure significant losses were commercial property stress tests actioned, new figures showing that county court judgments against businesses have fallen over the last year, and a hospice hoping to encourage people to make a Will as part of an annual event it holds
Commercial property stress test scenario ‘would result in big lender losses’

The biggest lenders in the UK would stand to suffer total losses of around £12 billion across two years in a hypothetical stress test scenario in commercial property. This is according to research carried out by the ratings agency Moody’s, which revealed these losses would be equivalent to 14% of the lenders’ total exposure to the sector, the Financial Times reports.

The research also highlighted Royal Bank of Scotland as the bank that would stand to lose the most in the event of a crisis in the UK’s commercial property market.

There are concerns that the sector could be set to suffer due to the UK’s decision to leave the European Union, and the market is currently being closely monitored by regulators and investors.

However, if your lender has re-valued your property at a lower figure and seeking to call-in their charge seek legal advice immediately. At Blackstone we have specialist solicitors who can advise in such matters.
Judgments against businesses fall year on year

The first half of this year has seen a significant drop in the number of county court judgments against businesses in England and Wales, new research from the Registry Trust has shown. It was revealed that during this time there were 42,091 such judgments, which represented a 19% year-on-year fall.

Following the release of the statistics, the Bar Council has warned that the drop could be an indication that higher fees are resulting in those seeking money they are owed being priced out of court.

Chantal-Aimee Doerries QC, Chairman of the bar, said that higher fees could lead to the courts becoming out of bounds for many small businesses, adding: “By increasing court fees, the government has cut off those small businesses’ only real and last hope of getting that money, which is vital given how important cashflow is to SMEs.”

At Blackstone we have a specialist debt recovery team that work on a percentage recovery basis.
Hospice stresses need to make a Will

A hospice in Worcester is stressing the need for residents to make a Will by holding its annual Write a Will month in September. The Malvern Gazette reports that St Richard’s Hospice is encouraging people to consider making a Will because it is something that many people don’t like to think about, despite it being so important.
The campaign aims to remind people that making a Will can help to ensure that, should they pass away, everything will be properly organised for their loved ones.

It serves as a timely reminder that everyone should consider making a Will, regardless of their health or age.

If you need a Will or would like to amend an existing Will please contact our experienced Partner, Judith Chesters for advice

At Blackstone we do not sit on the fence. We give clear options and advice so please contact us today for any legal requirements.

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