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In 2002, the Court of Appeal ruled in a case brought by staff employed at Albion's Farington site in Lancashire, Albion Automotive Ltd w. Walker and others, [1] that a contractual term entitling employees to an enhanced redundancy payment could be implied into the employees' contracts of employment based on the employer's custom and practice.
Three main kinds of debts in commerce are, first, those arising through a specific debt instrument issued on a market (e.g. a corporate bond or credit note), second, through loan credit advanced to a company on terms for repayment (e.g. a bank loan or mortgage) and, third, sale credit (e.g. when a company receives goods or services but has not ...
The Redundancy Payments Act 1965 (c. 62) was an act of the Parliament of the United Kingdom that introduced into UK labour law the principle that after a qualifying period of work, people would have a right to a severance payment in the event of their jobs becoming economically unnecessary to the employer. The functions of the redundancy ...
As mentioned above, it would have to be capability or qualifications, conduct, redundancy or statutory requirements [6] or "some other substantial reason". [ 7 ] The second stage is to establish whether the dismissal was reasonable, and that means whether the fair reason was sufficient to be also judged as reasonable. [ 8 ]
The two main UK regulators are the Prudential Regulation Authority and the Financial Conduct Authority. Once a bank has received authorisation in the UK, or another member state, it may operate throughout the EU under the terms of the host state's rules: it has a "passport" giving it freedom of establishment in the internal market.
A leveraged buy out, in effect, is the same as a bank giving someone a loan to buy a house with a 100 per cent mortgage on that house. However, in a company's case, the bank is likely to be only one among a large number of creditors, such as employees, consumers, taxpayers, or small businesses who rely on the company's trade. Only the bank will ...
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Section 135 of the Act gives employees a right to redundancy payments. This means when their jobs have become obsolete and employer should compensate them, provided they have become an established employee. The qualifying period for redundancy is having worked for two years with the same employer (s.155).