The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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11. Finally ,Consult with a Real legal counsel to ensure that all documentation is thorough and legally sound.
10. Create intercompany agreements that define the relationship between the parent company and the subsidiary. These agreements should outline the terms of any shared services, management fees, etc. Easily done.
9. Make sure that all contracts and agreements are in the subsidiary's name. I cant imagine that they wont be.
Ok the second best school then😜
the School of Hard Knocks
off now and back monday morn to see where this SP will be.!
8. Make sure that the subsidiary has its own sources of capital and credit, independent of the parent company’s finances.
I think the income from freight and passengers takes care of that one.
(:
Why ,where you the only boy in a gals school.
Ha. That beats my 1B and 2C's in O levels ! (I did redeem myself later though lol just so you know )
I did go to the best school in the world however!
7. Keep separate financial records, bank accounts, and financial statements for the subsidiary. Avoid mixing of funds between the parent company and the subsidiary. Once again easily done as the MD merged his company into the operation ( I think).
Hi Folks - The issue of forming companies that would allow ring fencing of funding is not new.Although the company will have an ultimate holding company i.e. Harland & Wolff Group Holdings PLC it can have separate funding ring fenced to that specific company.The only complications would be if the ultimate holding company had to guarantee the loan but provided funds were not passed down by the parent company I do not see any conflict with the £200m loan.
I am expecting news next week as the current saga cannot continue.
With regards the courts unless our case is subsequently inserted there is no listing for May.
Thank you Scaff ,I've only got an A level ln law, so I think it would be very simple to organise for REAL lawyers.
Levs - Oct RNS said we would be updated on completion of the deal which happened Dec/Jan but still no news. It also said we would have a tug purchase by the end of the year (2023) but although they’ve bought several other craft no tug as yet.
We had a cancelled lease on the first Atlantic Wolff and I believe the new version is a lease purchase but as you say no news
All at a time when we knew finances to be tight so another $15 million loan added but no idea of costs
And now we have the present fiasco!
But apparently you just need to stick your head in the sand and trust JW…. And listen to our resident ramper…. And the share price will treble by June 😜
6. There is no rule 6 (should have been 5 i think, but i have only just remembered the Monty Python joke.( the inability to post humorous things shows a lack of IQ.( a couple of names come to mind )
BC You are on a roll..
I imagine its no diff then the set up that allows Thales and Aero to be prime mod contractors.
5.Create independent business plans, marketing strategies, and operational policies for the subsidiary.
Its a different type of business, so obviously you would have to do this. We are getting there.
4. Establish separate physical premises and distinct business operations. separate staff, IT systems, etc. From memory the MD already had a company running and presumably all the above. Another box ticked.
3. Show the company has some degree of operational independence. ie hire a separate management team . HARL have done this, cant remember the guys name w, who is MD of the project. I also think that he has put some of his own assets into the company , which strengthens the augment of independence.
So how can it be ring fenced if the subsidiary is completely reliant on the parent?
I get that they are separate legal entities and why it has been done like that (sensible), but the fact remains that if state aid helps the parent then by definition, it helps the subsidiary, ring fenced or not. The subsidiary doesn’t just carry on, after the whole shebang has collapsed.
Do we even know how much cash has been splashed on JW’s toy boat project? Or has there ever been a rationale given about why a shipbuilder wants to build a passenger service? Or when we’ll start seeing any returns? Or any potential impact assessment on the wider brand from reputational damage when they let people down (start any consumer facing business and there will be unhappy customers). Or even a business plan and cash-flow projections? Or as usual, will we have to wait until the accounts come out, middle of next year?
If the point of law is that straightforward, and the issue of state aid was first (publicly) known about from the Times article on Tuesday (let’s be honest H&W and their lawyers would have been informed well before) then why hasn’t it been put to bed already? I’d assume the treasury have lawyers too and they have reasons for their concerns. This hasn’t just appeared out of nowhere.
And meanwhile, the most important weekend of the company’s history and JW’s MIA playing with his Facebook friends.
Too many unanswered questions.
2. Formed a separate legal entity ie a limited company.( This concept appears to be very hard to grasp by lets say the less enlightened on this BB).
1. They hired real lawyers ,not fake ones ( Very Important)
LSEO3 that tells you something imho all this rubbish being posted about harl going out of business
Red flag was raised when it claimed to have two .MAs but no BA. How embarrassing to claim that you are a lawyer , when in fact you are clearly not.
TDF, more hilarity.... you're actually not as bright as you don't make out to be.... amongst others.
More Nonsense from Levi.
"Surely without H&W Group Holdings, there is no H&W (Scilly Ferries) Ltd, "
Obviously ,but what has that got to do with anything .Its a bit ;like saying that without a person parents there would t be a person. Clearly, but it doesn't affect th fact that they are separate people. You just cant get the staff.
Consuela ref 15.45 post you are clearly having problems grasping a simple point of company law when Harland and Wolff (Scilly Ferries) Limited was incorporated in January of this year it became as a matter of law a separate company distinct from its parent company and its ultimate holding company.
Stokey summed it up perfectly.