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Texas shoot out (sealed bids)—flowchart

Texas shoot out (sealed bids)—flowchart The Texas shoot out (sometimes called a Mexican shoot out, Tex Mex shoot out or sealed bids) procedure may be started by either shareholder (or the shareholder which did not cause the deadlock) serving notice on the other shareholder, requiring both shareholders to submit sealed bids for the shares of the other shareholder within a specified timescale. The shareholders will be obliged to complete a share transfer on the terms of the bid with the highest price per share. There are a number of variants to this procedure, including that the joint venture shareholders’ agreement may provide for bidding by auction. It would be more usual in a deadlock or 50:50 joint venture for either shareholder to be able to serve the notice starting the Texas shoot out procedure. In a majority/minority joint venture, the majority shareholder may prefer for only

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Stages of the mediation

Stages of the mediation This Practice Note sets out the key stages of the mediation process, including pre-mediation meetings with the client and mediator, joint sessions with all parties, opening presentations, private meetings during the mediation, possible settlement at the mediation and issues arising after the mediation. Before the mediation For information on practical arrangements for the mediation, such as arranging the venue, timing and attendees, see Practice Note: Organising a mediation. Pre-mediation meetings—lawyer and client It is best practice for you to meet with the client(s), and where appropriate for counsel or experts to meet, before the mediation to agree tactics and the role each attendee should have at the mediation, though this may have to be flexible depending on how the mediation progresses. It is sometimes helpful if the client will take on a leading role in the mediation and make the opening presentations as it can be more persuasive than the lawyers making them and it can feel more natural. It is frequently the case...

Probate actions—lack of testamentary capacity

Probate actions—lack of testamentary capacity With increased life expectancy comes increased mental illness as people’s bodies outlive their minds. Dementia and other mental illnesses including depression, anxiety, psychosis, confusion and personality disorders may all impact a testator’s ability to make a Will. In addition, drug use, alcoholism and recent bereavement can have a significant impact on capacity. Analysis of the test for testamentary capacity For the purpose of assessing a deceased individual's testamentary capacity, recent case law maintains that the test under Banks v Goodfellow is still the appropriate test. That test provides that the testator must: • understand the nature of the act of making a Will and its effects • understand the extent of their estate of which they are disposing by Will • understand and appreciate any claims against their estate, and • not suffer from any ‘disorder of the mind’ such as to impair or influence the above factors In Leonard v Leonard the High Court set out an authoritative and...

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Letter to complainant—written response—deadlock or final letter

Letter to complainant—written response—deadlock or final letter [Insert complainant’s name] [Insert complainant’s contact address] Our ref: [insert complaint reference number] Dear [insert complainant’s name] I am writing to confirm I have concluded the investigation of your complaint that I received on [insert date complaint received]. 1 Your complaint The specific issues of your complaint were: [insert details] The investigations I undertook were: [insert details] 2 Our decision Based on these investigations I have concluded that: [insert details] 3 [ Remedy The remedies I think are appropriate are: [insert details] Please contact me by [insert date] to confirm whether you accept my proposed remedies. If you accept my proposed remedies I will ensure [insert details].] 4 Complaining to the Legal Ombudsman [We have been unable to settle your complaint using our internal complaints process. You may have a right to complain to the Legal Ombudsman OR If you are not satisfied with our consideration of your complaint you may be able to ask the Legal Ombudsman to consider...

Records retention schedule

Records retention schedule 1 Introduction 1.1 This Record retention schedule accompanies and is incorporated into [insert organisation’s name]’s Records management policy. It sets out the time periods that different types of Business Records (as defined in the Records management policy) must be retained for business and legal purposes. [You do need not read the entire retention schedule, but rather should focus on the types of records relevant to your role.] 1.2 The retention periods in the schedule are based on business needs and legal requirements, including our obligation under data protection law not to keep personal data for longer than is necessary. Once a retention period has expired the data or record should be reviewed and destroyed if it is no longer needed. 1.3 If you maintain any types of records that are not listed in this schedule, and it is not clear from the existing record types in this schedule what retention period should apply, please contact [insert who, eg the Data Protection Officer]...