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Law of Limited Liability Partnerships 5th edition [Kõva köide]

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  • Formaat: Hardback, 800 pages, kõrgus x laius x paksus: 252x160x48 mm, kaal: 1444 g
  • Ilmumisaeg: 29-Jun-2021
  • Kirjastus: Bloomsbury Professional
  • ISBN-10: 1526516691
  • ISBN-13: 9781526516695
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  • Formaat: Hardback, 800 pages, kõrgus x laius x paksus: 252x160x48 mm, kaal: 1444 g
  • Ilmumisaeg: 29-Jun-2021
  • Kirjastus: Bloomsbury Professional
  • ISBN-10: 1526516691
  • ISBN-13: 9781526516695
Teised raamatud teemal:
The Law of Limited Liability Partnerships, Fifth Edition is an indispensable book for all those who advise on the legal and taxation aspects of incorporating and running an LLP. It combines concise description, practical guidance and penetrating analysis of problem areas.

It also offers an international perspective through a comparative analysis of the UK LLP structure and those being enacted overseas in Canada, Dubai, India, Japan, Qatar, Singapore, the USA and other jurisdictions.

Comprehensively setting out the law of LLPs in England and Wales, the Fifth Edition includes coverage and analysis of:

- Newey Js decision in Hosking v Marathon Asset Management LLP [ 2017] on the application of the fiduciary forfeiture rule to LLP profit sharing - the Court of Appeal decision in Grupo Mexico de CV v Registrar of Companies [ 2019] on rectifying the companies and LLP registers - recognition of the limited liability of foreign LLPs in the light of the Privy Council decision in Investec Trust (Guernsey) Limited v Glenella Properties Limited [ 2018] - ICC Joness decision in McTear v Eade [ 2019] in relation to provability of debts owed to members and insolvency setoff - decisions on section 214A of the Insolvency Act 1986 - further development of the law on repudiation of LLP agreements - the continuing development of the law on discretionary decision making in the light of the Supreme Court decision in BP Shipping v Braganza [ 2015] and on duties owed by LLP members - decisions on derivative claims in Harris v Microfusion 2003-2 LLP [ 2016] and Kallakis v AIB Group PLC [ 2020] - administration orders in Patley Wood Farm LLP v Brake [ 2016]

Specialist contributors have written chapters on: Financial Services Regulation and LLPs; Taxation of LLPs; Members and Discrimination; and Whistleblower Protection.

This title is included in Bloomsbury Professional's is included in Partnerships online service.

Arvustused

...deservedly established as the leading work on the subject for practitioners, for Judges, and for those setting up their new or existing businesses as LLPs. -- Sir Michael Briggs * Foreword to the 3rd Edition * ...a comprehensive and authoritative source of reference on all aspects of LLP law for practitioners, and also for academics and postgraduate students. The close relationship of LLP law to that of general and limited partnerships, and to limited companies, means that this book will also be of interest to practitioners and researchers in those areas. * Partnership Law Forum * An indispensable reference for all practitioners involved with any aspect of LLPs. Yes, absolutely -- especially in this new edition, which certainly belongs in every practitioners library. * Elizabeth Robson Taylor MA of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, The Barrister and Mediator *

Muu info

An indispensable book for legal practitioners and other professionals advising on the legal and taxation aspects of incorporating and running as an LLP.
Preface v
Table of Cases xix
Table of Statutes xlvii
Table of Statutory Instruments lxvii
Table of United Kingdom Materials lxxix
Table of International Materials lxxxi
Chapter 1 Overview and Introductory Matters 1(14)
The business entity
1(1)
Disclosure and regulation
2(1)
The Registrar
3(3)
'LLP Search'
6(1)
Scheme of the legislation
7(3)
Transitional provisions and continuity of the law
10(1)
Partnership law
10(2)
Punishment of offences
12(1)
The United Kingdom
12(1)
Financial services
13(1)
Groups and subsidiaries
13(2)
Chapter 2 Incorporation 15(20)
The requirements
15(15)
a Two or more persons subscribe
15(7)
b The incorporation document
22(7)
c Statement of compliance
29(1)
Certificate and registration
30(2)
Inspection
32(1)
Trading not commenced
33(2)
Chapter 3 The Corporate Entity 35(10)
Separate legal personality
35(2)
Piercing the corporate veil
37(2)
'Unlimited capacity'
39(1)
Banks and landlords
39(1)
Effect of failure to notify the registrar
40(1)
The registered office
40(3)
LLP ceasing to satisfy section 2(1)(a)
43(2)
Chapter 4 Formalities and Requirements after Incorporation 45(12)
Requirements as to display and disclosure
45(3)
Display of name at registered office and other locations
45(1)
Disclosure of information
46(1)
Effect of breach of requirements
47(1)
Formalities for contracts, deeds and other documents
48(3)
Generally
48(2)
Pre-incorporation contracts
50(1)
Change of name
51(3)
Duty to notify changes
54(1)
Confirmation statement
55(2)
Chapter 5 The LLP and the Outside World 57(14)
Agency
57(1)
Members and other agents acting within their authority
58(1)
Members and other agents acting outside their authority
58(8)
Employees (and other non-member agents)
59(2)
Members
61(2)
Third party 'knowing' that no authority
63(1)
No 'knowledge or belief' by third party as to membership
64(2)
Cessation of membership
66(1)
Vicarious liability for torts and other wrongs
67(4)
Acts of members
67(2)
Acts of employees
69(2)
Chapter 6 Charges and Debentures 71(14)
Introduction
71(1)
Registration of charges
72(4)
Duty to register
72(1)
Particulars, and instrument of charge, to be sent to the Registrar
73(1)
Post-registration
74(1)
Power of the court to extend time and rectify
75(1)
The LLP's registers and copies
76(5)
Copies of charges
76(1)
Register of debenture holders
77(2)
Form of registers
79(1)
Alternative inspection location
80(1)
Details of right of inspection
80(1)
Debentures
81(4)
Re-issue of redeemed debentures
81(1)
Rights and position of debenture holders
81(1)
Liability of trustees of debentures
82(1)
Duty of LLP to issue debentures or certificates on allotment
83(1)
Floating charges
83(2)
Chapter 7 Conversion from a Partnership 85(8)
Introduction
85(1)
The decision to convert
85(1)
Stamp duty and stamp duty land tax
86(1)
Transfer of the partnership business and assets
86(1)
Customer/client contracts
87(1)
Employees
88(1)
Leases
88(1)
Banking
88(1)
Investments
89(1)
Professional indemnity insurance
89(1)
Indemnities
89(1)
Annuities
90(1)
'True and fair' accounts
90(1)
Partnerships of accountants
91(2)
Chapter 8 Membership: General Matters 93(24)
Introduction
93(1)
First members
93(1)
New members
94(2)
Changes in a member's name or address
96(1)
Notice in the 'London Gazette'
96(1)
Protection of residential addresses from disclosure
97(3)
Limited liability
100(2)
A member's share and interests
102(2)
Alienation of a share or interest
104(3)
Fiduciaries as members
107(1)
Leaving members
108(2)
Shadow members
110(1)
De facto members
111(3)
People with significant control
114(3)
Chapter 9 Employment and Worker Status 117(16)
Introduction
117(1)
Employment - the partnership law position
117(4)
Employment - the effect of section 4(4)
121(4)
Worker status
125(3)
TUPE
128(5)
Chapter 10 The LLP Agreement: General Principles 133(24)
LLP act 2000, section 5(1)
133(2)
The position in default
135(3)
Execute before incorporation?
138(1)
Rectification
139(1)
Amendment
140(1)
Rescission and termination
141(1)
Rescission for misrepresentation
142(3)
Rescission of an agreement to form an LLP
143(1)
Rescission, either by the new member or by an existing member, of an agreement that a person join an existing LLP
144(1)
Rescission by one or more existing members of a new LLP agreement, a variation of an existing LLP agreement or a retirement agreement
144(1)
Non-disclosure
145(1)
Repudiation
145(8)
Partnership law
145(1)
The application of the doctrine to LLPs
146(4)
The consequences if the doctrine applies to LLPs
150(3)
Remedies for breach
153(1)
Generally
153(1)
Damages
153(1)
Other remedies
154(1)
Governed by foreign law?
154(3)
Chapter 11 The LLP Agreement: Contents 157(20)
Introduction
157(1)
Points for consideration
158(19)
The business of the LLP
158(1)
Accounts and accounting obligations
158(1)
Funding
159(1)
Profits and losses
160(1)
New members
161(1)
Designated members
161(1)
Authority
162(1)
Property
163(1)
Inspection of books and records, and obtaining information, by members
163(1)
Liability of members to third parties
163(1)
Liability of members to the LLP, and exclusions and indemnity
164(1)
Liability of members to other members, and exclusions and indemnity
165(1)
Conflicts of interest
165(1)
Meetings, decision-making and management
166(1)
Assignment by a member of his share
167(1)
Duty of good faith?
167(1)
Unfair prejudice and winding-up petitions
168(1)
Salaried members
168(1)
Fiduciary members
169(1)
Retirement
169(2)
Power of expulsion
171(1)
Restrictive covenants
171(3)
Garden leave
174(1)
Liability to contribute in a winding up
175(1)
Surplus in a winding up
175(1)
Default rules
176(1)
Dispute resolution
176(1)
Amendment of agreement
176(1)
Chapter 12 Designated Members 177(12)
Introduction
177(1)
Appointment and retirement of designated members
178(2)
Option (i): specifying named members
178(1)
Option (ii): all members automatically designated members
179(1)
Ceasing to be a member
180(1)
Duties, responsibilities and powers of the designated members
180(7)
LLP obligations
180(4)
Direct duties and powers
184(3)
Designated members and the LLP
187(1)
CDDA 1986
188(1)
Chapter 13 Duties and Responsibilities of Members 189(30)
Introduction
189(1)
Duties to the LLP
189(1)
Statutory duties
189(1)
Duties to other members
189(1)
A member's duties to the LLP
190(17)
Duty to account
190(1)
Fiduciary obligations
191(10)
Forfeiture
201(4)
Other (non-statutory) duties and responsibilities of a member to the LLP
205(2)
Statutory duties and responsibilities
207(5)
Duties and responsibilities on the members as a whole
207(1)
Duties (with penalties for non-compliance) on individual members
208(1)
LLP obligations: liability of members 'in default'
209(2)
Insolvency Act 1986 and Company Directors Disqualification Act 1986
211(1)
A member's duties to his co-members
212(4)
General
212(1)
Good faith between negotiating parties
213(1)
Duty of care?
214(1)
Cause of action
214(1)
Default duty to render 'true accounts' etc
215(1)
Express and implied contractual terms of good faith or mutual trust and confidence
216(1)
Duties in decision-making
217(2)
Chapter 14 Rights, Indemnities and Protection of Members 219(26)
Introduction
219(1)
Default rule rights
220(9)
Right to inspect the books and records of the LLP
220(7)
Right to obtain information from other members
227(1)
Right to be indemnified
228(1)
Rights given by CA 2006 to every member
229(3)
The rights
229(2)
Waiver of rights?
231(1)
Rights given by IA 1986 to Contributories
232(2)
Decision-making as to individual membership rights
234(1)
Excluding a member's liability to the LLP (and to other members)
234(2)
Discretionary power of court to relieve members from liability
236(2)
Claims by a member against the LLP
238(1)
Derivative claim by a minority of members
238(7)
Chapter 15 Discrimination and Whistleblower Protection 245(54)
Introduction
245(1)
Discrimination protection
245(2)
Prohibited discriminatory conduct
247(3)
Direct discrimination
247(1)
Indirect discrimination
248(1)
Harassment
249(1)
Victimisation
249(1)
Instructing, causing or inducing discrimination
249(1)
Aiding discrimination
250(1)
Former relationships
250(1)
Potentially permissible discriminatory treatment
250(1)
Territorial scope of discrimination law
251(3)
Time limits for discrimination claims
254(1)
Mandatory early conciliation in discrimination claims
254(1)
Burden of proof in discrimination claims
255(1)
Remedies
256(3)
Declaration
257(1)
Compensation
257(1)
Duty to mitigate
257(1)
Recommendation
258(1)
Injury to feelings
258(1)
Employment tribunal jurisdiction and arbitration provisions in an LLP agreement - which prevails?
259(1)
Common discrimination issues relating to LLP members
260(20)
Sexual harassment and bullying
260(5)
Age discrimination
265(1)
Mandatory retirement ages
266(4)
Alternatives to a mandatory retirement age
270(1)
Further impact of age discrimination in LLPs
271(1)
Appointing on the basis of post-qualification experience
272(1)
Sex discrimination
272(1)
Pregnancy discrimination
273(2)
Profit share entitlement for members
275(1)
Equal pay
276(2)
Maternity leave for LLP members
278(1)
Shared parental leave and pay
279(1)
Flexible working requests
279(1)
Disability discrimination
280(6)
What is a disability?
280(1)
Direct disability discrimination
281(1)
Discrimination arising from a disability
282(1)
Duty to make reasonable adjustments
282(2)
Costs of making the adjustments
284(1)
Enquiries about disability and health
284(1)
Permanent health insurance/long-term disability cover
285(1)
Whistleblower and other 'worker' protections
286(4)
Qualifying disclosure
286(1)
Protected disclosure
287(1)
Detriment
288(1)
Time limits
288(1)
Remedies
289(1)
Territorial scope of whistleblowing law
290(1)
Part-time worker protection
290(3)
Other quasi-employment law protections
293(1)
Discrimination litigation - an LLP member's access to information
294(1)
Introduction
294(5)
Information
294(2)
Informal request for information
296(3)
Chapter 16 Funding and Profits and Losses 299(8)
Funding
299(4)
Profits and losses
303(4)
Profits
303(2)
Losses
305(2)
Chapter 17 The Business and Affairs of the LLP: Conduct and Decision-Making 307(26)
Introduction
307(1)
Participation in the business and affairs of the LLP
307(2)
Decision-making
309(10)
Business connected matters
309(1)
Non-business connected matters
310(5)
Membership matters
315(1)
The Duomatic principle
315(1)
Enforcement of individual members' participation rights
316(1)
Management committee
316(2)
Delegation of statutory duties and powers given to the members as a whole?
318(1)
Death of a member or assignment of his share
319(1)
Effect of winding up
319(1)
Fetters on decision-making powers
319(14)
Introduction
319(3)
Subjective fetters
322(3)
Objective fetters
325(4)
Reasons
329(1)
Consequences of invalidity
330(3)
Chapter 18 The Member and the Outside World 333(18)
Introduction
333(1)
Contracts
333(1)
Deeds
334(1)
Torts
334(14)
Negligence
334(12)
Excluding liability of member of LLP of auditors
346(1)
Other torts causing economic loss
347(1)
Joint liability with the LLP
347(1)
Individual status of certain professionals
348(1)
Fiduciary obligations
348(1)
Liability in an insolvent liquidation
349(2)
Chapter 19 Cessation of Membership and its Consequences 351(16)
Introduction
351(1)
Cessation of membership
351(6)
Cessation by agreement or by 'reasonable notice'
351(3)
Death/dissolution
354(1)
Bankruptcy/liquidation of a member
355(1)
Expulsion/compulsory retirement
356(1)
Consequences of cessation of membership
357(4)
Notification to the Registrar and cessation of agency
357(1)
Obligations and rights of the outgoing member
357(4)
LLP in liquidation
361(1)
No agreement as to entitlement on cessation
361(6)
Does a leaving member have a right to payment for the value of his 'share'?
362(1)
Does the 'share' of a leaving member survive cessation?
363(4)
Chapter 20 UK Financial Services Regulation and LLPs 367(22)
Introduction
367(1)
Regulated activities and the need for authorisation
367(7)
Obtaining FCA authorisation and being FCA-authorised
374(5)
Other regulatory requirements
379(1)
Collective investment schemes
379(5)
Day-to-day control over management
382(1)
Operated by way of business
383(1)
Commercial purposes for which entered into
384(1)
Alternative investment funds
384(5)
'Collective investment undertaking'
385(1)
Raising capital with a view to investment
386(1)
Use of an LLP
386(1)
Brexit
387(2)
Chapter 21 Accounts and Audit 389(30)
Introduction
389(1)
Accounting records
389(2)
Financial year
391(2)
Individual accounts: IAS and non-IAS
393(10)
Non-IAS individual accounts
394(4)
Accounting standards and SORP
398(1)
Formats
399(1)
Abridged accounts
400(1)
Reports
401(1)
Micro-entity LLPs
402(1)
Dormant subsidiary LLPs
403(1)
Group accounts
403(2)
IAS group accounts
404(1)
Non-IAS group accounts
405(1)
Audit and auditors' report
405(4)
Approval of the annual accounts
409(1)
Filing accounts with the registrar
409(3)
Filing derogation for small LLPs
411(1)
Circulation and publication of accounts
412(1)
Revision of accounts and reports
413(2)
Accounts in euros
415(1)
Exemptions from audit requirements
415(4)
Small LLPs
415(1)
Subsidiary LLPs
416(1)
Dormant LLPs
417(2)
Chapter 22 The Appointment and Position of Auditors of LLPs 419(14)
Introduction
419(1)
Appointment
419(2)
Term of office
421(1)
Requirements for appointment as auditors
422(1)
Duties, and rights, of the auditors
423(1)
Omitting the name of the auditors
424(1)
Fixing the auditors' remuneration
424(1)
Termination of appointment
424(3)
Section 519 statement
427(3)
'In default'
430(1)
Notification of cesser of appointment to the appropriate audit authority
430(1)
Section 1157 relief
431(1)
Indemnities and liability limitation agreements
432(1)
Chapter 23 Taxation of LLPs and Members 433(48)
Introduction
433(2)
Computation of taxable profits
435(14)
Capital allowances
435(1)
Income tax
436(4)
Corporation tax
440(8)
Associates and connected persons
448(1)
Individual members' taxation
449(13)
Commencement rules
450(1)
Change of accounting reference date
451(1)
Cessation
452(1)
Loss relief
452(2)
Salaried members
454(5)
Partnership annuity payments
459(1)
Partnership annuity transfers
460(1)
Pension relief
460(1)
Loan interest relief
461(1)
Partial incorporation to an LLP
462(1)
National insurance contributions
463(1)
Capital gains tax (CGT)
463(2)
Contribution of assets to a partnership
464(1)
CGT rollover relief
465(1)
Liquidation/winding up
465(1)
Stamp duty
466(1)
Stamp duty land tax (SDLT)
467(2)
Inheritance tax (IHT)
469(1)
Value added tax (VAT)
470(1)
Costs of conversion
470(1)
Anti-avoidance legislation
471(1)
Transfer pricing
472(3)
LLP expanding overseas
475(3)
UK branches of overseas LLPs
478(3)
Chapter 24 Investigations, Striking Off and Rectification of the Register 481(20)
Government power to investigate or require information
481(7)
Introduction
481(1)
Investigation by inspectors
481(4)
Direction to LLP to produce documents and provide information
485(1)
Voluntary disclosure
486(1)
Power to enter premises
486(1)
Permitted disclosure only
487(1)
Investigation by Secretary of State
487(1)
Applications to court by Secretary of State
487(1)
Striking the LLP's name off the register
488(9)
Introduction
488(1)
Striking off on the Registrar's initiative
489(1)
Striking off on application by members
490(2)
After striking off
492(5)
Rectification of the register
497(4)
Chapter 25 LLPs in Other Jurisdictions 501(22)
Introduction
501(2)
Other jurisdictions
503(20)
Corporate entity LLPs
503(11)
Non-corporate entity LLPs
514(9)
Chapter 26 Foreign Connections and Dealing with Overseas LLPs 523(22)
Foreign connections of UK LLPs
523(3)
Introduction
523(1)
Jurisdiction over UK LLPs
524(2)
Overseas LLPs
526(19)
Requirements for carrying on business in the UK
526(1)
Company Directors Disqualification Act 1986, s 11
527(1)
Jurisdiction of English court over overseas LLPs
528(4)
Recognition of limited liability of overseas LLP members
532(13)
Chapter 27 Insolvency and Winding up of LLPs: A General Introduction 545(2)
Introduction
545(2)
Chapter 28 Moratorium and Voluntary Arrangements 547(6)
Moratorium
547(1)
Voluntary arrangements
548(5)
The proposal
548(2)
Consideration of the proposal
550(1)
Challenge to the voluntary arrangement
551(1)
Administration of the voluntary arrangement
552(1)
Chapter 29 Administration 553(10)
Introduction
553(1)
Appointment by the court
554(1)
Appointment of administrator by holder of floating charge
555(1)
Appointment of administrator by LLP
556(1)
Moratorium
557(1)
Statement of LLP's affairs
557(1)
Administrator's proposals and creditors' approval
558(1)
Conduct of the administration
559(4)
Functions of administrator
559(1)
Distribution
559(1)
General duties
560(1)
Ending administration
560(3)
Chapter 30 Receivership 563(6)
Introduction
563(1)
Limitation on the appointment of administrative receivers
564(1)
Appointment of receivers
565(1)
Duties and powers
565(2)
All receivers
565(1)
Administrative receivers
566(1)
Statement of affairs in administrative receivership
567(1)
Administrative receiver's report
567(2)
Chapter 31 Commencement of Winding Up 569(14)
Voluntary winding up
569(3)
Types of voluntary winding up
570(2)
Compulsory winding up
572(2)
Determination by the LLP
573(1)
Failure to commence business within a year or suspension of business
573(1)
Inability to pay debts
573(1)
Just and equitable winding up
574(1)
Application for a winding-up order
574(5)
Who can present a petition?
574(1)
Contributories
575(1)
Individual member?
576(1)
Sufficient interest?
577(1)
Other possible petitioners
578(1)
Procedure
578(1)
Functions of official receiver and appointment of a liquidator
579(4)
Chapter 32 Unfair Prejudice and Just and Equitable Winding Up 583(16)
Introduction
583(1)
The statutory provisions
583(4)
Companies Act 2006, s 994
583(3)
Contracting out of s 994
586(1)
Insolvency Act 1986, s 122
586(1)
Who can present a petition?
587(1)
Application of statutory provisions to LLPs
588(11)
Section 994
588(1)
O'Neill v Phillips
589(2)
Section 122(1)(e)
591(1)
Obtaining relief
592(1)
Breakdown of relationship between members
593(6)
Chapter 33 Conduct of the Liquidation 599(10)
General
599(1)
Status of members' claims
599(5)
Disclaimer of onerous property
604(1)
Rescission of contracts
605(1)
Crown preference and top slicing
606(3)
Chapter 34 Misfeasance and Adjustment of Prior Transactions 609(20)
Malpractice and misfeasance
609(1)
Fraudulent trading
610(1)
Wrongful trading
611(3)
Adjustment of withdrawals
614(2)
Transactions at an undervalue
616(3)
Preferences
619(1)
Extortionate credit transactions
620(1)
Avoidance of floating charges
621(1)
Unenforceability of liens
622(1)
Transactions defrauding creditors
623(1)
Re-use of LLP names
624(5)
Chapter 35 Completion of the Winding Up and Dissolution 629(4)
Introduction
629(1)
Voluntary winding up
629(1)
Compulsory liquidation
630(1)
Consequences of dissolution
631(2)
Chapter 36 Arrangements and Reconstructions 633(4)
Introduction
633(1)
Companies Act 2006, sections 895 to 900
633(1)
Insolvency Act 1986, section 110
634(1)
Companies (Cross-Border Mergers) Regulations
635(2)
Chapter 37 Disqualification 637(18)
The legislation and the scope of a disqualification order
637(4)
Unfitness
641(5)
Case law
644(1)
Collegiate responsibility
645(1)
Other grounds for disqualification
646(5)
Compensation orders
651(1)
Consequences of contravention
652(1)
Applications for leave to act
653(2)
Appendix 1 Limited Liability Partnerships Act 2000 655(18)
Appendix 2 Limited Liability Partnerships Regulations 2001, SI 2001/1090 673(8)
Index 681
John Whittaker, Consultant Editor, was a barrister at leading chancery/commercial chambers Serle Court until his retirement.

John Machell KC is a barrister at leading chancery/commercial chambers Serle Court. He has a broad commercial chancery practice, and particular experience of large-scale litigation involving fiduciary duties, fraud and trusts, particularly with an international dimension. He is regarded as one of the leading partnership and LLP silks and has experience of a wide range of both contentious and non-contentious matters across the whole range of business sectors. An increasing part of his work involves issues arising from the use of partnerships and LLPs in hedge fund and private equity structures; in international commercial group structures; and as part of wealth planning strategies. John also now acts as an arbitrator and as an expert pursuant to expert determination agreements; and has conducted internal inquiries on professional conduct and other matters for firms of solicitors.

"John Machell is one of the leading lights in the partnership arena." - Chambers & Partners 2020 "The leading partnership silk; he is clever, quick, hardworking." Legal500 2019