Latest news with #MemorandumandArticlesofAssociation
Business News Wales
24-04-2025
- Business
- Business News Wales
How Can I Protect My Business When I Get Divorced?
Your business, its assets, and the way it is run will come under close scrutiny from the family court when you divorce. The court will ask that your business and business interests be valued as part of the financial disclosure, and there is a very real danger that your estranged spouse might think the value of your business is far greater than it is when the family's assets are being divided. The court will ask how much the business is worth, what income it can produce, and whether it should be producing more. You will need to disclose the last two years' accounts and the projected income. How these accounts are prepared can have a huge influence on the outcome. Judges can look at the money in the business and whether that should be used to settle wider divorce claims; however, that money may be the funds you have set aside for expansion plans or investment in new technology. To this end, it is essential that your needs, and the needs of your business, are treated in a fair way and seeking the advice of a law firm that fully understands both family law, as well as regularly dealing in corporate law, is vital. While divorce often involves the sharing of assets such as the family home, savings and pensions, for couples where one spouse has significant business interests, the divorce process becomes more complex. If you've built up a business from scratch, you don't want to see it close just because of your divorce. Every divorcing business owner or person should look at the options available for business protection and continuity, and getting expert help as early as possible can also prevent legal problems later on. What is the likely outcome? Most courts often leave the business with the business owner and give the other spouse a larger share of other assets, or maintenance, instead. This may be a favourable outcome for the business owner, but not always. There could also be a division of shares or income from the business and in rare cases, courts can also order that a business be sold. What should I do to protect my business? Make the court understand your vision for the business by giving them enough detail – don't just give it the basics. A court may not want to disrupt your plans for the business because of a divorce and will want to know why you've structured it in the way you have. Tell the judge your goals. Also, answer these questions… Who set up the business, and when was it established? If it was set up before the marriage by you or your family, you could argue its value as a matrimonial asset. If your spouse has contributed to it, though, acknowledge it accurately. This combats them exaggerating or over-stating their part in your success. Is someone else involved in it? If so, there will be a different interpretation by the courts if taking money out of the business could damage someone else's livelihood. The sale of shares can also be limited by the Memorandum and Articles of Association or a Shareholder Agreement. Does your business have a lot of capital or is it income-rich? This will determine the court's approach. It will look at whether there are capital assets that can be sold without damaging the business or if they can be borrowed against. Some businesses are merely income streams, and the court can deal with this situation by a maintenance order. Are you developing something now to sell later? The court might track how that aspect of the business develops and look at your spouse sharing in some of the later profits. What are your business's strengths and weaknesses? Explain the conditions in the market but don't exaggerate problems. The court needs to see your description as credible. Do you have a company or business pension? If you do, what is its value? Will you sell the business when you retire or pass it to your children? This could strongly affect the way the court looks at the case. These are just a handful of areas to consider, but one thing is sure, you need a law firm that understands both divorce and family law as well as corporate law. At Peter Lynn and Partners, we not only offer both areas of law, but we have an excellent track record when representing business people to protect their family assets as well as their business assets during a divorce. For expert advice and to arrange an initial confidential meeting, call 01792 450010 or email info@ and visit for more information.
Zawya
25-03-2025
- Business
- Zawya
Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value. The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom. The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives. The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY. The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year. During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence. Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period. The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees. Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines. Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals. Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.' The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
