Understand Your Rights. Solve Your Legal Problems
When the Statute of Frauds 1677 stipulated that contracts must exist in writing and also bear a signature, the practice soon became commonplace. But the traditional written signature may soon become a thing of the past: The Law Commission has decided that, for many legal documents, it can be replaced with an electronic signature ('e-signature') instead. Below Daniel Watson, Associate at Hunters Solicitors, gives Lawyer Monthly the rundown.
The Commission’s latest guidance states that e-signatures are to be regarded as equivalent to handwritten ones. From a business perspective, their decision has obvious practical advantages: it will enable contracts and other commercial documents to be signed and circulated much more quickly, notably in cross-border matters where the signatories are invariably in different countries. However, it could also have implications for other forms of legal document, not least Lasting Powers of Attorney (LPAs).
The pivotal issue is that the mere typing of a name or an email header could become treated as a signature. Inevitably, this raises alarm bells in terms of fraud prevention. Outside a business context, where cybersecurity is paramount, control over the use of e-signatures in a personal capacity is often limited, meaning that there is no way to verify an authentic e-signature independently. Contrast this with a manuscript signature, which should be readily identifiable as unique to the person who makes it, sometimes supported by an independent witness.
E-signatures take various forms: a name can be typed, a click made on the "I accept" button on a website, a finger signing on a touchscreen, and a password or PIN can also be used. A consultation has been opened by the Commission as to whether a new law is needed to enshrine the validity of e-signatures, although it has stated that it is "not persuaded at present" that this is necessary because of their view that the law already provides for the validity of e-signatures in England & Wales.
The Commission takes the view that, under current law, an e-signature is capable of meeting a statutory requirement for a signature 'if an authenticating intention can be demonstrated'. This will raise evidential issues of intention where there is any dispute as to the authenticity of a signature. Given that a manuscript signature requires no such evidence, the efficacy and putative efficiency of using an e-signature could be questioned. As the potential for dispute increases, e-signatures could therefore be more burdensome than envisaged.
The decision could lead to particular difficulties in relation to LPAs since these documents must be signed and witnessed in a specific sequence in order to be registered by the Office of the Public Guardian. Evidential difficulties could arise in attempting to demonstrate that the procedure was correctly followed where the signatures were written electronically.
The Commission's view that an e-signature is capable of meeting a statutory requirement for a signature does not extend to the signing of Wills under the Wills Act 1837. It is conceivable, however, that the Commission's decision will increase the likelihood that this could be subject to change in future, particularly in light of the recent decision in Payne v Payne, in which it was confirmed that a witness to a Will does not need to sign it in order to witness it effectively. Instead, a witness merely has to write their name on the Will with the intention of witnessing it.If the Wills Act is amended to allow for Wills to be signed electronically, it could raise huge scope for potential abuse, particularly where vulnerable or elderly individuals are making a Will.
It is likely that The Commission's decision will pave the way for a more widespread use of e-signatures, as does its suggestion that witnessing signatures via webcam or Skype may occur in the future (although this is not currently legally permissible). Any such move should be carefully scrutinised to ensure that it is workable from an evidential perspective, and to safeguard against abuse.
The obvious potential benefits of e-signatures should be balanced against the potential evidential burdens and the need to safeguard against abuse. If the use of e-signatures is rigorously controlled, the issues raised above should not be insurmountable.
Emerging market (EMs) currencies have been particularly volatile in 2018 due to the rise of the dollar, which has increased the cost of dollar-denominated debt and contributed to crises in Argentina, Turkey and Venezuela. These effects could soon spread to other EM currencies such as those used by Chile, Poland and Hungary, which all have a large amount of US debt. Meanwhile the future looks uncertain for the Chinese renminbi and Russian ruble, which are at risk from the effects of Trump’s ‘trade war’ and international sanctions respectively.
With so much potential for volatility, forex trading provider IG is taking a look at what the next 12 months could hold for currency pairs including USD/CNH, EUR/RUB and USD/TRY. The firm’s presenter Sara Walker will be speaking with professional trader Paul Bratby to discuss a broad range of related topics, including:
There will be a live Q&A during the session, so viewers can put forward any topics they’d like Paul to discuss, or any questions they want answered. They can post questions to the #IGForexChat Community page, or by using #IGForexChat on Twitter or Facebook.
To watch the live video stream, tune in at 6.30pm (UK time) on Thursday 1 November via IG’s trading platform, or the company’s YouTube, Facebook or Twitter pages. For more information, please contact Irene Castaneda (irene.castaneda@ig.com).
About IG: IG empowers informed, decisive, adventurous people to access opportunities in over 15,000 financial markets. With a strong focus on innovation and technology, the company puts client needs at the heart of everything it does.
IG’s vision is to be a global leader in retail trading and investments. Established in 1974 as the world’s first financial spread betting firm, it continued leading the way by launching the world’s first online and iPhone trading services.
IG is now an award-winning, multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex. It provides leveraged services with negative balance protection, and offers an execution-only share dealing service in the UK, Australia, Germany, France, Ireland, Austria and the Netherlands. IG has recently launched a range of affordable, fully managed investment portfolios, to provide a comprehensive offering to investors and active traders.
It is a member of the FTSE 250, with offices across Europe, Africa, Asia-Pacific and the Middle East – plus the US, where it offers on-exchange limited risk derivatives via the Nadex brand.
Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
* Based on revenue excluding FX (published financial statements, February 2018).
Coping with the stress and pressure that the modern working environment puts us under can be disruptive to both our mental and physical health. As a successful professional, we want to be energetic, positive and productive, but with ever increasing workloads and long hours, our well-being is being pushed aside as our work takes centre stage.
Now is the time to take back control of your mind and body, and where better to do it than at a relaxing spa retreat, hundreds of miles away from your work responsibilities. Health and Fitness travel, the wellness holiday specialists, is here to share the best corporate health retreats for business and leisure to ensure that your health and happiness will never again play second place to your work.
Spain: SHA Essence
Known as the ‘paradise of wellness’, SHA Wellness Clinic in Spain is an ideal destination for a de-stress holiday, with tailor-made wellness programmes helping you to feel renewed and revitalised. Combining ancient eastern techniques with western advances, unwind during this holistic healing experience as you de-stress the mind with a therapeutic massage and detox the body with aquatic therapy. Learn life-long healthy habits during consultations with medical, nutritional and natural therapy experts, and after taking time out to focus on your well-being, build inter-team relations during a choice of complimentary classes, from yoga to healthy cooking lectures.
Portugal: Longevity Medical Spa
Perfect for those feeling overpowered by their hectic lifestyle, The Longevity Medical Spa offers a wide range of health and wellness therapies in an environment of complete relaxation and 5-star comfort. The perfect destination for a luxury detox holiday, every aspect of Longevity’s corporate wellness programme is designed to ensure professionals can fully relax, reflex and re-energise. In conjunction with the Medical Spa and Thalassa Therapy centre, it provides an array of powerhouse treatments from preventative medicine to detox therapies and spa treatments. Revitalise with group wellness activities and educate yourself towards a healthier future with structured lifestyle workshops and personalised meal plans.
Set in the tranquil English countryside of Surrey, Grayshott Spa, is the perfect destination for professionals to come together and enjoy an award-winning spa retreat. Ideal for a spa and sport retreat, banish stress through holistic and Asian inspired spa therapies before addressing professional rivalry on the courts during a healthy game of tennis. Benefit from a private health consultation and tackle some of the causes of stress through your personalised eating plan and fitness assessment. Together with daily walks, leave feeling energised and informed about how to transfer the invigorating feeling of well-being into the workplace.
St Lucia: The BodyHoliday
Switch off completely at this island getaway in St Lucia and allow the experts of this award-winning health retreat to work their magic. Their corporate wellness holidays are built around a 5-pillar approach of nutrition, exercise, holistic therapies, meditation and life management to ensure their wellness programmes are as comprehensive as they are personal. With an extensive array of beach side activities, sports and wellness facilities, The BodyHoliday offers a multi-activity holiday, great for single stressed out professionals, perfect for a solo holiday, or teams of co-workers looking for a bonding group getaway. This corporate wellness programme will guide professionals along the road to better health and offer the right tools to maintain it.
Thailand: Kamalaya
Kamalaya is located on a hillside of Koh Samui’s southern coast and specialises in holistic corporate wellness programmes that integrate healing therapies from East and West. After initial consultations, each professional is given a customised wellness programme that considers their specific health requirements. The perfect destination for a holistic spa holiday, enjoy luxury accommodation, signature spa treatments, three healthy meals daily, yoga and meditation sessions and a series of enriching wellness activities. Although customised for the individual, all wellness programmes maintain the same common goal of helping the professionals restore the body, rest the mind and kick-start a healthy lifestyle.
Spain: Shanti Som Healing Retreat
Focusing on healing treatments and healthy lifestyle practices to restore your vitality, this healing retreat in Spain is ideal for revitalising the tired eyes amongst you and your colleagues. A perfect destination for a healing spa holiday, the spa offers restorative rituals performed by healing practitioners, together with calming meditation sessions and daily group yoga. Re-connect with nature during rejuvenating walks in the gorgeous Sierra de Las Nieves Nature Park and take advantage of the knowledge of expert nutritionists, to guide you towards a healthier lifestyle. Re-gain your passion and drive and return to work feeling happier and full of life.
For advice, guidance and booking visit www.healthandfitnesstravel.com or call 0203 397 8891
Health and Fitness Travel is a global luxury wellness travel company that originated in the UK in 2010 and is committed to providing healthy holidays that enhance and change lives. Created by Paul Joseph and Adam Heathcote as a result of their passion for health and fitness travel and offering bespoke holidays to improve people’s well-being to lead happier and healthier lives.
Health and Fitness Travel offers clients a tailor-made seamless service with the very best health and fitness holidays, handpicked by its expert team, together with exclusive and added value packages with the best deals. As leading specialists, Health and Fitness Travel has also created their own collection of trademark healthy holidays in various destinations which include Fusion Fitness™, Mindful Triathlon™, BodyBreaks™ and Discover Recover™, offering clients the best value and holiday experience. For more information visit: www.healthandfitnesstravel.com
The SIGNA Group has submitted a purchase offer for the furniture chain kika/Leiner to the Steinhoff Group. This bid includes both the operational commercial business, with its some 5,500 employees, as well as the approximately 70 real estate locations in Austria and CEE, and means an Austrian solution for the company. Steinhoff has accepted the offer from the SIGNA Group.
The takeover means that the threat of insolvency to this Austrian company, steeped in rich tradition, can be averted, and its continuation assured. In the weeks to come a comprehensive and far-reaching concept for restructuring and setting the course for the future will be worked out jointly with the company management. This will include all the structures and processes in the company being carefully examined and improved.
“The company has great intrinsic value. After carrying out a careful analysis, we are absolutely certain that the company can be put back on its feet and be successful once again. Our focus is set on creating a sustained and financially secure perspective for this Austrian company with its rich tradition and its dedicated staff”, says Dr. Stephan Fanderl, Managing Director of SIGNA Retail.
For the SIGNA Retail Group, the takeover of kika/Leiner means that, in addition to its successful trade participations in Germany and in European sports e-commerce, this will be the company’s first venture in the brick-and-mortar retail sector in Austria.
Migros Ticaret A.Ş. ("Migros"), which has previously acquired shares of Kipa Ticaret A.Ş. ("Kipa") from Tesco Overseas Investments Limited on 1 March 2017, has now merged Kipa under Migros as of 31 August 2018, upon approval of the Capital Markets Board on 19 July 2018.
Paksoy is pleased to announce that Sera Somay (Partner), Ökkeş Şahan (Counsel), Nazlı Bezirci (Senior Associate), Gülce Saydam Pehlivan (Senior Associate) and Nazlı Tönük Çapan (Associate) led the team advising Migros in all aspects of this significant merger transaction.
The International Finance Corporation (IFC), an entity of the World Bank, granted a loan of USD 25 million to Agrotec SA, to help support the Paraguayan agricultural services company. Agrotec is one of Paraguay’s leading agronomy services and is a subsidiary of the Agrihold Group, which was established in 1969 and today operates at both national and international level in the fields of agricultural, rural development and environment, offering a wide range of services which include technical assistance, and supply of scientific and analytical equipment.
Higgs & Johnson acted as the Bahamian legal counsel for the Initial Purchasers in the transaction. The team on this transaction was led by, Partner, Michael Allen. Higgs & Johnson is a full-service corporate and commercial law firm, with offices in The Bahamas and the Cayman Islands. The Commercial Practice Group regularly acts aspects of commercial cross border transactions, including financings, mergers and acquisitions.
Nicholson y Cano, Ferrere Abogados, Higgs & Johnson and Azevedo Zette Advogados advised on the transaction.
The Canadian Public Sector Pension (PSP) Investment Board finalised their $140 Million investment in the private equity entity Fondo Inmobiliario Colombia - a real estate company subsidiary to Bancolombia.
PSP Investments is a government owned pension fund management firm and is the largest pension fund in Canada, present in over 100 countries. It invests in the public equity markets across circa 75 economic sectors and in the public fixed income markets of the US and Canada. T
Baker McKenzie advised PSP with Ciro Meza, Flórez & Asociados advised Grupo Suramericana and Bancolombia with Andrés Flórez Villegas and Gómez-Pinzón advised Fondo Inmobiliario Colombia.
Alcuin Capital Partners announced its investment in On The Go Tours.
Established in 2000 with offices in London, Brisbane and Johannesburg, as well as a presence in New Zealand, Canada and the US, On The Go Tours is a global escorted tour operator in the experiential travel market offering over 1,000 tours across 65 destinations.
On The Go Tours’ managing director, Carl Cross, said: "After having grown the business significantly over the past three years, this new investment is the start of a new phase in the life of On The Go Tours. It will allow us to take important steps to elevate the business to the next level. My senior leadership team and I are invested in the business and incredibly excited about our future path. Over the past few months we have worked closely with Alcuin and feel extremely fortunate to have found partners who not only share our vision for further growth, but our commitment to all distribution channels and quality of the customer experience that On The Go Tours is known for."
Adrian Lurie, Alcuin Capital Partners, added: "On The Go Tours’ successful growth is testament to its excellent team, product, partners and service. We are delighted to be joining Jay and Scott as fellow shareholders and we are excited to have the opportunity to work with Carl and his team to continue to expand the business in the coming years."
The tour operator sold a majority stake to private equity investor Alcuin Capital Partners for an undisclosed sum.
After setting up the company 20 years ago, founders Jay Lakshman and Scott Braidwood remain as shareholders of the business.
Alcuin was advised by Taylor Wessing (legal), Armstrong (commercial), KPMG (financial), BDO (tax).
Lunaphore Technologies, a Switzerland-based medtech firm is developing innovative next-generation devices for cancer tissue diagnostics; they recently closed a CHF 5.3M Series B funding in August 2018, which will enable the CE marking of their products, and support Lunaphore’s product launch in the future.
According to Start-up Ticker, Lunaphore’s CEO, Ata Tuna Ciftlik, said: “Following the announcement of partnerships in the last months, Lunaphore’s standing as a key and enabling technology in the tissue diagnostic market has been validated one more time with this oversubscribed financing round. Our management team is thrilled by the investors’ confidence and interest”.
Backers included Occident Group, Zürcher Kantonalbank, as well as investment funds from Asia, Switzerland and United Kingdom.
Lunaphore’s medical solution is still in development at this time and is not on sale, but it aims to produce rapid immunostainings; it has already demonstrated good results during tests conducted with cancer patient samples.
In September, a binding purchase agreement for the takeover of 100% of the shares of Voith - Werke Ing. A. Fritz Voith GmbH & Co.KG in Traun by Eurocrane came into force. Eurocrane and Voith-Werke signed an equity purchase agreement whereby Eurocrane offered an approximate EUR49 million (USD57 million) for Voith-Werke, through its Austrian unit Eurocrane Austria Holding.
Ing. Voith has been involved in the construction of innovative industrial cranes for 70 years. The Austrian company is one of the most successful manufacturers of special cranes in Europe. The Voith cranes are completely developed, designed, planned and manufactured by the approx. 170 employees at the plant in Traun - on the mechanical as well as the electrotechnical side.
The Managing Directors Andreas Lackner and Ing. Hubert Strasser will continue to guide the fortunes of the company. Mr. Lackner said, as reported on Deal Advisors: "This opens up great opportunities for Voith to expand its international activities into additional markets."
Following approval by the authorities, the transaction is expected to close in the fourth quarter of 2018.
Aquin & Cie. was an exclusive M&A adviser to the sellers. LeitnerLeitner was responsible for the financial and tax advice. The legal support was provided by Haslinger / Nagele.
Eurocrane was advised on the buyer side by ACS Consulting and LinkChina Capital. In the field of finance and taxes, BDO supported Müller legally.
