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Section 1 Terms of Engagement for Oliver Elliot

This set of terms sets out the basis on which Oliver Elliot Limited (“OEL”) (Company Number 11746967) of Moda Business Centre, Stirling Way, Herts, WD6 2BW trading as Oliver Elliot Chartered Accountants, agrees to assist you in the provision of consultancy services through observations (“the Terms”). Reference to the word ‘letter’ on this webpage is intended to similarly refer to the Terms. The scope of these observations will be set out in email and or other correspondence.

This engagement is not ‘advice’; it is confined to merely observations. Oliver Elliot Limited’s role will be confined to matters of provision of observations. No formal report or reporting or letter of advice will be supplied as part of the observations. No reliance can be placed upon the observations. No liability is accepted by OEL and or Elliot Green as CEO of OEL for any reliance placed upon the observations.

Disclaimer: However, no reliance can be placed upon the observations or the work under this engagement and no liability is accepted by OEL and or Elliot Green as CEO of OEL, for any reliance placed upon the observations (“the Disclaimer”).

Section 2 Identity Documents And Money Laundering Regulations

Please could you forward me as a requirement of Money Laundering legislation certified copies of your passport, current driving license, bank statement (witin the last 4 weeks) and where applicable for any party with 25% or more of the beneficial interest in a company or legal entity such as a trust. By signing the Terms you confirm your acceptance to our processing of the personal data to enable an electronic identity verification. Please do not sign the Terms if you do not want this to be effected. Certified copies of documents will not be required if we successfully verify identities digitally.

If we are to receive money from you we may ask you where that money is to come from (the “source of funds”).

You agree to inform us:
For individuals: if you are a Politically Exposed Person (“PEP”) or a family member or a close associate to a PEP. A PEP is someone who within the last 12 months has held or now holds a prominent public position in the UK or another country (for example, head of state, judge, ambassador, high ranking officer in the armed forces) or a senior management position in an international organisation.

For companies and partnerships: the name of the person who ultimately controls the management of the company or partnership or who controls it or
who owns at least 26% of it, if that is not you, and whether that person is a Politically Exposed Person (“PEP”) or a family member or a close associate of a PEP. A PEP is someone who within the last 12 months has held or now holds a prominent public position in the UK or another country (for example, head of state, judge, ambassador, high ranking officer in the armed forces) or a senior management position in an international organisation.

For trusts and other similar legal arrangements: the name of the person who controls the trust or who owns at least 25% of it, if that is not you, and whether that person is a Politically Exposed Person (“PEP”) or a family member or a close associate of a PEP. A PEP is someone who within the last 12 months has held or now holds a prominent public position in the UK or another country (for example, head of state, judge, ambassador, high ranking officer in the armed forces) or a senior management position in an international organisation.

For any other legal arrangements: the name of the person who controls the legal arrangement or who benefits from the property of it.

We are unable to provide any services until all customer due diligence procedures have been completed and reserve the right to withdraw from this engagement in the event that any information that is reasonably required in respect of customer due diligence and in respect of other matters is not provided promptly.

Section 3 Insolvency Practitioner

OEL’s CEO is an Insolvency Practitioner, by virtue of Statement of Insolvency Practice Number 1, which can be viewed here https://www.icaew.com/-/media/corporate/files/technical/insolvency/regulations-and-standards/sips/england/sip-1-e-and-w-introduction-to-statements-of-insolvency-practice-oct-2015.ashx or here https://www.oliverelliot.co.uk/insolvency-guides-and-information/creditor-insolvency-help/ we should inform you that OEL’s CEO is bound by the Insolvency Code of Ethics, which can also be viewed on the same link.

We have a professional responsibility not to allow the name of Oliver Elliot to be associated with any misleading statements. Although we are not required to search for such matters, should we become aware, for any reason of anything misleading, we shall withdraw from the engagement and will notify you in writing of the reasons.

The observations are strictly private and confidential. No publication, reference to, forwarding or broadcasting of the observations is permitted without OEL’s express prior written approval. The observations resulting from this engagement are confidential and otherwise referred to also as confidential information (“the Confidential Information”).

As part of our normal procedures, we may request you to provide written confirmation of any information or explanations given by you orally during the course of our work. We will rely on the information and documents you supply as being true, correct and complete and will not audit the information or those documents but you must keep us informed about significant changes and any material omissions that we should consider.

Section 4 Fees

Our fees in respect of this engagement are charged by the hour:

– £[please select from the dropdown menu as per quotation] exclusive of VAT and disbursements. This is the minimum fee (“the Minimum Fee”).

An invoice will be raised accordingly and will not be refundable.

Time spent on the matter over and above the Minimum Fee will be charged at the following hourly rates until 30 May 2023: Director £595, Manager £395, Senior Administrator £255.

The hourly rates with effect from 1 June 2023 are: Director £655, Manager £435, Senior Administrator £280

These rates are based inter alia on the level of skill and experience required to carry out the different tasks and prevailing market conditions and are subject to change. Time is charged in 6 minute units.

In addition, further fees will be charged if it is necessary to carry out work outside the responsibilities outlined in the Terms it will involve additional fees as referred to on a time costs basis aforesaid. Our terms relating to payment of amounts invoiced and not covered by standing orders, where appropriate, are strictly 30 days net. Interest and compensation for recovery costs will be charged on all overdue debts at the rate for the time being applicable under the Late Payment of Commercial Debts (Interest) Act 1998. In the event that it is alleged that the composition or calculation of any invoice is incorrect or otherwise requires clarification, then the addressee must notify me in writing within 14 days of the end of the month in which the invoice’s tax point falls of all and any such allegations. Otherwise, I will not in any event acknowledge liability for the same.

Disbursements exclusive of VAT are estimated in relation to Electronic ID at £8.50 per person. We reserve the right to increase the same depending on the facts of the case.

Section 6 Confidentiality

All information (including personal data) concerning your affairs including any business or individuals employed therein shall be treated as confidential subject to my duty under Section 330 of the Proceeds of Crime Act 2002 to report to the National Criminal Agency (NCA) if I know, or have reasonable cause to suspect, that you, or anyone connected with your business, are or have been involved in money laundering. Failure on my part to advise where I have knowledge or reasonable grounds for suspicion would constitute a criminal offence. The offence of money laundering is defined by Section 340(11) of the Proceeds of Crime Act 2002 and includes the acquisition, possession or involvement in arrangements for concealing the benefits of any activity that constitutes a criminal offence in the UK.

This definition is very wide and would include:

– tax evasion through deliberate understatement of income or overstatement of expenses or stocks; or

– deliberate failure to inform the tax authorities of known underpayments.

We are obliged by law to tell NCA without your knowledge and consent and in fact would commit the criminal offence of tipping off under Section 333 of the Proceeds of Crime Act 2002 were we to inform you of any suspicions. We are not required to undertake work for the sole purpose of identifying suspicions of money laundering. We shall fulfil our obligations under the Proceeds of Crime Act 2002. From time to time external monitoring of our affairs which may involve review of my clients’ files may be required by The Institute of Chartered Accountants in England and Wales or similar, and your consent to such review is given by signing the Terms. My firm may at some future point in time seek quality control registration, for instance ISO9000.

Such registration will vary the existing confidentiality rules as regards inspection by third parties and your consent to such review is given by signing the Terms.

Section 7 Data Protection Act 2018

By becoming a client of OEL, you consent to OEL keeping personal data about you on our records, and undertake to ensure that you have appropriate authority to provide such data to us. Regulations about personal data can be considered inter alia in the Data Protection Act 2018.

Details of the firm’s Privacy Notice is available for viewing on our website at https://www.oliverelliot.co.uk/privacy-notice/.

Typically, Directors, Creditors, Members and Employees will have personal data that is processed to enable communication and calculations to be undertaken to comply with legislation. Such obligations will inter alia involve writing to creditors to notify them about this case and for example only providing Progress Reports, details of Decision Procedures and distributions as required by the Insolvency Act 1986. In relation to employee claims the same applies including issuing information to the Redundancy Payments Office to enable processing of such claims.

If you have any queries please email the privacy officer at elliot.greeen@oliverelliot.co.uk.

Section 8 Our use of this Personal Data

From time to time we may use the personal data you give us for marketing purposes (for example to develop or promote complimentary products and services for our clients). We are continually developing products and services based on information and feedback we receive from clients and we may share these with you. Other than as required by law or by the professional or other bodies that regulate us, or as set out in the Terms, we shall not disclose personal data about you to any third party without your permission. By signing the Terms you hereby consent to us disclosing any personal data, which you have provided to us, to any company or firm in which OEL and or its Connected Parties and or Associates hold an equity interest in excess of 15%.

Section 9 Transfer of data overseas

We shall not, without your prior consent, transfer any personally identifiable data about you outside the European Economic Area (“EEA”) unless the country to which that data is transferred can provide an adequate level of protection in accordance with the principles set out in the Data Protection Act 2018. In circumstances where the need to transfer personal data outside the EEA arises, and the level of protection afforded does not meet the requirements of current European legislation, we shall not effect the transfer of any such data without your express consent, having first made you aware of the level of protection available in that particular country.

Section 10 Security

OEL will take reasonable precautions to prevent the loss, misuse, unlawful processing or alteration of the personal data you give us, and we shall destroy such data as is no longer reasonably needed as soon as is practicable. You hereby consent to OEL allowing their agents or contractors access to personal data that you have given to us in the course of providing services to you. We shall ensure that such agents or contractors do not use the personal data for any purpose other than to carry out the services that they are performing for me and that they keep such personal data confidential.

Section 11 Access to personal data

If you have given us information about yourself and would like copies of that information, or if you would like me to correct any factual inaccuracies in that information, or if you would like that information deleted from my records, then please contact us via email at contact@oliverelliot.co.uk. We shall use reasonable efforts to supply, correct or delete information about you on my files. We shall charge you a fee of £10 for this. For the purposes of the Data Protection Act 2018, the Data Controller in relation to personal data supplied about you is Elliot Green. OEL’s Privacy Statement can be viewed at www.oliverelliot.co.uk/privacy-notice/.

Section 12 Retention of and Access to Records

During the course of our work we shall collect information from you and others acting on your behalf. Whilst certain documents may legally belong to you, we intend to destroy correspondence and other papers that we store which are more than seven years old, other than documents which we consider to be of continuing significance. If you require retention of any document you must notify me of that fact in writing.

Section 13 Recruitment

The ethical guidance published by the Institute of Chartered Accountants in England & Wales discourages firms where senior staff have been recruited by clients from having an ongoing professional relationship without comprehensive safeguards being put in place to avoid actual or perceived conflicts of interest. We therefore discourage any staff from accepting positions with client firms. However, if a member of staff takes a position with you within six months of ceasing employment with us, we shall be entitled to charge you a fee equivalent to 35% of their gross salary including benefits and bonuses in their first year, plus VAT. This fee is set at a level which recognises the commercial costs to us in recruiting a replacement member of staff and the attendant training and induction costs.

Section 14 Intellectual Property Rights

The intellectual property rights in any document we create and supply to you, whether supplied by electronic, hard copy or other means, vest in Oliver Elliot. On request, we may grant a license (either limited or unlimited) to allow you to make copies of, modifications to, or otherwise disseminate such material. Should you make any modifications to any such document, we cannot be held responsible for the consequences either to yourself or any third party that may arise as a result of using that document.

Section 15 Electronic Transmissions

All authorised transmissions sent via electronic mail by us are accompanied by a disclaimer. This disclaimer advises you that you should not rely exclusively on the contents of such messages, owing to the relative ease with which such electronic transmissions can be interfered with. We may monitor electronic mail transmissions sent to and from OEL. By entering into this engagement, you acknowledge that such monitoring may occur. Should you require confirmation of the contents of such transmissions or the attachments thereto, please request that a hard copy be sent to you. You should be aware that electronic mail transmissions, and their attachments, may contain viruses or other damaging material. You should make arrangements for all such incoming messages to be appropriately checked. We can accept no responsibility for any loss or damage arising as a result of a virus or similar material being sent to you. Should we receive a document from you, we shall act on that transmission in good faith. Should any loss or damage occur as a result of us acting in good faith on instructions received electronically or by facsimile, we shall not be responsible for any such loss or damage.

Section 16 Help us to give you the right service and Complaints Procedures

In order to help us to give you the best service we shall investigate complaints expeditiously in the ordinary course of business. If at any time you would like to discuss with us how our service to you could be improved or if you are dissatisfied with the service you are receiving, please let us know by emailing us at contact@oliverelliot.co.uk. We will use best endeavours to look into any complaint carefully and promptly and to do all we can to explain the position to you.

In order to help us to give you the best service we have set up procedures to comply with the Institute’s Bye-Laws regarding the investigation of complaints.

If at any time you would like to discuss with us how our service to you could be improved or if you are dissatisfied with the service you are receiving, please let us know by telephoning Elliot Green on 020 3925 3613.

We undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you. If we have given you a less than satisfactory service we undertake to do everything reasonable to put it right.

OEL places a high priority on client service and are keen to ensure that the quality of this is maintained. We are committed to providing a professional, fair, efficient and courteous service to all participants in the insolvency process, whether they are creditors, directors, shareholders, bankrupts or debtors.

In the event that you are dissatisfied with the service you are receiving then we want you to contact us immediately in order that we can and we will try to resolve your complaint.

In the first instance, please try to resolve your complaint by emailing our CEO, Elliot Green at elliot.green@oliverelliot.co.uk.

In order to assist us with dealing with your complaint as quickly and efficiently as possible, your letter of complaint should include as much detail as possible and, in all cases, the following information:

Your name and address;

  • Copies of any relevant correspondence and documents relating to the complaint;
  • The name of the person or persons against whom your complaint is made;
  • Full details of your complaint;
  • An explanation of how you would like us to resolve your complaint.

As the process continues, please let us know as soon as possible if your circumstances or expectations change or if any of the information provided with your letter of complaint changes or ceases to become applicable.

In the unfortunate event that it is not possible for OEL to resolve your complaint, you may be able refer the complaint to The Insolvency Complaints Gateway, “www.gov.uk/complain-about-insolvency-practitioner”. The Insolvency Complaints Gateway will review the complaint and decide whether it is appropriate to refer the matter to our CEO, Elliot Green’s authorising body, The Institute of Chartered Accountants in England and Wales.

Please note that the Insolvency Service, the body responsible for running the Insolvency Complaints Gateway, encourages a complainant, in the first instance, to attempt to resolve any complaints via the internal complaints process of the firm in respect of which the complaint is being made.

If you have difficulty accessing the online complaints form you can also make your complaint through the Insolvency Service Enquiry Line – email insolvency.enquiryline@insolvency.gov.uk or telephone: 0300 678 0015 and you will be taken through the same questions over the phone. You can post a complaint to IP Complaints, 3rd Floor, 1 City Walk, Leeds, LS11 9DA.

However as this is not a formal insolvency appointment you may instead need to refer any complaint after going through our internal procedures thereafter with the ICAEW whose details are available here:

https://www.icaew.com/regulation/complaints-process/make-a-complaint

Section 17 Contracts (Rights of Third Parties) Act 1999

Persons who are not party to this agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.

Section 18 Applicable Law

This engagement shall be governed by, and construed in accordance with, English law. The Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning the engagement terms and any matter arising from it. Each party irrevocably waives any right it may have to object to an action being brought in those Courts, to claim that the action has been brought in an inconvenient forum, or to claim that those Courts do not have jurisdiction.

Please note any advice we provide will not usually attract legal and professional privilege. If you require advice which affords such potential protection then you may wish to seek it from a party authorised to provide the same such as a solicitor.

Section 19 Agreement of Terms

Once it has been agreed, this engagement will remain effective until it is replaced. We reserve the right to amend these terms and conditions during the engagement. We should be grateful if you would confirm your agreement to the terms of this engagement, or let me know if they are not in accordance with your understanding of our terms of appointment. Nothing in this engagement is to be taken as giving rise to any liability on the part of the OEL or Elliot Green for any reliance upon the Observations.

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Oliver Elliot handled the closure of my company, under MVL when I retired last year. This was done smoothly and efficiently to the complete satisfaction of all concerned. I found Oliver Elliot to be approachable and helpful and very patient in answering my questions & queries.

Director – Pauline Stoffberg

Oliver Elliot came recommended and was able to provide me with a clear understanding of how the liquidation process works. Oliver Elliot’s skills and experience were quickly apparent providing me reassurance matters would be safe in their hands. All steps of the process were dealt with swiftly and professionally and they were able to draw upon years of experience and contacts to ensure the process was completed as soon as possible and within the agreed fees.

Director – Ben Luget

Who we help…

Directors

Freeing up your hard-earned capital so that you can enjoy a tax-efficient extraction of funds.

Shareholders

Enabling you to conclude your interest in a Limited Company and enjoy the returns on your investment.

Accountants

Expertise at your fingertips for clients needing to release themselves from the burden of a company and seeking closure so that they might be able to retire their business.

Contractors

If you no longer need your Limited Company in light of IR35 and you do not want the ongoing cost of having to do accounts and returns then you can cheaply liquidate with us.

ICAEW Licensed Insolvency Practitioner

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We have more than twenty years liquidation and business experience, helping Directors and Shareholder. Contact Us for a Free Initial Consultation.

020 3925 3613