As from that date, customers may have been invoiced by the transferee, employees may have been paid by the transferee, and accounting entries may have been made to reflect the purchase price payable for the assets.
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Pw C is accused of knowing about Mercury’s “ineffective” controls and knew that misleading information was being shared with investors but did nothing about it.Attorneys for the individuals named and the outside counsel for Pw C could not be reached by Monday presstime.For its part, HP acknowledged to that a memorandum of understanding to resolve the consolidated lawsuits had been agreed upon on Monday between Mercury and the plaintiffs.For example, a reduction of share capital using the UK solvency statement procedure only takes effect in law when it is actually registered with Companies House.So any attempt to rely on the reduction before registration would be ineffective.Documenting a transaction which has not yet happened In other cases, it may not be possible to say that the relevant transaction has already taken place – but you may still want to achieve a ‘backdated’ effect.In this situation, it may be possible to put in place an agreement now, with a historic ‘effective date’.It has since settled with the Securities and Exchange Commission for million on charges of backdating option grants, issuing compensation that wasn’t expensed, falsifying documents, and submitting fraudulent disclosures.As part of the settlement, Mercury neither admitted nor denied the allegations.Even though the transaction may have already happened in substance, it’s important to find out what the other legal consequences may be, so that steps can be taken to mitigate the risks.These two general areas mean that some legal due diligence should be carried out to identify and address areas for corrective action.