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P

P

Parent Undertaking

as defined in s.1162 of the Companies Act 2006,

(2) An undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if—

(a) it holds a majority of the voting rights in the undertaking, or

(b) it is a member of the undertaking and has the right to appoint or
remove a majority of its board of directors, or

(c) it has the right to exercise a dominant influence over the undertaking—

(i) by virtue of provisions contained in the undertaking’s articles, or

(ii) by virtue of a control contract, or

(d) it is a member of the undertaking and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the undertaking.

(3) For the purposes of subsection (2) an undertaking shall be treated as a member of another undertaking—

(a) if any of its subsidiary undertakings is a member of that undertaking, or

(b) if any shares in that other undertaking are held by a person acting on behalf of the undertaking or any of its subsidiary undertakings.

(4) An undertaking is also a parent undertaking in relation to another undertaking, a subsidiary undertaking, if—

(a) it has the power to exercise, or actually exercises, dominant influence or control over it, or

(b) it and the subsidiary undertaking are managed on a unified basis.

(5) A parent undertaking shall be treated as the parent undertaking of undertakings in relation to which any of its subsidiary undertakings are, or are to be treated as, parent undertakings; and references to its subsidiary undertakings shall be construed accordingly.

(6) Schedule 7 [of the Companies Act 2006] contains provisions explaining expressions used in this section and otherwise supplementing this section.

(7) In this section and that Schedule references to shares, in relation to an undertaking, are to allotted shares.

Permissions (licence)

specify the non-reserved legal activities a body is permitted to provide

Practical Training

you are engaged in the provision of Legal Activities associated with your Intended Licence(s) which must:

  • be for the equivalent of 1,200 chargeable hours which must be documented;
  • at all times be subject to the supervision of a Qualified Person; and

in the opinion of the CLC, be current, relevant and of an adequate standard

Principles

an essential quality; a characteristic, behaviour or ethic, which must be demonstrated so that positive outcomes are generated for clients

Private Loan

a loan other than one provided by an institution which provides loans in the normal course of its activities

Probate

The legal process where the estate of a person is administered on their death.

Proceedings

A series of actions that are progressed

Professional indemnity insurance

The insurance that lawyers have to hold to protect clients against any malpractice

Professional Indemnity Insurance (PII)

All practices regulated by the CLC must, as a condition of being licensed, have in place professional indemnity insurance to indemnify them for civil liability incurred arising out of regulated services provided. The minimum cover is £2 million per claim. If, for any reason, the professional indemnity insurance policy does not respond to a claim, it may be possible to make an application for a grant out of the Compensation Fund administered by the CLC.

Professional Services

under the Acting as Insurance Intermediaries Code, services which do not constitute carrying on a regulated activity, and the provision of which is supervised and regulated by the CLC

Promptly

within 2 working days