All at Sea

From furloughing to insolvency, travel complications to remote working, company Directors are facing unprecedented challenges in this difficult time whilst trying to keep businesses afloat. Nonetheless it is important that Directors remember they owe duties to the company itself, employees and shareholders alike. Some industries are being hit harder than others, but all Directors seem to be in the same boat, and most, unfortunately, are rowing against the current.

Whilst this pandemic continues to throw up new tests for Directors, there are steps that should be being taken to make sure you are prepared for the current risks, especially in decision making and considering creditor’s interest in the company.

With no certainty on how long this situation will last, it is always worth asking, checking and double checking what measures you have in place to protect your company, and how well are you juggling everything you need to be doing with everything else that is going on.

Just as some food for thought in these difficult times, are you holding regular meetings with staff and the board to keep stock of your company’s ongoing affairs? Are your policies and contingency plans suitable for what your business is facing? Are you getting the relevant professional advice to make sure you are being steered in the right direction? Are your company’s financials being kept as up to date as possible and are there cash-flow issues which could be nudged with a quick phone call?

These are just some of the things we hope Directors are keeping in mind, as if there is not enough going on to worry about.

Kleyman & Co Solicitors. The full service law firm. Helping you keep your head above water.