Directors' duties and responsibilities

Lawrence Graham's restructuring and insolvency team frequently advises boards and individual directors when their companies face financial challenges. From the largest multinationals to small private companies, our team is equipped to guide directors through the maze of legislation which can wrongfoot the unwary.

Directors' duties and responsibilities

We can help with advice on:

General business reviews including restructuring options and their implementation
Strategy and risk management, including contingency planning
Corporate governance including documentation of decision making processes, delegation and the provision of financial information
De facto, de jure and shadow directors; their meaning and significance
Non executive directors and their roles and responsibilities
Directors' duties of care and skill (including fiduciary duties) and duties under the Companies Act 2006
Wrongful trading (including the 'reasonable prospect' test), preferences and transactions at an undervalue
Asset disposals in distressed situations
Conflicts of interest
How to deal with subsidiaries, associates and groups of companies
The grant of security to lenders
Breaches of financial covenants and their impact
Payment of creditors and the taking of new credit
Pension schemes and dealings with the Pension Regulator
Advice as to HMRC and other crown debt
Inter-creditor issues
Standstill and equalisation agreements
Shareholder issues and compliance with the Listing Rules
Breach of the serious loss of capital rules
Investor directors and step in rights
Retention of title
Customer deposits and trust assets
Employment issues, including resignation and removal of directors and staff
Director disqualification and criminal law liabilities

In addition, our lawyers can assist with a wide variety of other issues which may arise when companies suffer financial difficulties, including directors and officers' liability insurance, financial services regulation, market abuse, environmental and health and safety issues, VAT, corporation tax, excise duty and compliance audits.

Experience

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Directors' duties and responsibilities

"Lawrence Graham is known for its high-quality advice, value for money and "no-nonsense approach" - Chambers UK

"This significant mid-market player has a historical focus on the insolvency side, commercial and efficient" - Chambers UK

"A dynamic force in the mid-market, the technically strong and approachable Lawrence Graham continues to strengthen its ties with the banking community" - The Legal 500 UK

Winner Insolvency and Rescue Award - Insolvency Law Firm of the Year