Legal advice and support for business directors
This support covers a potentially large range of issues such as:
Directors must exercise care and skill in carrying out their responsibilities and face a host of common law, fiduciary and statutory duties. In addition to financial reporting and taxation these extend to avoiding wrongful trading and issues relating to the environment and health and safety of employees.
There are special compliance issues relating to things such as Data Protection and Privacy for those associated with managing databases and other information on behalf of the company (see the marketing and advertising section). Directors in different sectors – for example, in banking and financial services companies, will also face a number of other regulatory constraints. The penalties (e.g. disqualification) and fines for failing to fulfil the various legal duties and responsibilities can be severe – especially when recent corporate manslaughter cases are considered.
Employment and service contacts
Most senior directors will wish to take independent advice on new employment or service contracts, or any proposed modifications. Our employment lawyers are highly experienced in this area and have a wealth of practical and best practice knowledge to draw on – whether it is the particular contract terms or the structuring of the pay, benefits and incentive package.
When companies are being set up, directors may want objective advise on the shareholder agreements and other corporate documents. As the company grows – or hits troubles – or when some directors wish to exit the business, there may be disagreements that need careful and swift resolution. Our dispute resolution team specialise in complex, commercial negotiations.
Insolvency and bankruptcy
A director may find their position affected if they face personal bankruptcy and the prospect of being a director of an insolvent company will trigger the need independent legal advice.
Whilst most directors will be familiar with the laws in their home territory they may be less aware of the different rules and regulations that apply when the company is operating in overseas markets. Access to local professionals who can provide advance warning and pragmatic advise is important – and our clients use the Interleges network. Where directors are posted overseas, they may want advise as expatriates.
“What the team is known for: Acts for a range of clients including large owner-managed businesses and public listed companies in corporate reorganisations, sales and a variety of other corporate and private equity backed transactions. Strengths (Quotes mainly from clients): “The firm has carved out a unique position in its local markets by providing a truly client-focused service, giving clients direct access to experienced professionals and at a reasonable cost.” “Everyone we deal with at Royds Withy King is very approachable and friendly, and we are very happy that they make sure to take the trouble to fully understand our objectives.” Work highlights: Advised the owners and shareholders of Prob-Solve Group on the sale of the company to Exquip Network Services. Acted for Socomec SA on the £22 million merger of the group’s UK subsidiaries Socomec and Socomec Sicon. Notable practitioners: Katharine Mortimer (Band 3) focuses her practice on MBOs and restructuring matters for clients in the healthcare sector. Clients describe her as “detail-conscious and meticulous in her approach to transactions, with a thorough understanding of corporate law principles.”” Chambers 2017 South West
“Associate Rishi Ladwa (Associate to watch) of Royds Withy King has “a commercial and corporate knowledge and personable approach that makes him a pleasure to deal with,” according to clients. He is known for his strong corporate transactional practice.” Chambers 2017 Thames Valley
“Clients of Royds Withy King praise its ‘effective, one-team approach’, ‘understanding of client’s requirements and objectives’, and ‘tailored solutions’. David Cavaliero leads the team, which acts for owner-managed businesses, and public and private equity owned companies. It is particularly strong in handling transactions between £2m and £15m.” Legal 500 2016 South West