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.