Business Legal Health Check – COVID-19
The COVID-19 lockdown has placed considerable pressure on many businesses. Whether it is the reduction in work, dealing with staff, or issues with cashflow, it is all having an impact.
The enforced lockdown is a perfect time to take stock of your business and undertake a legal health check on your business.
Some areas to consider:
· Check your terms with suppliers and customers. Do they reflect the current
legal rules? Are you sufficiently protected? Do they deal with bad debtors?
Have you given any personal guarantees?
· Is your business structure fit for purpose? Are the rights and responsibilities
clearly defined and agreed? (especially important for businesses involving a
number of different parties). Is, or should, a family trust be part of your structure?
· Are your employment contracts up to date?
· If you lease premises – is the lease current? Are there provisions dealing
with rent reductions which you could be taking advantage of in the current climate?
· Are your personal and business insurances up to date and fit for purpose?
· What personal and business loans are in place? What security has been
given in respect of the loans? Can/should the terms be renegotiated?
Every individual and business is different. In the current climate it is even more important that you have a clear view of where things sit and importantly, if there is anything more you could or should be doing to protect yourself and your business. Our team can provide practical and effective legal advice. Please contact us if you would like to discuss.