Coronavirus & Private Limited Companies
Coronavirus has brought the workings of many businesses into sharp focus over a very short period of time. Business plans and budgets are likely to need to be urgently re-considered and possibly re-worked. Most businesses will be suffering significant decrease in cashflow. Directors, whilst doing what they can to protect and preserve the business must remember their legal duties so as not to expose themselves to the risk of personal liability.
The Government has brought in measures to try and mitigate some of the effects of the COVID 19 pandemic. Those relating to directors duties and corporate administration are considered below, highlighting certain issues that private limited companies need to be aware of, particularly company directors, in trying to successfully navigate through these uncertain times.
The links below summarise these corporate measures, including the filing of accounts, the effect on directors including dealing with insolvency to furloughing directors, and also the importance of maintaining corporate records for management decisions.