For many business owners, the beginning of a New Year is a time to give thought to ambitions and objectives for the year ahead, and with an uncertain political and economic climate in 2017, never has there been a more important time to ensure your business is robust enough to achieve its goals. When thinking about the next twelve months, here are the Top 5 legal issues we believe you need to consider:
- STAFF – People are increasingly conscious of and concerned about employment issues, so make sure contracts of employment are relevant to your current circumstances, in place and adhered to. Also, with Brexit set to dominate the national agenda this year, ensure you are up to date on all developments relating to foreignworkers, visas and work permits.
- TERMS & CONDITIONS - Are your current terms and conditions the most beneficial to your business? Could you make changes to help with cashflow? Can the terms of anybusiness guarantees you are committed to be modified or updated to your advantage?
- PROPERTY – Rent reviews coming up? Ready for negotiations with the landlord?Perhaps you will be looking for bigger premises? If you foresee your business moving, make sure you are aware of all details in your contract such as potential ‘Break Clauses’ which could enable the lease to be terminated early.
- DEBT - Are you owed money? Do you owe money? If your business has paid off any debentures (documents that create or acknowledge debt) and charges it may have had, make sure that these are removed from the registers at Companies House and Land Registry. This will improve the credit rating and value of your business should anyone look you up.
- GROWTH - Are you planning to merge with another business? An acquisition or a takeover? Perhaps an expansion of shareholders or your equity partnership? Maybe you are preparing your business for sale? Have you got the right expertise lined up for your best interests?
Here are the types of cases we handle:
- Contracts of Employment
- Employer Staff Handbooks
- Redundancy Process
- Breach of Contract
- Breach of Restrictive Covenants
- Tribunal Claims
- Settlement Agreements
- Consultancy Agreements
Sports and Football Law
- Contracts of Employment
- Service Agreements
- Contractual Issues
- Executive Departures
Dealing with creditors’ demands for personal guarantee payments
The company had substantial liabilities to the bank and its landlord. These liabilities were personally guaranteed, jointly and severally, by both directors.
The bank and landlord both called in the personal guarantees by pursuing our client, rather than the co-director who had little cash or assets.
As a result our client was required to pay the guarantees totalling tens of thousands of pounds.
Claiming a share of the guarantee payments from the co-director
We were instructed to pursue a claim against the co-director for a contribution of half the amount our client had paid.
The co-director instructed solicitors to resist the claim, alleging they had little or no involvement or control in the business and so should not have to contribute.
We built a case based on the detailed consideration of historic company records which demonstrated the extent of each directors’ involvement in the company. We supplied extensive witness statements and secured the disclosure of financial and other company records relevant to the case.
A number of witnesses also gave evidence at trial.
Winning and enforcing the claim
We secured a judgment at trial against their former co-director for half of the sum our client paid under the personal guarantees, together with interest and their legal costs.
Subsequently we took enforcement action to recover payment and, despite the co-director’s limited means, successfully recovered the full sum for our client.
Former Director and Shareholder of Limited Company
"The background to the situation was complicated, yet Verisona Law quickly grasped the essentials and prepared clear arguments with a minimum of wasted time and cost.
Throughout a worrying period, their calm approach allowed me to fulfil my group function with a restored confidence, having been distracted prior to Verisona Law’s appointment by the aggressive and unjustified stance of the Secretary of State.
I have no hesitation in recommending Verisona Law to anyone in a similar position."
Chairman of a group of companies in the construction industry
"I met Mike Dyer, Head of Commercial Law at Verisona, during October 2012 and they were already heavily involved in the bid for ownership of Portsmouth Football Club. Both he and the Verisona team have been an absolute pleasure to work with ever since.
Verisona handled all legal aspects of the takeover and were available to both myself and the bid team 24/7. One of their greatest attributes is their flexibility in working to get the job done. I never once felt that calling during out of office hours was inappropriate, and we would often have conversations at 9, 10 and 11 o’clock at night, as well as weekends.
We have established an excellent working relationship with Verisona. The firm got very involved in all aspects of the takeover, looked after us and truly cared about our success.
I have worked with multiple Commercial Law firms during my 30 year business career and Verisona are by far the best that I have come across.
We have continued to use Verisona as our legal support post-administration and the firm gives us advice and support as we establish PCFC and get to grips with running the Club. Verisona are accessible, approachable, proactive and work very hard to earn their success."
Portsmouth Community Football Club Limited
"Over the years, I have developed a great trust in my working relationship with Mike Dyer, Head of Commercial Law at Verisona. One of the things I value most is that he is always at the end of a phone. On the rare occasions he is unavailable, his secretary is always well informed and very helpful. Through Mike, I have met many other members of Verisona and, just like in the recruitment industry, they understand the importance of being treated like an individual. They make me feel valued and important to both them and their business. At Verisona, you always deal with real people who you know and are in a position to help. Most importantly, Verisona delivers. We recently had an urgent situation regarding the restrictive covenants of new members of staff. Employment specialist Susan Ball came in on a day off to listen to us, dissect and analyse the situation, and translate what we wanted to achieve into the best possible legal language and solution. This is just one example of the calm, efficient professionalism I have come to value from Verisona over the years. Verisona has a refreshing approach to the law. They are there when we need them, always easy to talk to, go out of their way to make sure that we understand what they are doing for us and why, and always get the best results".