Corporate and Commercial

Overview

Verisona Law supports an impressive and varied portfolio of businesses by ensuring they address all the legal issues involved in starting and growing a company.

Whether working as an outsourced legal department for startup, small to medium-sized and owner managed businesses, or taking on specific projects for larger corporations, professional practices and management teams, Verisona Law’s team of corporate and commercial specialists pride themselves on the highest levels of service.

Verisona Law believes in investing the time to gain a full understanding of the businesses it represents, not only respond to existing needs with transparency and accountability, but also to foresee those in the future.

With straightforward, cost effective advice based on knowledge, experience and good business sense, Verisona Law will help your business seize opportunities, avoid pitfalls and grow to its full potential.


Stephen is head of the Corporate & Commercial team at Verisona Law having joined in April 2016 after a number of years with Bond Dickinson. He specialises in acquisitions and disposals (including MBOs and MBIs), group reorganisations, financings, joint ventures, shareholders' agreements and EMI schemes. He also advises corporate clients on corporate governance and other risk and compliance related matters and regularly provides training to company directors on these subjects.

In addition to his corporate finance practice, Stephen undertakes a wide range of commercial work including advising on IT agreements, intellectual property rights, data protection, outsourcing agreements, distribution agreements and contracts for the supply of goods and/or services. 

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.

Individual - Chairman of a group of companies in the construction industry

Testimonials

  • Dealing with creditors’ demands for personal guarantee payments

    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.

    Individual - Chairman of a group of companies in the construction industry


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