To trade or not to trade…that is the question!

Directors around the country are facing unprecedented problems following the outbreak of COVID-19 in the UK. There are natural concerns to health; the economy and now with schools due to close and talk of a London ‘lock down’ the issues are rising. Unfortunately, there is no ‘one size fits’ all solution on whether to trade and how to weather this storm. Ultimately, as a director your duty is to act in your Company’s best commercial interest. That does not just mean financially, but taking into account the following:

• The consequences of the decision in the long term
• The interests of your employees
• Your business relationships with others
• The impact that the decision will have on the environment and the community
• Maintaining high standards of business
• Acting fairly between the members of the Company

In the current climate, considering the impact on your employees, business relationships and impact on the community may be particularly prudent.

Whilst the decision on how to proceed is yours, if you would like further guidance on your duties as a director and even a sounding board please don’t hesitate to get in touch. We have both a dedicated corporate and employment team within business services and both myself and my colleague Ben Stanton, our employment Partner, would be happy to help! Call 01604 828282 / 01908 660966 or email BusinessServices@franklins-sols.co.uk.