During the current pandemic you as a board may well be facing a range of problems and issues you have not had to deal with before.
For guidance, we as investment partners have written a series of briefing papers specifically aimed at helping boards of directors.
Even if the judgment is only for a small amount, the existence of a County Court Judgment gives rise to business critical risks of enforcement, reduction in credit, damage to banking relationships, damage to reputation and employee morale, and potential personal insolvency related liability for directors.
Given the uncertain economic environment facing many businesses as a result of the Covid-19, maintaining the support of the company’s bankers is likely to be more important than ever. Boards need to ensure that they understand how their lenders view the company and actively manage their banking relationship.
Your business is a link in a value chain and will be dependent on both suppliers and customers who will all want to derive value from doing business with you.
This Board Briefing looks at the reliability of supply chains and highlights some considerations for the board of directors to ensure they are right for the future.
There is no shame for a board of directors to admit it is in unfamiliar territory facing a financial and operational crisis. The board that had been well composed to thrive in normal market conditions is now likely to be feeling unsure about the business’ future and possibly experiencing personal anxiety.