Rachel Duncan

We spoke about Governance in a previous post - Directors should be aware that they could face dire ‘personal’ implications if the business fails.   It’s worth reiterating the Court Judgment in the Insolvency case ‘Sequana’ from late 2022 as it laid out some helpful guidance on governance best practice.  Following these basic guidelines significantly reduces the risk of personal action against Directors.   None of the following actions are relevant ‘just’ in periods of distress and should be reviewed regularly with Accountants as part of a routine financial health check. However, if the Company is facing Insolvency then advice must be sought from a Licensed Insolvency Practitioner but act early!                             Sequana Case- Corporate Governance Best Practice.   Directors should: 🔴 Continue to inform themselves of the company's financial position – both in the short term and longer term – and continue to carefully review and consider the company’s solvency. 🔴 Seek appropriate recovery/insolvency advice early if they have any concerns, particularly if they consider there is a probability that the company could enter into insolvent liquidation or administration; and 🔴 Deliberately and regularly consider the subjects and scope of their duties, and ensure accurate and up-to-date records are kept to reflect this consideration.    

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New technologies emerge, legal precedents shift, and client needs transform. In this dynamic landscape, the key to success lies in your ability to adapt to change. Remember, as Charles Darwin famously observed, “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.” All professions are no exception. Those who can adapt and embrace change will thrive, while those who cling to the status quo will struggle to keep pace. #thefloydlawfirm #embracechange #surfsideattorney #southcarolinalawfirm

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Consultancy is being embraced by the legal profession Geraldine Kelm's recent article with The Scotsman discusses: ✅ How clients can benefit from an interim legal resource ✅ The change in working identity for lawyers Click the link below to read the full piece! https://lnkd.in/eYnEWUSJ hashtag #LegalConsultants hashtag #LegalCareers hashtag #InHouseLawyers

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