Expert legal advice: how to protect your business during COVID-19
PUBLISHED: 11:18 09 July 2020 | UPDATED: 13:33 09 July 2020
We spoke to commercial law experts, Jonathan Rogers, Partner and Sophie Murgatroyd, Associate of gunnercooke llp who share their essential advice for business owners during the pandemic.
Q: What can owners do to protect their business?
The cash flow of a business is its lifeline – it is most important that this is protected as a priority. The support from the government – such as the furlough scheme and business grants and loans - could help your business survive and prevent insolvency.
It may also be worth negotiating a rent break with your landlord and ensuring that your lease won’t be breached.
Q: Why should business owners take these steps?
It’s crucial that you protect your business to keep it afloat and prevent insolvency.
Try and restructure the way you work to allow your company to re-open or carry on trading. However, don’t feel pressured to re-open if you are not ready – there are ways to protect your business if you cannot trade.
If you are unsure of your options, contact us for guidance and support.
Q: When should certain actions be taken?
Furloughing staff was a scheme introduced by the government which covered a portion of employees’ wages if your business had been affected by COVID-19. Currently, the scheme is set to last until October, but this end-date is constantly being reviewed. If you must close your business temporarily, seek help from us and the government.
In the long term, you may want to make remote working a permanent change. Moving to smaller premises and enabling staff to work from home could reduce your overheads. Perhaps this experience has brought on a bigger change and you wish to sell your business. In which case, you will need to instruct a solicitor to manage the sale or purchase.
It’s important to look at the positives. Maybe this period has proven that your business is more agile than you thought. With this knowledge, you could adjust your business’ structure to make it more flexible and profitable.
Q: How can you help?
Given gunnercooke has always had the technology and infrastructure to operate remotely, we have offered our services as normal without interruption, despite coronavirus. We have been able to offer advice and support to our clients when they needed it the most. Because of our experience and structure, we can give invaluable advice to help other businesses switch to remote working.
As dedicated commercial law solicitors we have the knowledge and expertise to support your business in these turbulent times.
Visit gunnercooke.com for more information or contact: