With the UK taking positive steps towards re-opening the economy, businesses will start to see the true impact that lockdown restrictions (and the lifting of those restrictions) have on supply and demand.
The UK government has continued to support UK businesses including, most recently, extending the prohibition on winding up petitions and the forfeiture moratorium, but there are still difficult decisions that directors need to make over the coming months.
For directors, one of the most difficult challenges is ensuring compliance with their directors’ duties when making decisions about the future of the business. If the business is at risk, their own personal liability might also be at risk.
In light of the unlocking roadmap and extended support measures we have updated our business viability guide to assist directors in understanding risk and upcoming challenges: cash requirements, financial pressure points, employees, tax and directors’ duties.