During challenging economic times when many Australian companies are confronting operational concerns and financial difficulties, directors are finding themselves in unfamiliar territory. A new set of skills is now required of directors and officers as they seek to turnaround their company’s financial circumstances.
Directors’ decisions will be under closer scrutiny as they seek to address their company’s financial difficulties. The expectation of creditors and other stakeholders will intensify as board strategies begin to take effect.
Directors will be encouraged to make decisions designed to maximise cash flow, enhance enterprise value and reduce creditor exposure. It thus becomes necessary to carefully consider the legal framework relating to the responsibilities of directors.
Directors will be especially concerned to learn whether personal liability has been successfully avoided in implementing corporate turnaround strategies.
Pace Lawyers is well positioned to provide advice to corporate controllers with respect to practical and legal steps regarding effective turnaround strategies and protection from personal liability of directors and officers.
For more information, please call us on 8410 9294 or send an email via this form.