Restructuring a business to improve efficiency may result in redundancies. It may also result in sale of part of the business or the outsourcing of a particular aspect of the business to a third party.
Both require a detailed consideration of the rights of the employees and the most cost-effective manner of dealing with the same. There may be issues related to redundancy procedures, TUPE, and changes to employment terms involved in any decisions to change the way in which the business is operated.
When a business is in financial difficulty detailed consideration needs to be given to the rights of the employees. A potential company insolvency involves many complex and potentially difficult issues for all the parties involved in particular in relation to the employer/employee relationship.
Directors of a failing business need to understand their duties and the limits of any potential personal liability. Insolvency practitioners must keep within the scope of their powers.
How we can help
At Else Solicitors, we have an experienced team with a detailed understanding of all elements of corporate insolvency, corporate refinancing and restructuring arrangements including employment aspects of the same.
Our key aim is always to explore all options for saving a business and we understand, and have experience of, all schemes for restructuring and refinancing businesses that are in financial difficulty and cannot pay their debts.
We can advise directors in the face of possible disqualification proceedings and other claims that may be made by insolvency practitioners.
Our legal and insolvency experts can also advise clients on the risks of various courses of action. We can help explore alternative solutions where necessary.
For more detailed legal advice on how we can help, please contact the HR and employment team on 01283 526200, alternatively you can send us a message and one of our specialist solicitors will be in touch.