What Are My Director Duties During Insolvency?
If your business is insolvent (liabilities exceeding assets, or unable to meet financial commitments) you have particular responsibilities as a director.
What happens if I fail to meet my responsibilities as director?
In certain cases, if you do not meet these regulation, you could be accused of wrongful trading, and in worse cases, become personally liable. Because of these regulations it is very important that if you believe your business is insolvent, that you seek professional advice from an Insolvency Practitioner such as The Insolvency Experts.
Personal Bankruptcy & Your Duty As Company Director
If you are at risk of declaring personal bankruptcy whilst acting as company director, there are some important decisions needed to be made for which The Insolvency Experts are here to help. It is generally expected for Company Directors to step down from their role when declaring bankruptcy. Of course there can be exceptions depending upon your unique circumstances, find out more about personal bankruptcy.
Contact The Insolvency Experts
For more information on the roles and responsibilities of directors during insolvency proceedings, click on one of the options below. Alternatively you can speak to one of the experts direct on 0300 303 8284 or get in touch online and we can guide you in the right direction.