Advice to Directors
As well as being able to provide advice regarding the position of a company we are also able to offer advice and assistance to Directors regarding their personal position in respect of:
The Company Directors Disqualification Act 1986
If the Court finds an individual 'unfit' to be a Director then it may disqualify them from being a Director for a period of up to 15 years. There are several grounds of potential 'unfitness'. These grounds include failing to provide goods or services that have been paid for, failing to account to the Crown for the monies due (PAYE, NI, VAT) and failing to maintain proper books or records.
The above list is by no means exhaustive, and it is always better to take advice sooner rather than later.
In summary Wrongful Trading consist of allowing a company to continue trading (and in particular incurring credit) when it ought to have been known that insolvent liquidation was inevitable.
Restrictions on the Re-use of Company Names
A director of a company that enters insolvent liquidation is prohibited from being involved with another company that has a name that is the same or similar to the liquidating company.
There are ways in which this restriction can be 'lifted', but it is essential that they are considered before any involvement with the other company is commenced.
Directors are often required to give personal guarantees to, for example Banks (even though the Bank may also have a Debenture over company assets), Landlords, Finance companies etc.
We are able to advise Directors on the best way to deal with any liabilities arising under these guarantees.
Personal Financial Problems
The failure of a business and the consequent loss of income may result in personal financial problems. These may not result in the need to consider any formal insolvency procedure, but we are always available to discuss any concerns you may have.
Don't forget - an initial free consultation is always available to you to discuss any questions.
Please don't hesitate to contact us.
- Company voluntary arrangements
- Creditors voluntary liquidation
- Members voluntary liquidation
- Financial restructuring
- Individual voluntary arrangements
- Informal arrangements