About this document
Directors of a company in financial difficulty must make very difficult judgments as to whether to allow their company to continue to trade. Personal liability to suppliers who are not paid may arise. Disqualification as a Director is another risk.
This document provides practical advice to a Director on what to do. It will be particularly valuable to non-Executive Directors who want to keep on the right side of the law. The standard Board Minutes highlight the information that the Directors should have available and how they should approach their decision making. It provides clear guidance on the alternative insolvency procedures that are available.
Application and features
- Ensure your decisions as Directors are properly considered;
- Protect yourself against unfair criticism of wrongful trading;
- Provide a defence against Director’s Disqualification Proceedings;
- Complete with explanatory guidance notes.
Contents
- Insolvency board minutes;
- Explanatory notes on insolvency board minutes;
- Fact sheet: Directors' Duties and Liabilities when a Company is in Financial Difficulty;
- Glossary of terms: Insolvency and Restructuring.
Draftsman
This document has been drawn by James Hunt, unconnected with Net Lawman. James Hunt will welcome your contact for further legal help. There may be a charge for James Hunt services.
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