Need Advice? Call us now on:

0845 050 1958

or

Request a Call Back
Corporate Recovery Farleys Solicitors LLP

Directors’ Duties

Directors' Duties Advice at Farleys Solicitors

It’s important to recognise the importance of obtaining early professional advice when a company faces financial problems, not only for the business but also for the director to avoid personal liability for wrongful trading.

If your company goes into insolvent liquidation, and at some time before the commencement of the winding up of the company, you knew, or ought to have known, that there was no reasonable prospect of the company avoiding insolvent liquidation. This could lead the court to order the directors to make a contribution to the company’s assets as it thinks proper.

The only defence to wrongful trading is that after you first knew, or ought to have known, of the company’s inevitable insolvency, you took every step that could have been taken to minimise the potential loss to the company’s creditors.  Therefore it is essential that you take the right steps and document these as having been taken when your company is on the brink of insolvency.

Do

Don’t

Contact a Business Recovery Specialist

As a director, its crucial to take early professional advice when your company is facing financial problems, not only for the business but also for you as a director to avoid personal liability for wrongful trading.

contact a corporate recovery solicitor

To discuss your company, current situation, or what’s expected of you as a director, contact an expert at Farleys Solicitors now on 0333 331 5290

Request A Call Back
Awards we're proud of

Get in touch

Request a Call Back

Call us now on:

0845 050 1958