Your Company may be in financial difficulty.
But does that mean you are?
Directors are not normally personally responsible for Company debts. However, there are circumstances where you could be at risk.
Get the facts before you make your next decision.
4 KEY AREAS THAT COULD CREATE PERSONAL EXPOSURE
Have you personally guaranteed a business loan, overdraft, finance agreement, commercial lease or supplier account?
If so, the Company's liquidation may not automatically release you from that obligation.
We'll help you understand exactly where you stand.
If your Company is unable to pay its debts, continuing to trade can become increasingly risky.
Directors have duties when a Company is insolvent or approaching insolvency.
Early advice can help you reduce risk.
Do you have a Director's loan account, or have you taken money from the Company that hasn't been repaid?
The Liquidator may seek repayment where appropriate.
Don't wait until the Liquidator asks the question.
Transferring or selling Company assets to yourself, family or connected businesses can be closely investigated.
This may lead to personal claims against you.
Don't transfer assets without taking advice first.
EVERY COMPANY'S CIRCUMSTANCES ARE DIFFERENT.
Professional advice can help you understand your position and make informed decisions.
Don't panic. Financially distressed Companies involve difficult decisions.
The fact that your Company becomes insolvent does not automatically mean you have done something wrong.
What matters is the individual circumstances and the decisions that were made.
Don't ignore creditor pressure
Ignoring the problem rarely makes it disappear.
Don't take further borrowing
New credit can create additional problems if the Company cannot repay it.
Don't transfer Company assets
Moving assets to yourself or another business creates serious questions.
Don't treat Company money as personal
Keep Company and personal finances clearly separated.
Don't wait until liquidation to ask
The earlier you understand your position, the more options you may have.
A confidential discussion today could help protect you tomorrow.
Tell us the basics and we'll call you back — free, confidential, no obligation.
THIS WEBSITE PROVIDES GENERAL INFORMATION AND DOES NOT CONSTITUTE LEGAL OR INSOLVENCY ADVICE. Your position depends on the individual circumstances of each Company and Director. You should obtain advice from an appropriately qualified professional, including a licensed insolvency practitioner where appropriate.
