Insolvency pitfalls

If the company is insolvent (net liabilities on balance sheet or unable to pay its debts as they fall due) then insolvency law requires the directors to work in the best interests of creditors. In addition there is a host of director duties set out in The Companies Act(s). We can help directors navigate through these and avoid personal liability and other sanctions including:

  • Misconduct and possible disqualification
  • Wrongful trading
  • Avoid criminal sanctions such as trading with a similar name
  • Avoiding/minimising personal guarantees
  • Manage potential conflicts of interest
  • Breach of duty/misfeasance
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