Professinal Advice for Directors

Insolvency Advice for Directors

We advise directors on their statutory responsibilities to the company and its creditors during periods of financial difficulty in the period prior to a formal insolvency procedure.

In particular, with respect to a company that is insolvent, directors are expected to ensure that the company is able to meet its liabilities as and when they fall due, including those which are contingent. Should the company be placed into Administration or Insolvent Liquidation, then failure to comply with those duties may lead to disqualification or the making of a financial remedy for any losses sustained by their actions.

Disqualification of Directors

Set out below are some of the grounds that the DTI can determine whether a director should be rendered ‘as unfit’ and apply to the Court for a Disqualification Order:-

Failure to submit annual accounts and annual returns to Companies House on time
Excessive salaries, dividends and drawings when the company was insolvent
Continuance of trading when the company was not only insolvent but unlikely to ever become solvent
Obtaining credit when there was "no reasonable prospect" of creditors being paid.

Free Advice for Directors

Wilder Coe LLP Business Recovery can provide sound and commercial advice to directors of the risks of continuing to trade and if appropriate ways in which that risk can be minimised.

If there is any doubt as to a possible breach of a director’s responsibility then do not hesitate to call us. All consultations are free and strictly confidential.

Advice for Directors Contact :-

Norman Cowan FCA FABRP MCIArB MEWI
Email: norman.cowan@wildercoe.co.uk

Tel: 01438 847200
Fax: 01438 847150

Email Us

020 7724 6060

020 7724 6070