Director Services
The law says that, as a director, it is your responsibility to keep control of the company and to seek appropriate professional advice should this be necessary. Should your company continue to trade after there is no longer any reasonable prospect of avoiding insolvency you could be held responsible for the debts of your limited company.
If in doubt, speak to an expert, don't ignore problems, they rarely go away.
As a director of a limited company, and in order to protect yourself from personal liability, you must follow the following guidelines:
- Do not continue to trade when the company is insolvent
- Do not incur credit unless you are sure that your company can pay for the goods and services
- Do not seek to pay one creditor in priority to another
- If disposing of assets you must ensure that you obtain market value
- You must keep proper accounting records
- You must submit your accounts on time
- You must submit your tax returns on time
- Always pay Crown debts on time
Failure to observe the above could leave you open to liability arising from charges of wrongful trading, fraudulent trading, preferences or misfeasance. As a director the law expects you to act decisively and appropriately should the company experience financial difficulties.
If you are concerned about the current trading position of your company or your personal liability as a director you should take action now. Obtaining advice at an early stage will give your company its best chance for survival and also justify your actions.
Our experienced and friendly team are waiting to hear from you and will be delighted to provide you with advice on all of the options available subject to your particular circumstances.
Simply contact us on 0800 092 8002 or email us at info@buchananroxburgh.co.uk for a free and confidential consultation
