Advice for Directors

As a director you are obliged to act decisively and appropriately should the company experience financial difficulties. If your company continues trading after there is no longer any reasonable prospect of avoiding insolvency, you could be personally liable for the debts of your limited company.

As a director of a limited company, you should follow these guidelines:

• Do not continue to trade whilst the company is insolvent.
• Avoid incurring more credit.
• Do not seek to pay one creditor in priority to another.
• Always achieve market value for any assets that are disposed of.
• Always keep satisfactory accounting records.
• Always submit your accounts on time.
• Always submit your tax returns on time.
• Always pay Crown taxes on time.

If you do not observe these guidelines you may find that you could be subject to liabilities arising from charges as serious as wrongful trading, fraudulent trading, preferences or misfeasance.
At Ideal Corporate Solutions we specialise in helping you recognise the signs of crisis that may affect your company or that of a client or supplier. Our experienced advisors are able to give impartial advice to allow you to make the informed decisions.

You must never ignore the problems in the hope that they will go away, if you are in doubt seek professional advice immediately.
By seeking advice early, you can ensure that your actions are justified and your company has the best chance of surviving.

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Call now on 0800 731 2466 to speak to one of our experienced advisers.