Advice to Directors

When directors become concerned that the company may not be able to avoid insolvency, they should immediately seek advice from a licensed Insolvency Practitioner (IP) to assess and discuss not just the company’s position but also that of each director. On realising the company is insolvent, or may shortly be in such a state, the directors’ duty of care moves from the shareholders to the creditors and there are personal consequences arising relating to wrongful trading, preferences and transactions at an undervalue.

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