Directors: Are you aware of your legal duties if your company is facing insolvency?
Businesses across the board are experiencing a number of operational and financial challenges that are creating considerable pressure for directors and management teams.
While many directors will see this as a time to weather the storm and protect their business and its shareholders, they must also be aware of their legal duties in case of insolvency. The moment a company is deemed to be insolvent, the director/s are under a legal duty to protect the business’s creditors and achieve the best return for them in case of the business’s failure.
In this downloadable guide, insolvency specialist, George Dale, outlines the legal requirements and the best course of action for directors to take.
This guidance article was written by our Insolvency Practitioner, George Dale Partner at Opus.