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Government issues welcome practical guidance for company directors worried about insolvency
The government has recently responded to calls from the insolvency profession to provide greater guidance to directors on what steps to take if they are concerned their business may be facing insolvency.
The Insolvency Service has issued this useful guide, entitled Company health check: keeping your business on track, to help directors make sure they are acting in the best interests of their business and its stakeholders should their company face insolvency.
The guide offers some practical help on areas such as:
- Directors duties
- How to tell if a company is insolvent
- Directors responsibilities and actions that the Insolvency Service can take if directors do not act responsibly
- Directors loans and Bounce Back loans
It provides some really useful guidance at a time when an increasing number of directors are concerned about the health of their business.
We know that each case differs and so would always recommend that business owners take advice as early as possible in order to maximise the available options and remain in control.
If you need any assistance you can get in touch with your local Leonard Curtis contact for support.
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.