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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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