If this sounds like you
I am worried about director liability
Practical first steps when you are concerned about decisions made while the company is under pressure.
You may recognise this
- The company may be unable to avoid insolvency.
- Connected-party payments, asset sales or new credit concern you.
- Records or board decisions are incomplete.
What to do now
- Keep reliable financial information under frequent review.
- Record decisions, options and reasons.
- Obtain advice appropriate to the company and your own position.
What to avoid
- Preferring connected parties without a proper basis.
- Taking credit with no reasonable payment basis.
- Destroying, altering or backdating records.
Useful information to gather
Do not wait for everything to be perfect. Start with what is readily available.
- Board minutes and decision records
- Management accounts and forecasts
- Connected-party transactions and director loan accounts
Why timing matters
Earlier action can preserve time, information and choice. Waiting for certainty can allow cash, legal or creditor deadlines to decide the next step for you.
Would you like to talk about this?
Leave your name, phone number and email address. Someone from our support team will contact you by the end of the next working day.
Related next steps
This page provides general information, not advice about your company or personal position. Formal deadlines may require immediate advice from a solicitor or licensed insolvency practitioner.