Directors of Insolvent Companies – Beware!
Directors owe a number of statutory and fiduciary duties to the company. However, once a company is insolvent, the interests of creditors intrude and directors owe a duty to act in good faith, and show skill, care and diligence to all creditors. Desperate economic conditions have led to an influx of insolvent companies undergoing liquidation […]
Are you a Director of a company going into Liquidation?
If so, you need to proceed with caution. There are many rules governing the liquidation process. Firstly, you should first speak with fellow directors and seek professional advice. Resignation may be an option but your primary responsibility is to protect the company creditors. You may remain personally liable even if you were to resign. In […]