Advising Directors on Insolvency
If your company is in trouble and you need advice on the following, you may need to give us a call:
Is your company worth saving and is it possible to save? We can do a quick viability review to help you decide.
If your company is viable, does it need restructuring to save it? Experience shows that businesses in significant financial difficulties can sometimes survive when early action is taken to tackle the core underlying reasons. When a company decides to approach us in time, we can give an early diagnosis and work with the directors to attempt a recovery of part or all of the business.
Is your company insolvent? you should contact us at firstname.lastname@example.org
4. Directors responsibilities
If your company goes insolvent it should be liquidated in accordance with Company Law. One of the duties of the liquidator will be to investigate the affairs of the company and report to the Office of the Director of Corporate Enforcement on any irregularities by directors. If the directors did not act honestly and responsibly, they may be restricted or disqualified by Company Law. You may concerned about your responsibilities as a director and need to take advice.
Considerations for directors
Is the debt to the Revenue large, how old is it, were correct returns made up to date of the liquidation on time?
Were some creditors paid off before others?
Have the employees been paid, if not have they been advised of their rights?
Do the Directors owe any monies to the company?
Did the directors put the company into liquidation as soon as they saw it was insolvent?
Have the Directors started the business again under another name?
Were the directors involved in a previous insolvency?
Are there customers’ deposits included in the deficiency of assets?
Were the returns made up to date to the Companies’ Office?
Rose Marie Keaveney FCA CPIP