Directors Responsibility & Advice

“important to know your responsibilities as a director”

 

It is essential as a director of a business you understand your responsibilities and seek assistance as soon as possible. A court or insolvency practitioner may go back up to three years through transactions for the company. Such responsibilities include:

  • Prevent fraudulent trading e.g. taking credit when knowing the debt cannot be paid
  • Accepting monies for goods or services that cannot be fulfilled
  • Maintain adequate bookkeeping records
  • Preferential treatment of creditors
  • Not to withdraw funds for non business activities

In some cases such as failure of any of the above or having an overdrawn directors loan account or guarantees as a director you can be held personally responsible.

Seeking the right advice is always essential.

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