There are circumstances where directors of companies in financial trouble can be held personally liable for debts incurred by the company. The main area of risk for directors relates to wrongful trading. This is a complex area, but here are some simple rules to follow to ensure you avoid allegations of wrongful trading are:
If your business is in trouble - if you are facing creditor debts, HMRC debts, or struggling to meet payroll, then you could be facing liquidation. Can your business be saved? Download our free guide, 'What To Do When You Are Facing Liquidation' now.