Advising Directors on Risk

A director of a company that is in financial difficulties could face personal liability in respect of:

  • Personal guarantees.
  • Fraudulent trading (section 213, 1986 Act).
  • Wrongful trading (section 214, 1986 Act).
  • Misfeasance or breach of duty (including the statutory general duties under the Companies Act 2006).
  • Where the company is a public company, serious loss of capital.
  • Where the company is listed, the Listing, Prospectus, Disclosure and Transparency Rules and the Financial Services Markets Act 2000. (For more information on these Rules.
  • Other offences under the 1986 Act.

Directors should seek external advice as soon as they are aware that the company is in financial difficulties.

If you are facing a Winding-Up Petition, we can negotiate on your behalf and advise you through the Insolvency and Companies Court process. Our Winding-Up Experts have specialist legal information and advice which will be tailored to your situation. To contact one of our Solicitors or Barristers please click here or call 0845 8622 529.

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