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Directors liabilities on insolvency

Directors of service companies are often surprised when they place an unwanted company into liquidation only to find that they have a residual liability for the company’s liabilities. This may happen if they have a directors’ loan account that is overdrawn or if they have paid themselves a dividend when the company has no reserves.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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