Just a quick note to say a big thank you to all the staff at KSA, our CVA was passed today by creditors voting in an overwhelming number including HMRC to accept the proposal as prepared by KSA.
The road to reach today’s conclusion has been bumpy, but at each stage your team has supported and guided us through the issues and we have reached a very satisfactory outcome to the benefit of customers, staff, all creditors and shareholders.
Directors Duties in Insolvency and their Implications
The implications for directors, when they find that their company is insolvent, are important to consider. However, the most simple thing to remember is the following;
Not acting (or acting in a fraudulent or negligent manner) and not taking advice when things are going badly in the company can make the directors be held personally liable for the company's debts.
We do not want to scare you but we find in so many cases that problems could have been dealt with if directors had reality checked their situation and sought help and advice. You go and visit a doctor when you have pain not when you are on death's door!
Our aim here is to provide all company directors with a handy easy to access and read guide to their obligations, the duties, what happens when things go wrong in the company and to answer the commonly posed questions to us. We are experts in this field; we just do turnaround, recovery and insolvency work all day every day – there are nearly 30 of us at KSA Group and we’ve been doing it since 2000-1.
So if you are worried about your business or just want a no obligation chat then please give us a call on 0800 9700539
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Trading Whilst Insolvent - A Worried Director's Guide
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Wrongful trading and fraudulent trading: What’s the difference?
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What is a transaction at an undervalue?
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Can A Director Become Personally Liable For The Company Debt?
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Company Cash Flow Problems and How to Solve Them
Many companies are likely to experience cash flow problems at some point. This...
Worried about poor cashflow? Covid-19?, How to pay wages on pay day? For expert advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539
Please note that the guide was mostly written pre Covid-19 and there have been some changes to insolvency legislation that limits creditors actions and relaxes rules regarding wrongful trading. A new 20 day moratorium for distressed businesses has also been introduced.