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New legislation has been enacted to make it easier to investigate and prosecute directors.
The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act has just been passed into law which is principally designed to stop directors dissolving companies to avoid investigation into their conduct.
There was a 205% increase in the number of directors being prosecuted for fraud as a result of investigations by the Insolvency Service in 2021. For the latest statistics for 2022/3 on this please see this report in Accounting Web
They are especially looking at companies that have taken out Bounce Back Loans (BBL) and Coronavirus Business Interruption Loans (CBILS)
If you are struggling to pay the loans and the business isn’t viable then you must liquidate the company. Click on this link to download our 2023 experts guide to liquidating a company.
If you are dissolving your company, ensure there are minimal debts (ie less than £2000) and if you want all the templates and letters then you can get them from our site www.dissolvemycompany.co.uk
Don’t forget that if you write off debt using a Company Voluntary Arrangement rather than a liquidation then there is no investigation into the directors conduct.
Don’t get caught out and get someone to advise you. Call us on 0800 9700539 Now