Director Advice
Are you a director in need of advice? Unsure of your duties, liabilities and risks?
Revive Financial specialises in helping directors who need advice about their company. We can help you understand your duties, navigate the daunting area of liability and give you advice on the best options for the future of your company if you’re facing financial difficulties.
Duties
All directors have legal obligations, responsibilities and liabilities. These include general duties, the duty to not trade while insolvent and the duty to keep track of financial records, books and company transactions.
Director’s Liability
If your company is facing financial difficulty, as a director you could be personally liable for insolvent trading, selling company assets at undervalue, not meeting SGC obligations, outstanding tax debts, personal guarantees and illegal phoenixing.
Insolvent Trading
Insolvent trading is when you are unable to pay company debts when they fall due. It is your duty as a director to keep accurate records of your company’s financial affairs in order to identify any financial difficulties.
Penalties
Insolvent trading can have serious consequences for directors including criminal offences, civil offences, compensation for company loss and you will be prohibited from managing a company.
How We Can Help
As a director, if you are concerned about your company’s financial situation, it is your best interest to act quickly and seek the right advice to avoid trading insolvent. Please contact our experts for professional advice. We will review your company’s individual situation and find the best solution for you.
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Relevant Articles
For further information on director advice, discover our extensive archive of director advice articles.
Become a Better Business Cashflow Manager
Employers Could Face Jail Time for Not Paying Superannuation Under New Laws
What are the Consequences of Superannuation Non-Payment?
12 Insolvency Warning Signs You Need to Know
10 Personal Liability Risks for Company Directors Facing Insolvency
The Superannuation Guarantee Amnesty Dilemma
