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Directors Duties & Responsibilities
As a director, understanding your responsibilities in relation to insolvency or bankruptcy is crucial. If your company has entered into any insolvency process, a Insolvency Practitioner will investigate the Company’s affairs and report on the conduct of its directors while running their business. There are a range of claims that can be brought against you, in addition to the possibility of being disqualified from acting as a director of a limited company.At Wilkes, we provide comprehensive legal support to help directors navigate all potential claims brought against them and advise them to how fulfil their obligations effectively.
Legal Implications of Non-Compliance
Failure to adhere to these responsibilities can result in severe legal consequences, including:
- Personal Liability: Directors can be held personally liable for company debts if found guilty of wrongful trading or misfeasance.
- Disqualification: Directors may be disqualified from serving as a director of any company for a specified period between 2-15 years.
- Criminal Charges: In cases of fraudulent trading or other serious misconduct, directors may face criminal prosecution.