Directors Archives - Page 3 of 3

What should someone do if they receive notice of a County Court Judgement?

If you’re an accountant or solicitor and one of your clients receives notice of a County Court Judgement or CCJ, what should you be advising them to do? Well, the first point is that they shouldn’t just ignore it. A CCJ is not simply going to go away. So it’s no good your client putting their head in the sand, hoping it will. You need to make them realise they must take urgent action. They have just 14 days to respond. What exactly is it? Explain to your client that a CCJ is a court order, issued by a county [...]

What are a director’s responsibilities when a company is in financial trouble?

So you’re a director? It’s an impressive-sounding title, bringing with it prestige and monetary reward. You may even have cracked open the champagne when you first became one. But being a director also carries with it certain responsibilities. These become particularly significant if your business runs into financial difficulties. What do you need to be aware of? By becoming a director, you agreed to act in the best interests of the company, its shareholders, its employees and its creditors. In times of financial difficulty, however, this ‘duty of care’ starts to shift. If there is a risk of insolvency, you [...]