Directors, Officers and Executives

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If a company or LLP is subject to a formal insolvency, the actions and decisions of their directors, officers or members will inevitably come under scrutiny.

While normally directors’ duties are owed to shareholders or the members as a whole, when the business is of probable insolvency their duties are owed to creditors.

Directors or Officers may face requests for interview and potentially antecedent transaction claims. It can also result in disqualification from being a director in the future and from being involved in the management, promotion or formation of any other company or LLP.

Furthermore, certain creditors (such as HMRC) are being increasingly proactive in seeking security deposits from businesses, and directors personally. Any breach can attract criminal consequences. Should this occur our tax disputes experts can provide the necessary advice.

It is therefore vital that directors and designated members seek external specialist advice at the earliest opportunity when their business is subject to financial stress.

Our expertise includes:

Advising directors or designated members in relation to their duties in the twilight period prior to insolvency
Assisting directors in relation to personal guarantee exposure, and associated companies in relation to cross-guarantee exposure
Defending directors faced with: Antecedent transaction proceedings
Director disqualification proceedings and applications for leave to remain involved in the management of a company of LLP following disqualification
Insolvency Litigation
Crisis and reputation management

Further information about our range of services for Directors & Officers