As a director of a company, you are taking on an onerous responsibility, and a lot of people don’t realise that.
There are many circumstances where a director can be held liable for decisions made by the company, even if they didn’t agree with them. In addition, if your company becomes technically insolvent
(i.e. its balance sheet shows more liabilities than assets or it can’t pay its debts as they fall due), your directors' duties change and you now have to do what you can for the company’s creditors, rather than its shareholders. In such circumstances, you might find yourself at the wrong end of a claim to pay your personal money into the company.
In addition to this, you might find yourself charged with a criminal offence arising out of company business.
At Cousins Business Law, our solicitors have a wealth of experience in helping directors both understand their duties and responsibilities and deal with any problems that arise. We also act for companies against directors who may have breached their duties and caused a financial loss to the company.
For more information on directors' duties, see our articles:
For a free half hour assessment of your particular circumstances book a telephone appointment.
|Contact Cousins Business Law for advice on:
- Directors' duties and responsibilities
- Shareholder disputes
- Shareholders' agreements
- Creditor disputes
- Removing directors, or facing removal
Contact Cousins Business Law