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Other FAQs

Should I resign from being director at Companies House?

The minimum number of directors is 1 and this rule cannot be broken.  Other than following this rule there is nothing to prevent directors from resigning from the directorship.

Resignation from directorship does not change the director’s responsibility to provide assistance to the Insolvency Practitioner and most of the Insolvency rules and regulation apply to former as well as current directors.  Therefore there is little advantage to resigning from office.

I have provided a personal guarantee, what normally happens?

The process depends on the party who has the guarantee.  Often the guarantee payment will be demanded immediately. 

In the event that money is paid to a creditor the person who provided the guarantee will normally step into the shoes of the creditor – i.e. if a director pays off a secured creditor then they would normally become secured through subrogation.

If a guarantee has been provided legal advice should be considered to ensure that the guarantee is valid.

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