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Avoiding the pitfalls

At the first sign of a problem directors should contact a specialist to advise on the appropriate course of action.  The sooner this advice is sought the lower the risk to the directors of criticism, disqualification and personal liability.   Getting advice sooner rather than later also normally provides more options to resolve the problem.

When any decisions are taken by the directors they should ensure that they are fully documented with the rationale for the decision.  For example if a decision is made to pay a supplier write down the reasons for making the payment and the positive impact it will have on the overall creditors’ position.

In addition if it is necessary to enter into a formal insolvency procedure such as Administration, Administrative Receivership or Liquidation, prior to entering into the process directors should ensure that the company records are up to date and that relevant documents have been filed with HM Revenue and Customs.

If you think that you may have comitted an offence seek professional advice as soon as possible so that the risk can be managed and minimised.

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