Advice to Directors
Where a company is in financial distress, we advise the directors on the possible solutions instead of liquidation (such as administration/CVAs, refinancing/debt rescheduling, or a corporate restructuring/re-organisation), or where liquidation is inevitable, we will assist with the process.
Our advice to directors covers the rights of their company's creditors, the changing nature of the duties they have as directors, and the risks and consequences of transactions at an undervalue, preferences, wrongful trading and other circumstances where the conduct of the directors may be called into question, or they may be exposed to personal liability.
We also advise ex-directors of insolvent companies where they intend to purchase the business and assets of the insolvent company from an administrator or liquidator, or otherwise intend to "phoenix" the business of the insolvent company.
Often former directors of insolvent companies are required to defend themselves and/or their actions against the investigations of a liquidator or the Department for Business, Innovation & Skills commonly in the context of a potential disqualification order. We have experience of defending directors and representing them when under interview, as well as advising liquidators taking action against directors.