It’s crucial that directors are aware of their duties in their role as company director.
If they fail to comply with all their duties, they put themselves at risk of being implicated in a company's insolvency, with consequential adverse effects on their future career.
The Companies Act lays down specific duties on directors. The act also regulates long-term employment agreements, substantial property transactions and loans to directors, with serious consequences for contravention. Directors need careful advice on transactions and on their responsibilities if a company is running out of funds. Our company lawyers can advise on directors' duties and steps to protect against directors' disqualification and, if the worst happens, negotiate with the Department for Business, Innovation & Skills to try to mitigate any sanctions.