This guide provides directors of UK incorporated companies with a general overview of the statutory and other duties and obligations which should be complied with in that role. We also offer practical guidance on safeguarding directors from personal liability and on considerations should insolvency of a director’s company become a concern.
Additional duties will be applicable to directors of listed companies and directors of companies operating within regulated industries such as financial services, energy or insurance. While this guide does not address those additional obligations, we would be happy to advise.
Note that the Business Secretary announced, on 28 March 2020, that the Government would amend insolvency law to give companies breathing space while they explore options for rescue, and would temporarily suspend wrongful trading provisions retrospectively from 1 March 2020 for three months. Further detail on these measures is awaited, and this note will be updated in due course.
If, having considered this guide, you would like to know more or to discuss your own circumstances in greater detail, please speak to your usual contact at Stevens & Bolton or a contact listed at the end of this guide.