If your business hits financial problems you may consider whether to continue trading or whether to wind-up the business. This decision is one you need specialist advice on and this would normally come from your accountant or a specialist Insolvency Practitioner.
However, before, during or after the process you may be facing claims against you as a director or partner in person.
Routinely the liquidator will investigate your actions as a director before the insolvency and may decide to claim money from you. These could be, for instance, paying monies as a “preference” or “at an undervalue”. The liquidator may claim you are in possession of assets belonging to the company, or vice versa.
If the company is unable to pay its debts creditors will consider whether to pursue a director who gave a personal guarantee. Most often these will have been given to a bank or other financial institution but could also be to suppliers (such as builders’ merchants).
You may have personal obligations to landlords if you gave a personal guarantee for rent.
These claims must be taken seriously as they can be substantial and liquidators can have motivation and the means to pursue them.
Our Dispute Resolution Team will be able to advise you as the merits of the claim and your options for resolving them.
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