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IBB Law 5th July 2022
Company directors face a heavy burden in circumstances where insolvency threatens at the doorstep. In those circumstances, the duty of care swings from the shareholders to the company creditors, and directors must bear the burden of additional liabilities arising under the Insolvency Act 1986 (the Act).
The risk of personal liability becomes real and delinquent directors can be called to personally contribute for failing to prevent damage and taking proper steps to protect the creditors’ interests at the time of the liquidation.
Barclays Bank joins forces with insolvency specialist in new plan to chase Covid loan money.
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