Don’t wait until liquidation to understand your personal liabilities.
Plan for liquidation at the earliest signs of stress to mitigate personal risk.
Nobody plans for business failure but why not act now to ensure that if things go wrong, you have taken steps to protect yourself. Personal Guarantees UK’s Director Liability Review (“DLR”) will:
Being a company director means that in the event of business failure you can be subject to many different personal claims. The most obvious are personal guarantee claims. However, there are many different types of complex antecedent transaction claims and misfeasance claims which can be brought by the insolvency practitioner for actions you have taken during your time as a director.
Many directors enter insolvency with no prior knowledge of the issues they may face or the personal financial claims which may result.
The key DLR deliverable – An action plan you can implement with confidence.
Contained within the DLR is a full action plan which can be implemented in conjunction with your professional advisors. Understanding what your current and potential liabilities is complex. It involves both insolvency and accounting knowledge and an understanding of the relevant Company Act legislation.
When taking any action to eliminate or mitigate your liabilities it is essential to ensure that those actions do not result in further claims against you. Antecedent transactions and misfeasance claims against directors in the event of insolvency are complex and need careful consideration.
“If your bank is insisting on an Independent Business Review (“IBR”) in order to assess their risk, you need to take action to protect your own position.”
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Plan for the worst and hope for the best. Remove the anxiety caused by dealing with a company showing the first signs of stress which may have personal implications for you. Personal Guarantees UK have the insolvency knowledge and qualifications to help you plan for the worst and make sure your personal financial risks are removed or mitigated.