Every year many thousands of people become company directors for the first time. In doing so the law imposes no requirements as to experience or qualifications. Relatively few receive specific training or seek proper advice as to their duties or the practical responsibilities (and dangers) that may raise. Upon a business failing, with the great benefit of hindsight, it may appear obvious to some what could have been done differently. But things seldom appear so simple at the time, even to those with extensive experience.
In an age where the drive for individual accountability has increased, it is all too easy for directors to find themselves facing claims arising out of a business failure. Such claims may come in a variety of forms such as those brought pursuant to the Insolvency Act 1986 by insolvency practitioners and proceedings under the Company Directors and Disqualification Act 1986 for disqualification initiated by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.
Moon Beever has wide ranging experience and expertise surrounding the world of insolvency. We frequently act for directors (or other officers) of businesses that have gone (or may go) into some form of insolvency procedure. Our experience in acting for insolvency practitioners is of undoubted value in guiding our director clients through what can be a confusing and stressful process. We strive to be practical at all times and to find the best approach for our clients in what can become a multi-faceted process.