Director's Duties and Responsibilities

Every director has statutory duties under the Companies Act 2006 which require him or her to observe a number of general duties; for example a director should always act to promote the interests of the company and its shareholders and avoid personal conflicts of interest.

However, when a company becomes insolvent a director has an additional duty and his main focus should now be on the protection of the interests of creditors. In such a situation we will advise a director on his responsibilities and warn of the potential personal liability of failing to discharge his duty to creditors.

We will also proactively recommend ways for the director  to avoid personal liability.  Whilst the law does give some leeway to a director who acts honestly in his efforts to rescue or restructure a business it is always best to take and follow professional legal advice.

Our Team


More Knowledge
Chancellor announces changes to the Job Support Scheme

The Chancellor has today announced that the Government contribution to employers’ wage costs under the Job Support Scheme (JSS) will be increased. Employers will be expected to pay 5% of the cost of unworked hours instead of the 33% originally announced.

Coronavirus Update - CJRS Bonus - Are you eligible?

Back in the summer the Chancellor announced that employers could receive a one-off payment of £1,000 for every employee who had previously been furloughed under the Coronavirus Job Retention Scheme  provided they remained continuously employed to the end of January 2021.  Businesses will be able to claim the Job Retention Bonus from 15 February 2021 and the Government has stated that further guidance will be provided by the end of January 2021.

Family Investment Companies

What is a family investment company (FIC)?

FICs are companies limited by shares (an “Ltd” or “Limited”) often setup by parents or grandparents (“Founders”) to benefit both themselves and their family as shareholders. Their popularity has increased in recent years, being seen as a corporate alternative to the more common discretionary trust.

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