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When a large concern ceases to trade the ripples reach out over a very wide pool of businesses – suppliers may be left with unpaid invoices for goods already delivered; related companies and individual officers may find guarantees called upon by banks; and businesses who were customers find themselves without goods or services critical to their own trading.
Further issues arise for the directors of companies which find themselves in financial difficulty. In such circumstances it can be difficult for company directors to arrive at the best strategy for safeguarding the interests of their companies whilst complying with their statutory and fiduciary duties, a breach of which can result in a fine, disqualification, liability to contribute to the company's assets or even a prison sentence.
So whether you are dealing with customers and suppliers who have gone or look as if they are about to go bust, or your own business is struggling to stay afloat, Companies In Difficulty: A Guide for Directors provides clear guidance on what steps need to be taken and when.
Includes clear commentary and guidance on: