Company directors, both registered and shadow (participation in controlling the direction of company affairs or giving instruction to directors), are subject to significant legal obligations. In the circumstances of a company failure, there is every probability that the directors' decision-making process will be critically assessed at some future date, with the advantage of hindsight. Mistakes can happen. Under these circumstances, frequently asked questions include:
- When was the actual point of insolvency reached by the company?
- When should the directors have realised that the company was insolvent?
- Were the directors' actions commercially reasonable under the circumstances?
- Were there any transactions at under-value or preferential in nature?
- Are the directors open to criticism and/or fit to act as directors?
- Where are the Company's assets?
We recognise that Business Recovery/Insolvency assignments may benefit from the introduction of specialist Forensic Accounting services, whether in an advisory capacity to the insolvency team responsible or to the company and/or individuals subject to the insolvency procedure.
We are also experienced in the both the prosecution of, and defence to, allegations of:
- Director Disqualification
- Wrongful or Fraudulent Trading
- Sale of assets at "under-value"
- Misappropriated Assets