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What are the main considerations for a Director?
Directors Disqualification & Compensation Orders
Directors may end up disqualified as a result of their conduct. If they have caused losses to one or more creditors of an insolvent company, they may have to pay a compensatory amount to the value of the loss they have personally caused.
This is when a company continue to incur credit whilst knowing that the company will be unable to satisfy its liabilities.
Transactions at an Undervalue
These are transactions that were undertaken by an insolvent company where assets were transferred or sold to a third party below their market value.
This is when a company affords special treatment to a type of creditor, to the detriment of other creditors falling within the same group.
This is where a director misapplies, misappropriates, retains or becomes accountable for a company’s property.
This is when a shareholder receives payment in the form of a dividend when there were insufficient distributable reserves available.
Wrongful Trading, Transactions at an Undervalue, Preferences and Misfeasance are collectively known as Antecedent Transactions. There are other types of Antecedent Transactions, such as Fraudulent Trading and Extortionate Credit Agreements. However, actions falling within those categories are more rare.
Benefits of using us
SFP is an Award winning Insolvency company that provides expert assistance in Turnaround and Restructuring services.
Choosing the right practitioner from the start will have major implications on any case and here at SFP we will take the time and effort to look into your business accordingly.
Having worked with a large number of clients over the last 18 years, we pride ourselves on being a trusted partner to UK businesses who are looking to survive in what is becoming an ever-increasingly challenging business economy.
Get in touch with one of our experts and they will:
- Listen to you in confidence about the challenges you currently face
- Analyse your business finances to realise your current scenario
- Help you understand available restructuring options
- Recommend, define and agree the way forward
- Support you through all processes as a result of your taken actions
Call us on 0203 5877700 and talk to us today.
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Best Business Recovery Specialist
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Six Times Winner
Best Asset Based Finance Broker