Corporate Insolvency (Pocket Lawyer) by Frank Brumby;Andrew McTear;Chris Williams;Rosy Border

By Frank Brumby;Andrew McTear;Chris Williams;Rosy Border

The Pocket attorney sequence is designed for participants of the general public who wish how you can counsel in events that may ordinarily require professional recommendation.

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Extra info for Corporate Insolvency (Pocket Lawyer)

Sample text

As we said, the spectator sees more of the game. Staff in the office and on the shop floor tend to spot the tell-tale signs well before the directors acknowledge the problem. This becomes evident when we, in our Insolvency Practitioner hats, talk to directors and employees. The true financial position of the company often comes as a shock to the directors, but when we talk to the employees they may have been fully aware of the situation for maybe six or 12 months. Directors need to take time to recognise the warning signs and address the issues.

A director has responsibility for running the company. Both shareholders and directors can also be employees of the company. But the company has a separate existence of its own. When the company makes a sale to a customer, it is the company that is contracting with the customer. When the company buys goods, it is the company that is contracting with the supplier. A company’s liabilities are notionally its own and no one else’s. A director, or indeed other individuals involved in the business, can become responsible for some of the company’s liabilities only if they agree to do so by giving, for example, guarantees, or if they behave ‘badly’ (see Chapter 13).

Directors need to take time to recognise the warning signs and address the issues. ‘Traffic lights’ below should help you to do this. Traffic lights GREEN ❍ ❍ ❍ ❍ 16 Go ahead but keep under review You are unable to pay creditors in accordance with normal terms, but they appear to be happy to continue providing credit and services to you subject to interest charges and late payment penalties. You are unable to pay arrears to the tax man, but you are able to pay current tax and have agreed a payment schedule to repay the arrears.

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