This area covers the duties and liabilities of company directors and how insolvency affects those roles. It includes when a company is in trouble, what actions directors can or must take, and the consequences of decisions made while insolvent. A solicitor in this field advises on director responsibilities, fiduciary duties, and the risks of personal liability, and helps prepare and file documents with Companies House and other bodies. They also guide on restructuring, administration, or liquidation and liaise with insolvency practitioners and creditors to protect the client’s position.
What a solicitor handles in these matters
Directors’ duties include acting in the best interests of the company and its creditors when insolvency looms. A solicitor drafts board resolutions, shareholder notices, and governance documents; reviews and negotiates restructuring plans; and coordinates with insolvency practitioners, the Insolvency Service, and court proceedings. They handle investigations into conduct, advise on wrongful trading risks, and prepare representations to creditors or the court to secure a controlled wind-down or rescue.
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