Insolvency Service updates insolvency guidance

The Insolvency Service has released detailed guidance and a video to help company directors understand what to do if their business falls into insolvency  

The animated video and guidance called the Company health check: keeping your business on track, highlights the signs of insolvency to business owners and details the consequences of incorrectly managing an insolvent company.

The guidance also describes the new responsibilities of a director when their company falls into insolvency.

The guidance describes the general duties that a company director must follow including exercising reasonable care, skill, and diligence, and avoiding conflicts of interest, as well as the legal responsibilities which include keeping the company records up to date, such as filing confirmation statements and company accounts on time.

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