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If a private limited company goes bankrupt are there any consequences for the directors ?
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There can be.
Can you please be more specific, to save me listing lots of possibilities?Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.
Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf -
Unfortunately would risk identifying business so thanks but will leave it. May not happen.Comment
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Directors can be held responsible but it would depend on the reasons thet the company failed and how long it was running. More details would help in finding answers on this forum.Comment
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Fully accept. Unfortunately don't want to risk more details.Comment
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That's quite OK but if directors are seen to be aware that business was heading towards failure, then they will be deemed to be part of that fair,ure.Avoiding this is often by voluntary liquidation. In other words,the director/s have seen problems and before it gets into real disaster, then they have acted in good faith by consulting their accountants for advice in good time.Comment
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Many thanks Sam. That's very helpful and appreciated.Comment
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Just tiick the thumb to thank any member who has helped, it also helps others by recording the thanks. Do come back if you need more help and I know how much of a problem this can be having lost a business's myself many years ago. Good luck.Comment
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Also had to liquidate our Company, No penalty attached. A long time ago so sorry cannot be more helpful.Comment
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Thanks for sharing. No other businesses would be affected.Comment
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