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ARTICLE · 28 NOVEMBER 2022

Director Of A Business In Financial Difficulty?

Weightmans LLP
Weightmans LLP
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Weightmans LLP

Weightmans LLP

Weightmans is an award-winning UK law firm, employing more than 1,500 people. The firm has grown...

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In a recent article, we discussed an important court decision on the duties of directors towards creditors. In this follow-up article, we discuss what steps directors should and should...

United KingdomMedia, Telecoms, IT, Entertainment
Oliver Nelson
Oliver Nelson

With the recession predicted to be the longest since records began, we have some do's and dont's for directors of a business in financial difficulty.

In a recent article, we discussed an important court decision on the duties of directors towards creditors. In this follow-up article, we discuss what steps directors should and should not take when their business encounters financial difficulty.

The Government's company and individual insolvency statistics for October 2022 - reveal that the number of corporate insolvencies for the month was 1,948, an increase of 15.7% on the September 2022 total of 1,684, and 38.2% higher than October 2021's total of 1,410. To compound matters, the Bank of England has warned that the UK could be set for its longest recession since records began.

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