Becoming a director again
We can help you avoid any restrictions on your ability to continue as a company director in the future
In various regulated industries and professions, involvement in a company that has gone into formal insolvency can restrict your ability to be a director in that industry or profession in the future.
Understanding the rules and regulations can be critical when devising corporate structures or when advising on the best plan of action for a company in financial distress. We can help you navigate a path through these restrictions, and help you liaise with the relevant industry regulator or professional body.
If your company goes into liquidation and you are involved in a different (or new) company with a similar name or trading style, then the “prohibited name” sections of the Insolvency Act can mean you commit a criminal offence and become personally liable for the debts of the continuing companies.
If, as a director, you are targeted for disqualification proceedings, the uncertainty of whether you will be disqualified may have a serious impact on business decisions you need to make in the meantime. We can help you make the right decisions in this “twilight” period, which can last for two or more years.
Post disqualification, you will need to apply to court if you wish to become a company director again. Our experience of dealing with applications for permission to act as a director means we are the right people to help maximise your chances of getting it.
For more information on becoming a director again and to start a conversation on how we can help you please contact Andrew Frake, Associate, Dispute Resolution.