We advise directors in a number of circumstances:

Assessing insolvency

We are often asked to assist directors where they are uncertain of their company’s solvency or insolvency. We assist directors in making an informed decision, advise them of their responsibilities, areas of risk to them and the company, and the strategy pursued.

We suggest that directors read our notes on directors responsibilities (opens new document)

Pressure from lenders

Lenders will often ask one of their panel firms to carry out an “Independent Business Review” or “IBR”. Directors often question how independent the firm of accountants are, as they are reporting to the Bank and historically have often subsequently been appointed by the Bank as Administrators or Receivers of companies where the Bank, often based the accountants report, has called in its lending.

Whilst we firmly believe that this is a problem of perception, all firms of accountants and Insolvency practitioners who are on the Banks panels work to extremely high standards and are subject to stringent regulation, we are able to add real value in such circumstances by advising directors during an IBR and by ensuring that the report is fair and considers the position of all stakeholders, not only the Bank.

Directors disqualification

All insolvency practitioners have to submit reports on the conduct of the directors of companies in Liquidation, Administration or Receivership. In situations where we are not the office holder we can provide advice to directors facing action by the BIS.

Administrations

Company Voluntary Arrangements

Liquidations

Receivership

Directors Duties

Individual Voluntary Arrangements

Bankruptcy