Cecil Kilpin | July 2019 Newsletter

By |2019-07-18T08:54:42+02:00Jul 17th, 2019|Accounting, Business, Goverment, Tax|

Business Rescue – Directors Responsibility In the current economic climate, more and more companies are becoming financially distressed. Directors are duty bound to constantly monitor the company’s financial position, to determine whether voluntary business rescue proceedings need to be initiated. Failure to implement business rescue proceedings could result in the director being charged with reckless trading and be exposed to personal liability. It is incumbent upon directors to ensure that they place their companies into either business rescue or liquidation, or to cease trading, when the warning signs become evident. Directors should be aware of the practicalities of business rescue, and the duties and powers of the business rescue practitioner. Where the director has reasonable grounds to believe that: The company is financially distressed, andThere [...]