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Wrong. There are a number of common scenarios where a director's personal assets may be at risk if a company falls into some sort of formal insolvency procedure. The most common ones are continuing to draw dividends from a company long after its profit reserves are exhausted, or trading on for too long after it's clear that the company has no reasonable prospect of recovery. The most important word in the above paragraph is "may". This is a complex situation and you therefore must speak

Receivership

Tax

Remember that formal insolvency processes are complicated, and the explanations below are only the tip of the insolvency iceberg!

There can be a number of different types of receivership in relation to companies.

The main issue is that any “receiver” is appointed by a secured lender (normally a bank) who holds an appropriate charge over the company or its assets.

When a receiver is appointed, a company can continue to trade, but ultimately it is the appointor of the receiver who controls the procedure.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.