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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
FAQ's

I can pay my friends before the company goes under – right?

Wrong. There’s a whole section in the insolvency legislation about “preferences”.

In practice this means that payments to friends can sometimes be claimed back.

Before you lose all those friends, get your facts straight and talk to Dodd Rescue.