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Information for Directors

We offer help and guidance to directors whose companies are experiencing financial difficulties to get them back on track.  

We understand that sometimes the personal finances of a director are not always completely separate from that of the company and as such we provide assistance to individuals as well as companies and partnerships. 

Problems directors may face

They may be unable to receive their usual salary due to the company’s financial difficulties.

Directors may have guaranteed some of the company’s debts. 

They may be a director’s loan account that the company are now unable to repay. 

Directors Loans

If a director only receives a salary or dividends there should be no balance on the directors’ loan account; however, there may be money owed to the director if they have invested money into the company or paid expenses on behalf of the company. 

Sometimes there may be debt owed to the company if the director has borrowed money from the company or the company has covered some of the director’s personal expenses.

We always take the director’s financial situation into account when providing help and giving advice. 

Personal Guarantees

Often, a director will have guaranteed one or more of the company’s debts or financial commitments. Guarantees may have been given to the company’s bankers, landlord/s or as part of the agreement for equipment or vehicles. 

If these agreements aren’t repaid by the company, then responsibility to do so may fall to the director. 

In situations where directors have offered personal guarantees, we will always disclose how they could be affected if the company takes out a debt solution and the different ways in which the situation could be handled. 

Redundancy Claims

If you are a director that has recently been made redundant from a company that is unable to cover unpaid wages, notice payments or redundancy payments, then we may be able to help you claim the money you’re owed.

 

Claims from directors are often more difficult to navigate than claims from employees as directors are usually the longest serving employee and can be owed a substantial redundancy package. At Carter Halliwell, we have extensive experience with providing advice and assistance to progress this type of claim. 

How we can help

Get in Touch

It’s never too late to find out what solutions are available for you but sometimes taking advice early on can mean that there are more options to choose from. Please get in touch today either by phone or using the link below. 

Call us on: 01942 929376

Address: Westwood Park, Wigan, WN3 4HE