Sunday, March 3, 2024

New online service seeks to support company directors by raising awareness of potential pitfalls

The Insolvency Service has launched a new online information hub to help company directors push their business forward by being more aware of potential pitfalls.

It is specifically designed for directors of micro, small and medium-size limited companies, although it will also be useful to others. Directors of limited companies, unlike sole traders, must comply with certain statutory obligations. These can range from hairdressers and builders with their own companies to directors of mid-sized companies in the IT sector, for example.

Examples of the kind of advice available on the information hub here, include:

  • understanding company finances, director duties and obligations.
  • how to recognise early warning signs of financial distress.
  • how and when limited company debts can become personal debts.

The new information hub was developed after Insolvency Service research found that company directors wanted a single online hub to host clear and concise guidance, with signposts to more detailed guidance and support where needed. As well as direct research with company directors, the project also worked closely with teams in HMRC and Companies House, business finance specialists at Royal Bank of Scotland, and business groups including The Directors Helpline, the Institute for Turnaround, the Institute of Directors, and the Federation of Small Business.

Leanne Webb, project lead at the Insolvency Service, said: “Our research found that too many company directors struggled to locate the existing guidance that they needed, and that it was often complicated or overwhelming when they did.

“We hope this new one-stop shop provides the solution and helps directors take their companies in a positive direction.”

Jonathan Cooper from The Directors Helpline said: “The launch of the Directors Hub is a welcome tool in the current climate for Directors of all types and sizes of businesses. We have been pleased to be recognised by the Insolvency Service as an important part of its development, due to the number of Directors we help on a monthly basis and will continue to support its ongoing development.”

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