July 2011 - Directors: Delinquency Declarations (and Other Dangers)

Directors - beware the additional risks and obligations imposed on you by the new Companies Act.

In addition to an increased risk of incurring personal liability to creditors and other stakeholders, directors now also face the danger of being declared "delinquent" or being placed under "probation" - in some cases even if they are merely negligent rather than deliberate in their non-compliance.