Published: 12/07/2023 By Hannah DuncanThe Insolvency Service have just launched an online information hub designed to support ltd company directors. Providing directors access to guidance enabling them to ensure their business is as successful as possible, whilst providing information on common issues and potential problem areas businesses may come across.
The app is aimed at the micro, small and medium sized limited companies however it would be useful to anyone who needs to be compliant with directors' statutory obligations, something sole traders do not have to abide by. The hub also provides key points to ensure directors would be able to spot the risks of a potential insolvency should things start to take a turn for the worst all whilst maintaining their directors' responsibilities and duties.
According to the Insolvency Service the hub will include advice such as:
· 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 driving force behind the hub was research from the Insolvency Service as well as a number of other finance specialists. The research suggested that directors wanted an area where required information and guidance was all in one place, including access to more detailed support where needed. Previously, directors found it tricky to locate vital information and also found what was there, overcomplicated. The new hub is set to make things more straightforward, easy to find, with a goal to helping businesses excel due to having the correct tools at their fingertips.
Access the Director information hub online here
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