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I am concerned about personal liability if my company goes into administration, what should I do?

If a company goes into insolvent liquidation or insolvent administration and the director(s) ought to have known that there was no prospect of avoiding the insolvency, the director could be made liable to contribute to the assets of the company. This is known as a directors personal liability for wrongful trading.

Alternatively, if it appears that business has carried on with the intent to defraud creditors, then liability could arise for fraudulent trading. Directors are not the only people who could be liable for fraudulent trading, anybody who is a party to the business carrying on trading with the intention to defraud creditor could be liable too. For fraudulent trading, the court may order the accused party to contribute towards the creditors pool of assets available for distribution.
Vardags can advise on director(s) liability for wrongful trading and fraudulent trading and advise on applications made by an administrator against them.

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