If your company was made the subject of a winding up order by the court (compulsory liquidation) the Insolvency Service will contact the directors directly. An investigating examiner from the Insolvency Service acting on behalf of the official receiver will summon you to conduct a compulsory interview at the Insolvency Service. The examination is detailed, exhaustive, robust and investigative. Your conduct as a director will be subject to rigorous scrutiny. This includes your management, promotion and financial administration of the company and the use of its property.
Following the interview by the investigating examiner and further to post interview enquiries a report will be compiled on your conduct as director and the reasons for the company’s failure. This report is then submitted to the Secretary of State for Business Innovation and Skills (BIS).
Company director disqualification proceedings may follow if the report’s contents should raise serious issues about your conduct as director, especially if significant debts to HM Revenue & Customs remain outstanding. You could also be required by the Insolvency Service or by court order to return property (including monies) that you may have taken from the company, prior to its demise or even make a significant financial contribution into the estate of the liquidated company for the benefit of the creditors.
There are so many acute issues to consider which you probably are not aware of and these will need to be professionally attended prior your interview with the Insolvency Service.
We will advise you on all the acute matters that require attention so as to limit any adverse consequence against you such as personal liability claims and directors disqualification proceedings or even worse.
It is the duty of the investigating examiner and the official receiver to act solely in the interest of the company’s creditors which means they are unable to give you advice that is in your best interest.
Contact us now for free advice on how best to approach the interview and how we can help- 0207 504 1300