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On 28 March 2020 the government announced that it would introduce legislation to temporarily relax a number of laws to assist struggling companies.
One in particular is the temporary suspension of wrongful trading under insolvency laws retrospectively from 1 March 2020 for three months.
The government states that it intends to introduce the legislation at the earliest opportunity. The suspension of the wrongful trading provisions should assist directors in the short term when making difficult decisions but, nevertheless, directors should still be mindful of their duties to the company and, if they are in financial difficulties, their creditors too.
Directors should be taking practical steps to mitigate the risk of personal liability, even during the period of suspension in respect of wrongful trading. There are some practical considerations below:
For advice on the matters discussed above, please get in touch with your usual contact at Warners for a free initial telephone consultation.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.