Hall Chadwick’s Post

Corporate dissolution is a complex process that requires careful navigation of various legal, financial, and operational challenges. As companies face the difficult decision to wind down their operations, it is crucial for directors, officers, and shareholders to understand the corporate governance issues that arise during this process. By proactively addressing these issues and implementing best practices, companies can minimize risks, protect shareholder interests, and ensure a smooth transition during the dissolution process.

A recent Restructuring and Insolvency Roadshow focused on fees estimates and time recording. In our second article exploring key issues around these hot topics, Michelle Butler, partner at The Compliance Alliance, explains why your systems for time recording are so important. #icaewRegulation #insolvency

⭐Company insolvency and directors – things you wanted to know but were afraid of asking* What are the key #responsibilities of #directors? What do they need to look out for when insolvency looms? Nitin Joshi, one of our partners, has worked in insolvency for over 40 years and in that time, he has seen pretty much everything you can in the world of insolvency. In this article he answers the questions that directors of insolvent companies (or about to become insolvent) should be asking, details what their key responsibilities are and puts right a few misconceptions too. 🔷 It’s my company, right? No, not right. You may be a director, you may be a shareholder or more then likely, you will be both, but a limited liability company has its own distinct life, it is an entity in its own right, a body corporate. Unlike the much-fabled Norwegian Blue of Monty Python fame, it is perfectly alive and breathing. And a little like a sourdough starter, the company not only needs constant attention and feeding but great care is needed, from the directors, who have many responsibilities. 🔷 So, what is a director? Under the Companies Act 2006, you are responsible (or potentially) for a company even if: You’re not active in your role as director Someone else tells you what to do You act as a director but have not been formally appointed You control a board of directors without being on it. 🔷 What about filing with Companies House? You will be responsible for filing these things which are normally left to the company’s accountant but it’s your job to make sure it’s done: Confirmation statement Annual accounts Change to your company’s registered office Allotment of shares Registration of charges Any change in your company’s people with significant control. 🔷 The Big Seven. What are my general duties? Under the Companies Act 2006, all directors must: ✔Act within powers – i.e. in accordance with the company’s constitution ✔Promote the success of the company ✔Exercise independent judgement ✔Exercise reasonable care, skill and diligence ✔Avoid conflicts of interest ✔Not accept Third Party benefits ✔Declare interest in proposed or existing transactions with the company To read the rest of Nitin's article please follow the link to our website https://lnkd.in/eva8j2Yi  

How can businesses, creditors and restructuring practitioners make the most of today’s evolving insolvency techniques? In PwC UK's latest article, we explore different ways that you can put your business in a stronger position to tackle uncertainty. Find out more about the four key priorities in anticipating and averting potential challenges. #Insolvency #BusinessRestructuring #ActNow

How can businesses, creditors and restructuring practitioners make the most of today’s evolving insolvency techniques? In PwC UK's latest article, we explore different ways that you can put your business in a stronger position to tackle uncertainty. Find out more about the four key priorities in anticipating and averting potential challenges. #Insolvency #BusinessRestructuring #ActNow

How can businesses, creditors and restructuring practitioners make the most of today’s evolving insolvency techniques? In PwC UK's latest article, we explore different ways that you can put your business in a stronger position to tackle uncertainty. Find out more about the four key priorities in anticipating and averting potential challenges. #Insolvency #BusinessRestructuring #ActNow

How can businesses, creditors and restructuring practitioners make the most of today’s evolving insolvency techniques? In PwC UK's latest article, we explore different ways that you can put your business in a stronger position to tackle uncertainty. Find out more about the four key priorities in anticipating and averting potential challenges. #Insolvency #BusinessRestructuring #ActNow

ASIC has reported a sharp increase in Australian businesses entering external administration (including voluntary administration).    This marks the highest year of corporate insolvency since 2012-2013.    If your business is struggling, you’re not alone, and there are options to explore reducing debt and saving your business.    Corporate restructuring with an insolvency lawyer provides an opportunity for distressed businesses to recover, restructure and avoid being forced into liquidation.    Learn more about how lawyers at Gear & Co can help you in the link below. https://lnkd.in/gtFrn3Sy

Our London Financial Restructuring team is pleased to author the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring & insolvency across a variety of jurisdictions.    Mei Lian Helena Potts Jessica Ling Tawnee Harker Ilyas Knani   #Legal500 #Restructuring

How can businesses, creditors and restructuring practitioners make the most of today’s evolving insolvency techniques? In PwC UK's latest article, we explore different ways that you can put your business in a stronger position to tackle uncertainty. Find out more about the four key priorities in anticipating and averting potential challenges. #Insolvency #BusinessRestructuring #ActNow