New information hub to help directors make the right decisions at the right time
25 July 2023The Insolvency Service has launched a new online information hub to support company directors. The hub hosts guidance and information on a range of business themes commonly faced by companies and aims to help company directors to push their business forward by being more aware of potential pitfalls.
It is specifically designed for directors of micro, small and medium-sized limited companies, although it will also be useful to others. Directors of limited companies, unlike sole traders, must comply with certain statutory obligations. These can range from hairdressers and builders with their own companies to directors of mid-sized companies in the IT sector, for example.
Examples of the kind of advice available on the information hub include:
- 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 new information hub was developed after Insolvency Service research found that company directors wanted a single online hub to host clear and concise guidance, with signposts to more detailed guidance and support where needed. As well as direct research with company directors, the project also worked closely with teams in HMRC and Companies House, business finance specialists at Royal Bank of Scotland, and business groups including The Directors Helpline, the Institute for Turnaround (IFT), the Institute for Directors (IoD), and the Federation of Small Businesses (FSB) amongst others.
Leanne Webb, project lead at the Insolvency Service, said: “Our research found that too many company directors struggled to locate the existing guidance that they needed and that it was often complicated or overwhelming when they did. We hope this new one-stop shop provides the solution and helps directors take their companies in a positive direction.”
