If you’re a company director then circumstances can arise in which you decide to offer personal guarantees in support of a loan application or your pursuit of a line of credit. Where these guarantees are given, a lender will take some reassurance that they could pursue a director personally for debt repayments in the event of the company becoming insolvent.

The question of whether and under what circumstances a director might find themselves liable for their company’s debts upon entering insolvency can quickly become a very pressing concern.

If your business is struggling to stay afloat and meet creditor demands, you may find that unlicensed insolvency advisers will claim to have all the answers to your questions.

However, only licensed insolvency practitioners are legally able to take insolvency appointments and manage corporate insolvency procedures from beginning to end.

In contrast, unlicensed insolvency advisers are only able to look at your circumstances and determine which third-party service providers might be best placed to deliver practical solutions to your problems.