Identifying the Symptoms of Wrongful Trading
Identifying the symptoms of wrongful trading of a limited company remains the most important issue for a company director.
Wrong trading while at the helm of a limited liability company is serious. Directors remain obliged to identify the symptoms of illegal trading, as ignorance is no defence.
It is crucial to understand the duties and responsibility of the director.
Wrongful trading happens when directors continue to trade when they know or should know that directors could not avoid insolvency.